What we are having issues in Washington these days The average share of total U.S. debt in the United States is $193,000 for each man, woman and child, according to a calculation of $60,016,701,192,365 in U.S. total debt by the National Debt Clock. The composite figure combines all forms of debt. If one takes the current U.S. national debt of (approx.) $16.7 trillion (the U.S. Treasury has not been updating numbers for some reason), and divided that by the population of 313.9 million, that comes to $53,201 each person owes the United States government. Future unfunded debt liabilities are currently estimated to be $125 trillion — somewhere between a range of $86.8 trillion and the mind-boggling $238 trillion reckoned by Harvard economic historian Niall Ferguson. That’s somewhere between $256,000 and $758,203 each man, woman and child owes the U.S. government in the future — again, a reasonable estimate is $398,000. However, that number is deceptive — in the sense that not everyone will live to see that debt paid off (remember also, that the U.S. also owes other nations around $3,000,000,0000 in future interest on the debt or about $8,860 per person). That means our children will be paying most of Americans’ way well into the future — and at an increasingly exorbitant cost. Bear that in mind when the usual antics are traipsed out arguing why the debt ceiling needs to be raised above $16.7 trillion without doing anything to reform our unsustainable future debt liabilities.
Posted on: Sat, 05 Oct 2013 23:44:44 +0000
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