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Heartbreaking debt

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The Tampa Tribune

Published: April 7, 2009

This morning as I watched my daughter eat her breakfast before school, I reflected on the America that she is increasingly likely to inherit.

According to the Congressional Budget Office, the recently proposed federal budget will result in about $6.5 trillion new debt over what would result if we changed nothing, or around $9.3 trillion including what we've effectively already spent.

Under the proposed scheme, only half of wage earners will be forced to pay any taxes. Even assuming that taxes will increase down to those making over $150,000 per year, the total tax bill per family will be well over $100,000. This is before interest on the debt.

I'm fairly young. I can't imagine how my kid is going to be able to buy a house, pay for her kids' college and save when the government takes so much. It breaks my heart. And I really think it is too late to change it.

PAUL PHILLIPS

Tampa

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