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Business

This Chart of America’s Per Capita Debt Should Worry You

Feb. 23, 2012 3:40pm Becket Adams

The Senate Budget Committee Republican staff under Ranking Member Jeff Sessions (R-AL) released this alarming graph Thursday morning:

What does this mean?

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.

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Comments (180)

70S_KIDS_FIGHTING_SOCIALISM
Posted on February 23, 2012 at 7:58pm
Most of us here have had enough of the Paul bots. With you PURPOSELY taking massive space here you are more annoying than the Soros trolls. If you cannot respect this forum may I suggest you form your own forum. The fact that most of you defend the MAN (Ron Paul) more than you stand for ideas says volume. Your no different than the Soros trolls. We have serious issues in this country and the rest of us that have opinions closer to Beck do not appreciate the MASSIVE space you are taking up.
If Paul doesn’t sell out his values he must agree perfectly with Romney don’t you agree?
TEA PARTY UNTOUCHABLES!!!!!!!!!!!!!

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wvernon1981
Posted on February 23, 2012 at 7:14pm
That chart says nothing in terms of our actual ability to repay the debt relative to the other countries on the chart.

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- SHOWMESTATEGUY
  Posted on February 23, 2012 at 8:09pm
  Hyper-inflation would be your answer to the problem I suspect. That’s the only way out of this one and the dem libs know it and want it.
  
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GrayPanther
Posted on February 23, 2012 at 7:08pm
Wake up people! Clearly, BHO is spending us into the poor house on purpose. Only a multi election conservative government can restore our country’s future. If we can’t win 60 seats in the senate we need Newt Gingrich in the White House. He can rally the country and Newt knows how to work the congress and go around Democ-RATS if necessary! And if he calls on Rand Paul for Vice President, we could see 16 years of a GREAT revival of our Founding Fathers! Now, wouldn’t that be great!

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SHOWMESTATEGUY
Posted on February 23, 2012 at 7:07pm
Hey, the gravy train is rolling so let’s elect Romney. He would keep pouring the coal to that train. Full speed ahead.

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BobtheMoron
Posted on February 23, 2012 at 7:05pm
The Republican establishment is trying to pick us another John McCain. Whoopee!!!!

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sjohn70037
Posted on February 23, 2012 at 7:02pm
If we just freeze our national spending to current levels for the next five years we can erase this debt. Our stinking elected officials, Democrat and Republican, refuse to do so. Our Republic is doomed because we the people choose to either elect morons or not vote at all.

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- BobtheMoron
  Posted on February 23, 2012 at 7:07pm
  For shame!! Us morons have measurable IQs. The epithet you are looking for is idiot. Please refrain from referring to idiots as morons.
  
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Mikev5
Posted on February 23, 2012 at 6:59pm
What makes this not as bad as it looks is we are about equal to all those put together and more so it looks bad but not as bad as it could be and America still has more wealth than those others.

Plus as a Nation we have vast amounts of un-used natural resources that can be taped if only the EPA and our Government would let us use it.

We could explode in wealth if they let us just do it.

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- condera
  Posted on February 24, 2012 at 2:30pm
  The thing you are missing though is ,amy o these countries used to have vast wealth, just as the US does now. Recall Aristotle Onasis, Greek business magnate? Yet, that wealth has dried up and disappeared in these countries. Why? Because evenetually, under Socialism, you do run out of other people’s money.
  
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robinakilt
Posted on February 23, 2012 at 6:42pm
@Detroit check the history of SS and understand that when they started social security it was never intended for someone to live off of it alone for the rest of their lives. It was one part of a three spoke wheel. Social Security, PERSONAL SAVINGS (that one deserves caps because that means personal responsibility for yourself) and a pension or in modern times a 401k type plan.

The problem is over the years the latter two were left at the way side and now everyone complains (in a whiney voice) how do they expect me to live on this? They don’t!! But I will say they had to leave them by the way side because government made it so damn expensive to live. Before the 70’s a family could live pretty good on one income if you had a two income household you were doing great! Now it takes two incomes just to keep your head above water and it is not because of the rich, businesses or capitalism, IT IS BECAUSE OF POWER HUNGRY POLITICIANS who figured out that they could steal from one group to give to another, create a dependent voting group and stay in office! Because who is going to vote against thier hand out?

