Here is a worthwhile look at some of the numbers behind U.S. Federal Debt, Federal Spending, GDP, and others. You might be somewhat surprised. I'm no fan of Bush, but then over time the numbers just tend to get bigger. Bottom line? Our federal debt is about 72% of our GDP, only 13.4% of which is foreign. Compare that to an individual whose
mortgage + car loan + student loans adds up to only 72% of their yearly salary.
If everyone was in that situation, we'd be doing alright. The truth is that at the end of 2003 consumer debt in the United States was about $8.8 trillion, or
$2 trillion in non-mortgage debt (credit cards, car loans, etc) and
$6.8 in mortgage debt, accounting for almost $30,000 per capita. Given that the
per capita income of U.S. citizens at the end of 2003 was $31,484, the debt percantage of 95% starts looking pretty high compared to the federal government.
But go ahead, charge that next purchase and keep on ranting at the fuckers on capitol hill.