The graphic for the US is far too optimistic. They don’t count the debt related to Social Security. There are nothing but IOU’s in the lockbox. Just using $20 trillion gets you to $60k per person. How about the $200 trillion of unfunded welfare liabilities? That puts the number at $660k per person. Tell that to a snowflake millennial and see the look on their face.
And most of that conversation right now revolves around President-elect Donald Trump.
On one hand, the Trump campaign had early rhetoric in the Presidential campaign that the elimination of the deficit and existing government debt would be paramount if elected. The Trump administration has also been highly critical of the Federal Reserve, saying that the Fed’s policies create a “false economy”. As a result, some see Trump embracing the unique opportunity to put his stamp on how the Federal Reserve does business in early 2017.
On the other hand, even many conservative think tanks are concerned about what Trump policies mean for government debt. Rebuilding infrastructure is not cheap, and widely-cited estimates see the national debt increasing by anywhere from $5.3 trillion to $11.5 trillion over the next 10 years.
How Much Government Debt is On You?
While giant numbers like $20 trillion sound abstract and meaningless, converting them to debt-per-capita can make things more intuitive. The per-capita amount shows the amount of debt that exists per citizen, and makes things plain and simple.
Today’s infographic from HowMuch.net, a cost information site, shows government debt-per-capita in every country in the world, including the United States.
Here are the countries where people owe the most debt per person:
- Japan: $85,694.87 per person
- Ireland: $67,147.59 per person
- Singapore: $56,112.75 per person
- Belgium: $44,202.75 per person
- United States: $42,503.98 per person
- Canada: $42,142.61 per person
- Italy: $40,461.11 per person
- Iceland: $39,731.65 per person
- Australia: $38,769.98 per person
- United Kingdom: $36,206.11 per person
Of course, debt-per-capita isn’t the only lens to view government debt.
We’ve previously shown global debt by percentage per country, government debt compared to tax revenues, accumulated debt compared to markets and the money supply, and a map scaled to debt-to-GDP ratios.
The debt is unpayable in monetary terms.
If and when it is paid it will be by various concessions and other non monetary means, such as surrendering national identity and sovereign self determination and joining in with a world economic and political system that rules over everything without regard to the welfare or will of the ruled.
It shouldn’t be paid at all. It is fraudulent debt.