Come to think of it that the United States which is considered to be the leader in world economy has most of its citizens on credit. By getting our houses and cars on credit, we are doomed to work until we grow old to be ever be able to pay our loans. In short, we have already spent our expected income for the next 30 years. Is this really the way the economy is going to take? We are expected to live beyond our means and even live by the means we are still projecting into the future. Meaning, we have already spent our income and we haven’t even received it yet.
In the past 3 decades, the United States has turned from the biggest nation creditor to the biggest nation debtor. In 1982, the US debt was $1 trillion. This is such a large amount that if you count every second of your life until you reach 80 years old, you will not even reach 3 billion; and we are talking in trillions! Now the total Debt of the United States is $53 Trillion or 350% of the US’ Gross Domestic Product (GDP) of $14.6 Trillion. During the Great Depression it was only 250% of US GDP. The breakdown of these debts are as follows:
National debt which is all the government debt is $10.6 trillion
Corporate Debt which is the debt of all US corporations is $23 trillion
Household Debt which is the debt of all American citizens is $14 trillion.
Author: Bliss
Dedicated to making a positive difference for people, animals, and this beautiful planet!
