Skip to comments.'U.S. Per Person Debt to Increase 7 Times Faster than Italian Debt'
Posted on 06/20/2012 12:01:13 PM PDT by Hunton Peck
A new chart, set to be released later today by the minority office of the Senate Budget Committee, finds that, in the next five years, "U.S. Per Person Debt To Increase 7 Times Faster Than Italian Debt."
According to the chart, which is based on numbers calculated by the International Monetary Fund, U.S. per person debt is currently $52,900, while Italy's per person debt is $41,200. In five years, America's is projected to be $67,500, and Italy's $43,200.
The chart stipulates that these figures are based on "General government (federal, state, and local) gross debt per person in nominal U.S. dollars as projected by the IMF.
These alarming numbers come at a time when Europe is trying to figure out how to bailout Italy. "Rising Italian borrowing costs mean analysts expect the Treasury to continue to skew issuance towards the short end of the curve, while relying heavily on domestic demand," Reuters reports.
This chart also follows-up on others that show "U.S. To Spend 60 Percent More Per Person Than Spain Over Next 5 Years," " U.S. To Add Three Times More Debt Than Eurozone Over 5 Years," "U.S. Spends More Per Person Than Portugal, Italy, Greece, Or Spain," and "U.S. Government Debt Exceeds Entire Euro Zone And U.K. Combined."
The other charts referred to are linked at the source.
Not my debt, I didn’t spend it.
Unfortunately, at the point of a gun your productivity will be confiscated by the government to pay for it.
if our population did not increase at all... then our national debt in 5 yrs will be $21 trillion??
only $1 trillion per year??
definitely wishful thinking. we’re currently tacking $2 trillion/yr and that’s BEFORE 0failureCare tells everyone medical treatment is free. expect at least $2 trillion/yr just from that failed program. why? because we spent $2.3 trillion in 2009 on medical care... and the payment for 0failureCare is supposed to come from a 6.2% tax... which would be lucky to bring in $500 billion... so an extra $2 trillion/yr ... AT LEAST
which would bring the per year increase over $4 trillion
which would make our debt go from $16 trillion in dec 2012... to $36 trillion in 2017
which means... the dollar will cut in half in the next 5 yrs
——> buy gold today
Since that’s your share of government debt (at all levels), it doesn’t matter whether you spent it or not, or voted for the jerks that did. If you do anything that incurs a tax liability, they’ll be coming after you...and the kids...and the grandkids.
Wow. There must be a renegade media sponsor. The rest of ‘em have been saturating us with European propaganda for over a year to make us lose the currency war and kill the last of our production.
And yes. As soon as investors wake up to the real news (Fed inflating), the dollar should start falling. If not, they’ll be bit. And the dollar will fall after that. Besides, the real bosses of the Fed (not the lone dissenter) already threatened to do more than we see so far.
It’s either collapse now or inflate to ride on debt a little longer. It’s more time to get yourself ready. Too late for “recovery,” after most who receive incomes from do-nothing jobs have already sapped manufacturing and are shutting it down for the long run very quickly. ...more tools going overseas, no doubt.
The solutions are simple but unpopular: either raise taxes to pay for entitlements, reduce benefits for said entitlements or a combo of both. That’s it.
When you say "raise taxes" are you talking about raising the tax "rates" for personal income, increasing tax "rates" for capital gains, and increasing tax "rates" on businesses?
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