Thursday, December 23, 2010

The US national debt: $44,918 per person, and growing...

The Web site made a very interesting observation the other day.

This was the headline:

DEBT: $13,868,461,000,000

PEOPLE: 308,745,538

Drudge was basically making the point that the national per capital debt burden in this country is a staggering $44,918.

To put this in perspective, the size of this debt is roughly 95% of the United States Gross Domestic Product. And, according to the web site, it's also about 20 percent of our national assets (personal, non-profit, corporate and non-incorporated business assets).

In other words, if we liquidated all of the property in the United States, roughly one out of every five cents we collected would go toward repaying the national debt.

This is a crushing burden that presents a clear and present danger to the United States. The financial well-being of our country depends on resolving this problem. And, with so much of this public debt being held by other nations (about $4.4 trillion), it's a growing national security issue.

We sincerely hope that lowering the national debt will be a top priority for the next Congress.

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