As of February 1, 2011, U.S. public debt stood at $14.056 trillion. Of this, $9.413 trillion is tradeable debt held by the public, both domestic and foreign. The remaining $4.644 trillion is held by federal trust funds and other government entities.
The population of the U.S. is about 308 million. Per capita U.S. debt amounts to almost $46,000 per capita. If we exclude intragovernmental holdings, per capita debt falls to a still staggering $30,500 per person. Moreover, we continue to pile up debt in excess of one trillion dollars a year, another $3,250 per person.
Contrast the U.S. with Hong Kong, whose government rarely incurs a budget deficit. As of December 31, 2010, accumulated surpluses, the government’s financial reserves, amounted to US$75 billion. With a population of about 7 million, financial surpluses come to about US$10,700 per person. Total fiscal reserves almost amount to two years of government spending. Investment returns on the reserves help keep taxes low.
Food for thought.
The population of the U.S. is about 308 million. Per capita U.S. debt amounts to almost $46,000 per capita. If we exclude intragovernmental holdings, per capita debt falls to a still staggering $30,500 per person. Moreover, we continue to pile up debt in excess of one trillion dollars a year, another $3,250 per person.
Contrast the U.S. with Hong Kong, whose government rarely incurs a budget deficit. As of December 31, 2010, accumulated surpluses, the government’s financial reserves, amounted to US$75 billion. With a population of about 7 million, financial surpluses come to about US$10,700 per person. Total fiscal reserves almost amount to two years of government spending. Investment returns on the reserves help keep taxes low.
Food for thought.
1 comment:
fair calculations. But for the very many who live in NY, CA, IL, etc, you really should include the value of state, city, and authority debt. Measured in bazillions. I don't know how much state/muni/authority debt there is in Greece, but I know it adds a s***load to what we have. Whether our combined state/local pension crisis is worse than theirs, I think so, but wait 10 years and Moody's will figure it out foryou.
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