Hurtling toward bankruptcy

  The federal government owes people almost $22 trillion. That means that American taxpayers owe people almost $22 trillion. That’s because the federal government has no money of its own. The money it gets comes entirely from American taxpayers. That’s what the IRS is for — to make certain that everyone sends his or her required amount of taxes to the federal government to enable it to cover its expenditures.

  According to usdebtclock.org (which is an Internet spectacle worth looking at), federal tax revenue amounts to around $3.3 trillion. The amount of federal expenditures is over $4.1 trillion. That means that almost another trillion dollars will be added to the government’s debt load, making it $23 trillion.