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US Debt

The overall debt levels of the US are truly jaw-dropping, but as a percentage of GDP ($16 trillion) are smaller than that of the UK and many other nations.

As of 11th December 2013

US tax revenues stand at just over $2.8 trillion

US Federal Spending stands at just under $3.5 trillion

That is a current budget deficit of around $700 billion

The US national debt (accumulated deficits) stands at just over $17.2 trillion, this is the figure referred to in the media and elsewhere as the debt ceiling, the controversy of which caused a partial shutdown of the US government in October 2013. This amounts to a debt per US citizen (300 million) of around $54,000, and a debt per taxpayer (115 million) 0f $150,000.

The total US debt currently stands at just over $60 trillion, comprising of the following (approximations) major items:

  • $16 trillion in total pension debt
  • $13 trillion in mortgage debt
  • $1 trillion in student loan debt
  • $860 billion credit card debts
  • $6 trillion total federal/state/local spending

This means a total debt per citizen of $189,844 and a debt per family of $752,983

This creates a total interest amount of $2.6 trillion, which equates to $8,272 per citizen in interest payment.

Even this figure though is dwarfed by the current US unfunded liabilities, which currently stands at just under $127 trillion. This figure comprises the following major items:

  • $88 trillion on medicare liability
  • $22 trillion on prescription drug liability
  • $17 trillion social security liability

This amounts to a liability per taxpayer of $1,105,115.

Add those all together and you get a total US debt of $204 trillion. Luckily for the US it is a very wealthy country and its external debt to gdp ratio is currently only 101%.

But remember this debt is ALL fiat currency debt.

All the above figures, and more, constantly updated can be found at the amazing usdebtclog.org website.

Images below, courtesy of demonocracy.inf

$100 Million Dollars = 1 year of work for 3500 average Americans

It takes 3500 Americans 1 year of work to make $100 Million dollars. The 155 million Americans who worked  in 2005 on average made $28,567 / year.

Demonocracy.info - $100,000,000 - One Hundred Million Dollars

In front of the 3500 people is the $100 Million pallet that they all have to work for 1 year to earn.

The smaller image shows the 35 average Americans required to earn $1 Million in 1 year, that’s the little square in front of them.

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