Are We broke?

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According to several news reports, the proposed Obama Federal budget will lead the United States into an additional deficit of $9,300,000,000,000; that's over $9 trillion dollars.

The current national debt is $10.9 trillion dollars.

Summed up, the national debt in 2018 would be $20.2 trillion dollars.

Our CIA fact book says the United states total GDP (i. e. "the economy") is just a bit over $14 trillion.

If the government borrows money, via bonds, at 3.5%* interest, we are currently paying just over $381 billion in interest** to carry our existing national debt. We will need to add to that another $325.5 billion just to pay to borrow enough to cover the overspending of the Obama administration.

There are approximately 170 million tax filers, so on average we would need to pay an additional $1,915 each during the year to pay for the Obama spending deficit bringing our average tax load per filer to $4,159 each year just to pay interest on debt.

With a total debt of over $20 trillion and an economy sized by the GDP at $14 trillion, are we broke?

*TreasuryDirect indicates that in 2008 the total interest on national borrowing averaged 3.89%.

**TreasuryDirect shows that the total interest payments in 2008 were over $451 billion
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