The issue with SS now is that there is a BIG difference in the amount they paid in and the life expectancy from then to now when the cost of living is higher and people live longer. This means they will go through the amount of money they paid into the system long before they die and at that time it goes from a system someone paid into to a welfare program.

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shogun459
Posted on February 23, 2012 at 6:32pm
And now you know WHY Obama is spending and borrowing as fast as it is.
They know the numbers.
This is what they want.
Then they may push us over the edge and declare Martial Law when we react.

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wrazzlin1
Posted on February 23, 2012 at 6:31pm
Lets change this chart to something real concerning. Instead of per capita lets see what it looks like for those who are actually charged with paying it back. The 50% of households who actually PAY federal taxes.

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jimf01
Posted on February 23, 2012 at 6:28pm
This is a good example of why you cannot look at one statistic to determine what the scope of a problem is.
The only real hope of digging out from under a mountain of debt (without a lot of ugliness), for this country, is to GROW our way out of it.The amount of debt per capita has a completely different meaning to Greece vs USA, because of the economic might and capability of our great country. Greece is not going to be, for example, exporting millions of cars or exporting natural resources like oil any time soon.
We can get out of this, but what MUST happen is we MUST get government out of the way of business by cutting regulation and taxes in key areas. If the political will exists, our government can easily make changes that would attract HUGE amounts of foreign investment. That isn’t gonna happen in Greece either.
CHANGE the government, CHANGE the system, and we CHANGE America’s future. The voters have the power. What are YOU going to do in 2012 to make the needed change happen? The HOPE of 2008 has obviously failed us. Time for real CHANGE. Every blaze reader needs to be contributing to the effort to get Barack Obama out of office and Harry Reid out of power in the Senate!!!

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Cat
Posted on February 23, 2012 at 6:00pm
Complicated issue to say the least
So lets start with SS

Father grew up in the country, grew food, killed food and worked hard, around the compound
His first ‘job’ was in the Army, and after that went to work for Winchester
(Know those fancy hand carved gun stocks?)
At 40 he became a builder and worked for himself
He never officially retired, but instead just kept on working
He really never paid much into SS
He died at 75, and he never got the chance to cash a single SS check

Mother, on the other hand, worked a few years in her life, mostly to furnish the house and fix it up the way she wanted it (house rules)
When she was satisfied, she quit working
She officially retired at age 70 and has been receiving SS checks for nearly 20 years (including a portion of my father’s SS for a few years)

Received my first paycheck at age 16 and have been working ever since
So far it has been 46 years of working and paying into SS and there are no plans to retire

So wants the answer?

The government needs to get back to what SS is meant to be, or totally get out of the business
If they want to maintain it, stop adding all the extra crap!
If the government can’t correct the course then they need to get out of the way and the people will handle it, and I assure you, it will be a much better run program

SS is just ONE issue

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- shogun459
  Posted on February 23, 2012 at 6:34pm
  They have been useing the money for other things for years it’s the government that can’t do without SS. That’s Social Security for now anyway.
  
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- Cat
  Posted on February 23, 2012 at 6:46pm
  Shogun >
  
  True …
  SS represents socialism at its best, a complete disaster
  
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IamWhatIam
Posted on February 23, 2012 at 5:57pm
Obama does not care if he is adding to the debt. He just wants to get re-elected. If he were to stop adding to the debt, the artificial creation that he made that our economy is improving would end!!!

If I said I have a great idea to really stimulate this economy – every person in the USA is getting a Government Issued Credit Card and can spend $30,000.00 on anything you’d like. Would you do it? Oh, I forgot to mention – you have to pay it back with interest – and if you don’t by the time you die your heirs will inherit your debt and in turn their heirs!!! So – remember all this “Government” debt – its ours!!

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welovetheUSA
Posted on February 23, 2012 at 5:57pm
Paul cannot beat Obama, period. We must stand together behind whoever comes out of this race..Obama must be beat, it is the most important election in over 100 years.

