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).
Details:
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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