Congratulations America! New Chart Illustrates Your Massive Debt Problem
Have you wondered how big our federal debt really is?
Well, thanks to an array of awesome investment themed maps published by Bank of America Merrill Lynch, you can take a look for yourself.
According to the chart below, there is currently $60 trillion in outstanding public debt — or in other words, the combined debts of all the world’s governments.
Sadly, among the great accomplishments of the United States — world superpower, first to conquer outer space, historic experiment in democracy, shining city on the hill, etc etc — the U.S. is also renowned for owning the largest share of that world’s debt.
That’s not something we should be proud of.
Even worse, the U.S. holds 29 percent of all world government debt but makes up 23 percent of the world economy. That means we owe more than we’re putting out in value. Or, put another way, our collective mouth is writing checks that our collective funds can’t cash.
Today, the U.S. government has more than $19.42 trillion in outstanding debt. That amounts to more than $60,000 per person living in America. Or, put differently, that’s $140,000 per taxpayer — those who are truly on the hook for paying off what our government has spent “for our benefit.”
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