Thursday, December 29, 2011

American Finances Made Simple

Don't enjoy too much schadenfreude. Canada is only half as bad (though we are far better when it comes to new debt).

You get the figures used in this video by dividing the actual government numbers by 100 million. That gives $140,000 for debt. With a population of 300 million, the government debt for a family of four would be $187,000, increasing $22,000 per year. Prior to 2008, the record deficit was in 2004, at $5,300 per family.

BTW, this is only national debt. It doesn't include provinces or cities. It also excludes the biggest item of all: promises made to retirees for social security, etc.

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