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World’s First “Trillionaire” Offers to Pay Down U.S. National Debt

Posted By Josh Shepherd On October 4, 2013 @ 5:22 pm In Economics,Front Page | Comments Disabled

KLTV.com-Tyler, Longview, Jacksonville, Texas | ETX News [1]

A restaurant manager from Tyler, Texas, briefly became the world’s first trillionaire [2] earlier this week—until his $4 trillion bank balance was found to be an online glitch.

In an interview with KLTV [3], Reggie Theus said he would have used $3 trillion of his windfall to pay down the national debt.

We appreciate the sentiment, Mr. Theus—but we need a lot more than that.

While $3 trillion would make a sizable dent in the public debt, the total debt of nearly $17 trillion will keep rising without significant cuts to wasteful government spending [4] and reforming the major entitlement programs [5].

In fact, every American household would need to contribute $140,000 each to entirely pay down the national debt, a figure featured in the recent report Federal Spending by the Numbers, 2013. [6] And even so, without policies that put the U.S. budget on a path to balance, chronic deficits would mean that the debt would begin growing all over again.


Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2013/10/04/worlds-first-trillionaire-offers-to-pay-down-u-s-national-debt/

URLs in this post:

[1] KLTV.com-Tyler, Longview, Jacksonville, Texas | ETX News: http://www.kltv.com

[2] briefly became the world’s first trillionaire: http://www.dailymail.co.uk/news/article-2443656/Bank-error-makes-restaurant-manager-worlds-trillionaire-offered-pay-national-debt-glitch-spotted.html

[3] interview with KLTV: http://www.kltv.com/story/23604961/worlds-first-trillionaire-calls-tyler-home-for-a-few-hour

[4] significant cuts to wasteful government spending: http://blog.heritage.org/2013/09/16/how-to-cut-42-billion-in-spending-in-the-fy-2014-continuing-resolution

[5] reforming the major entitlement programs: http://blog.heritage.org/2013/09/23/morning-bell-6-reasons-why-the-national-debt-keeps-rising

[6] Federal Spending by the Numbers, 2013.: http://www.heritage.org/research/reports/2013/08/federal-spending-by-the-numbers-2013

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