US Debt Statistics: No Debt Problem For USJuly 19, 2011 3:34 am
While everyone thinks there are big issues with US Debt, we spotted this today:
“The U.S.’s overall debt – which is government debt plus individual household debt plus corporate debt and bank debt – when compared to our GDP, which is how most economists look at these things, is actually much lower than many other developed nations. Overall, the U.S. and its citizens owe a little over $41 trillion. That, of course, is a lot of money. But when compared to the U.S. GDP, it’s not a shockingly bad number. In fact, it’s pretty good, when compared to other nations. The U.S.’s debt is equal to 275% of our GDP. That percentage for the United Kingdom is over 450%. Japan’s overall debt-to-GDP is about the same as the U.K. Spain comes in at nearly 350%, and France’s debt is above 300%.
Read more: http://curiouscapitalist.blogs.time.com/2011/07/18/surprise-u-s-debt-is-falling/#ixzz1SWDehqib”