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.
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.