Monday, April 03, 2006

Some Statistics on the Debt

Just thought that I would shed some light on why I am so concerned over the debt. I hope you can find these statistics useful.

16% of tax revenue goes to pay interest on the debt

Over $2 trillion of the debt is held overseas

At the current rate every cent of tax revenue will go to pay interest on the debt in the year 2040

Although the deficit for FY 2005 was reported at $319 billion the actaul cost was hidden by shady accounting practices involving Social Security. The actaul amount of the deficit, per a newly released government report, rings in at $760 billion.

The federal government owes $27,000 for every U.S citizen

The national debt is $8,300,000,000,000

The United States is responsible for about 22% of all debt owed by all governments

The U.S government will borrow over $350,000,000,000 this year

Interest on the debt costs us $55 billion every year

The debt is worth almost fifty times the government's gold supply at Fort Knox
The U.S government owes $80,000 for every citizen in the workforce

The debt is more than four times greater than tax revenue

The U.S has one of the highest deficits as a percentage of GDP among the developed world

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