The Senate Budget Committee Republican staff under Ranking Member Jeff Sessions (R-AL) released this alarming graph Thursday morning:
Well, as the graph clearly indicates, America’s per capita government debt is worse than that of Portugal, Ireland, Italy, Spain, Greece (PIIGS), and France.
Get that? America’s per capita debt is worse than the PIIGS! You know, the countries primarily responsible for pulling the eurozone into financial catastrophe?
And it gets worse. As the Budget Committee notes, under the president’s plan, gross federal debt will reach $75,000 per capita by 2022.
Big deal. How important is this anyway?
Considering that per capita debt is a means of gauging the likelihood of a country’s ability to repay its debts, that is, it helps determine whether a country’s government bonds are at risk of default, we’d say that it’s a pretty big deal.