U.S. Continues to Lead the World — In Debt! (2K Views)

Lorimer Wilson November 10, 2012 Comments Off on U.S. Continues to Lead the World — In Debt! (2K Views) 2,684 Views

The USA continues to decline economically relative to some parts of the world, most notably those in Asia yet we still lead in many areas. Unfortunately being number one is some categories is not a good thing and our level of debt is one of these areas. In fact, our debt burden leads the world. [A look at the charts below illustrates that all too clearly.] Words: 272

So says “Monty Pelerin” (www.economicnoise.com) in edited excerpts of his original article* entitled USA Dominates The Rest of World — In Debt.

Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), may have edited the article below to some degree for length and clarity – see Editor’s Note at the bottom of the page for details. This paragraph must be included in any article re-posting to avoid copyright infringement.

Pelerin goes on to say, in part:

The first chart below shows that three years ago we led in terms of per capita debt. We nosed out the Eurozone basket cases, our biggest competitors for this questionable title.

Given the problems these European countries have had since, one might reasonably expect that they would surpass us. Not so! We, not they, are the true profligates.

The second chart shows our widening lead and dominance. The nearest competitors have fallen way behind as we surged. Even the “mighty” Greece cannot keep pace with our additions of new debt.

Trillion dollar deficits per year increased our debt per person about $3,000 per person per year. Four more years of…[such] deficits will leave each person’s share of the debt at… [about $65,000, which] means that a family of four would owe $260,000, of which they are totally unaware. This debt is in addition to whatever credit card, auto, mortgage, etc. debt they owe….[and does] not take into account the unfunded liabilities associated with Social Security and Medicare. That’s where the numbers get especially ugly.

*http://www.economicnoise.com/2012/11/08/usa-dominates-the-rest-of-world-in-debt

Editor’s Note: The above post may have been edited ([ ]), abridged (…), and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.

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U.S. Continues to Lead the World — In Debt! (2K Views)

Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), may have edited the article below to some degree for length and clarity – see Editor’s Note at the bottom of the page for details. This paragraph must be included in any article re-posting to avoid copyright infringement.