Post by Zoinkers on Jun 22, 2010 13:21:45 GMT -5
US gets deeper in the hole daily
articles.moneycentral.msn.com/SavingandDebt/ManageDebt/the-national-debt-what-13-trillion-dollars-could-buy.aspx?gt1=33006#q=What%20%2413%20trillion%20would%20buy%3A%20US%20gets%20deeper%20in%20the%20hole%20daily
What $13 trillion would buy: iPhones for the world
1 of 12 slides
US gets deeper in the hole daily
The ratio of U.S. public debt to gross domestic product, or GDP, is close to 60%, according to USDebtClock.org, a website that uses government data to calculate information about the national debt. But at current rates of growth, the debt will actually be larger than GDP by 2012. Right now, the total national public debt is $13.1 trillion, or more than $42,000 per citizen. Those numbers grow rapidly, so each citizen's share will be larger by the end of each day.
In fiscal 2009, the Treasury received $3.063 million in direct debt-reduction contributions. Based on the rate of voluntary contributions over the past five years, it would take Americans more than 6 million years to pay off $13 trillion.
With a median personal income of $41,056 (based on an average of the median incomes for men and women working full time), it would take the country's 139 million workers 76 years to pay off $13 trillion, if everyone put aside 3% of their income a year.
Click through the slide show to see what $13 trillion could buy instead.
/////////////////////////////////////////
And we're getting how much?
Z.