Every single American is in dept of 37,000$

Discussion in 'Soap Box' started by just.me, Jul 4, 2009.

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  1. just.me

    just.me Account Closed

    Independence Day
    And USA hits yet again the all times record of 11 Trillion$ dept
    most of this dept is to country's such as China or UN
    while some is to private investors

    While USA is a country, the dept falling on its citizens shoulders
    which means that every single citizen in the US
    including children and elders is automatically in dept of 37,000$
    every single American baby that comes to the world is born with a dept of 37,000$

    That is not including the normal dept some of us have in the bank.

    Its a known fact that during 2009 USA is about to hit the 12 Trillion$ mark
  2. Mikeintx

    Mikeintx Well-Known Member

  3. Crue-K

    Crue-K Well-Known Member

    it's the price of capitalism :poo:
  4. just.me

    just.me Account Closed

    my point is that its you or your children or their children will
    be those who will be forced to pay it
    (that is if you are American...)
  5. Mikeintx

    Mikeintx Well-Known Member

    Ok... so why not make a post about Ireland who is number one in the world for the worst debt per capita ratio, or the UK who is number two? Why America, who is number 15 on the list?
  6. Petal

    Petal SF dreamer Staff Alumni SF Supporter

    we are? :yikes:
  7. just.me

    just.me Account Closed

    America is number one by FAR!
    it is ranked 15 because of a slightly different factor
  8. reefer madness

    reefer madness Account Closed

    Evidence be damned!
  9. Mikeintx

    Mikeintx Well-Known Member

    Please explain further... I guess im not good with this whole economics thing
  10. Zurkhardo

    Zurkhardo Well-Known Member

    It all depends on the unit of measurement. In terms of absolute numbers, the US is the single largest holder of national debt in the world, with a good 11 to 13 trillion dollars in total. The source you used Mike was measuring only external debt - that which is owed to sources outside the respective country. While not necessarily inaccurate, a lot of measurements of debt tend to combine all sources and place them on a debt to GDP ratio, which is the most popular.

    When speaking of debt as percentage of GDP, the United States comes at number 22, owing about 60% to 70% of it's combined wealth. It gets even more confusing when you try to measure it based on per capita debt (as justme did) since that also seems to skew which country is the worst affected. On top of that, many different source cite many different figures, some of them varying widely. This is because of how difficult it is to measure something that is largely intangible and immaterial. The CIA, the IMF, the UN, the Economist, etc all sometimes offer different figures, albeit not that far off from each other.

    Debt, however, is far from an American problem (although by most measurement the US certainly tops the list). The combined total of all the world's nation's national debt is a whopping $52 trillion; those most affected come from across a wide spectrum of nations, from poor countries like Sudan and Zimbabwe to richer ones like the UK, Italy, and Japan. It all relates to the unprecedented growth and proliferation of trade and capitalism (ironically, many former communist countries are among the worst offenders :p). To many, including myself, it's a relatively small price to pay. However it's concerning nonetheless.
    Last edited by a moderator: Jul 5, 2009
  11. Mikeintx

    Mikeintx Well-Known Member

    Thanks for the explanation Zurkhardo
  12. just.me

    just.me Account Closed

    GDP - gross domestic production
    in others words, if you work at the factory
    and you build 12 cars during 1 year (1 each month)
    and sell them 10,000$ each
    then your GDP is 120,000$
    but you as a simple worker get only a share of it
    so officially your GDP is smaller
    USA got overall GDP per year
    the % you see on the website shows how much of this GDP comparing to dept
    100% = the exact dept (or 200% = 50% of the dept and so on)
    so if USA will not pay to its workers and will not pay for all the social services
    and medical and military and so on, it will be able to cover its dept in 1 year.
  13. Zurkhardo

    Zurkhardo Well-Known Member

    Anytime. Thanks for showing interest :)
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