America’s Per Capita Government Debt Worse Than Greece
Thursday February 23rd, 2012 • Posted by Stephanie Freedman at 4:11pm PDT • 6 Comments
Via The Weekly Standard: The office of Senator Jeff Sessions, ranking member on the Senate Budget Committee, sends along this chart, showing that “America’s Per Capita Government Debt Worse Than Greece,” as well as Ireland, Italy, France, Portugal, and Spain!
Not that I can’t say I’m not shocked, but it is still quite sad.
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Featured Image:
Image via the Weekly Standard |
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Every dept. of govt. has a payroll and every one who has a govt. contract has a payroll. How much of our debt is payroll???
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Debt should never exceed 21% of income. Of the 1.4 trillion the gov’t collects in taxes, only 375 billion should be debt, especially if it’s payroll.
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Libertarian Jerry says:
The debt problem began when the Federal Government turned it’s back on the Constitution and went off the Gold Standard thus opening the door to massive money expansion and a Monetary System backed by sovereign debt. The answer is to abolish the Federal Reserve banking cartel,return to a Lawful monetary system controlled by the U.S. Treasury and drastically cut government spending on all levels. Whether the body politic has the will do take the medicine needed to return America to a sound financial footing is doubtful. Therefore, America’s future looks extremely dark. Eventually the laws of economics catches up to the situation and America will be forced into bankruptcy. There is no other way out of the situation.
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Citizen Don says:
All the federal govt. needs to do regarding spending is, as you say, go back to the Constitution. Transfer domestic issues and funds received directly back to the individual states and ONLY fund those items that are required to be handled at the federal level. Go back on the gold standard, ONLY after confirmation that our gold reserve in Ft. Knox is still there, and has NOT been sold off. We should back our money with hard assets, gold, silver, platinum, oil, natural gas, coal, etc., as well as our ability to be self sufficient.
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Ed says:
I like where he is going with this chart *but*, our GDP per capita is $48,000, while Greece’s GDP per capita is $27,000. That’s why Greece is in big trouble, and we are still only approaching big trouble.
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More interesting would be the per capita debt as a percentage of per capita income.