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- condera
  Posted on February 24, 2012 at 2:36pm
  Actually there genius, most polls show all the GOP candidates in roughly the same position against Obama, save Newt who is polling the worst against Obama lately. Better get your facts straight before violating the ancient proverb “it is better to remain silent and be thought the fool than to open your mouth and remove all doubt.”
  
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absolutelynot
Posted on February 23, 2012 at 5:49pm
We need to drill and mine all our resources just for National security if nothing else.We also need to use these God given resources to put Americans to work and lower our Energy costs

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jonhova
Posted on February 23, 2012 at 5:47pm
Come on stop trying to change the discussion from what is really important…contraception.

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- Kim
  Posted on February 23, 2012 at 7:05pm
  Thank you… I needed a laugh!
  These are scary times!
  ANYONE but O’bama!!!!!
  
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- jonhova
  Posted on February 23, 2012 at 7:36pm
  Agreed. But I’ve got this horrible deja vu…
  
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jakartaman
Posted on February 23, 2012 at 5:46pm
Yes the USA wil crash for a lot of reasons
Israel/iran – oil prices – possibly protracted costly war
The Feds multi trillion $$ loans
Top 5 US banks hold many trillions in Europe’s failed doomed economy
We have an enemy of the state in the WH
We have 49.5% of the US population not paying tax’s but taking from those who work
Socialism is a failed ideology that Mr. Obama has not gotten the European memos

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Mike N
Posted on February 23, 2012 at 5:46pm
While we Americans earn more annually, and are better prepared to pay down our debt than are the PIIGS, this figure is still alarming, especially since the takers continue indulging themselves, while relying on the makers to pick up the tab.

Well, I’ve been busting my hump for decades, and am nearly ready to pull up roots and move to a carribean island . . . the takers can go to ____.!

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- hatchetjob
  Posted on February 23, 2012 at 7:19pm
  Say a prayer for us, please.
  
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StrongViolentType
Posted on February 23, 2012 at 5:43pm
Is it just me or are there others out there that can’t wait for shtf. Tired of smug Americans that think it Can’t Happen to us.

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righthanddrive
Posted on February 23, 2012 at 5:40pm
Some say, Ron Paul is running so that Mitt Romney is the nominee and his son Rand Paul is the VP. That’s what some say. You can read it in the British newspapers.

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little big man
Posted on February 23, 2012 at 5:36pm
Did you ever hear the expression, You can’t get blood from a stone.

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- hatchetjob
  Posted on February 23, 2012 at 7:24pm
  I thought it was a turnip…
  
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Itsjusttim
Posted on February 23, 2012 at 5:31pm
That’s funny $44,000 per person in a nation where over 49% pays no income-taxes at all. How will we get that from them? And even more stupid is that much of that 49% collects free money from the government. The only way it can be solved is to tax the heck out of the rich, or completely kick people off government assistance. I cast my vote to rain down the water, and completely kick people off government assistance. Either that or the country will collapse anyways, take your pick.

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- Itsjusttim
  Posted on February 23, 2012 at 5:34pm
  Look at it this way: by keeping people on government assistance, most of them are getting their spirit killed, and not only are you killing their spirit, but you’re also stealing money from people to pay for them
  
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- Itsjusttim
  Posted on February 23, 2012 at 5:36pm
  And the good book says those who lead to captivity will go to captivity. Probably most likely because if they are so spiritually dead so as to kill other people’s spirits, then they must be spiritually dead also.
  
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Jenasus
Posted on February 23, 2012 at 5:30pm
The crash of the Euro and dollar will lead to a one world digital currency followed by a one world government. The New World Order. In the NWO we the people will lose all of our freedom as Citizens and become Subjects (SLAVES) in the New World Order. I also refer to the New World Order as the New World Chaos or the Old World Chaos and the Old Moon Chaos which is my favorite because all the people that want a one world government should move to another planet like the moon.

The world financial meltdown is a conspiracy to bankrupt the world economies so the world will convert to a one world currency.
After 9/11 anyone could buy a house. Demand rose as did prices until the bubble burst.
Obama keeps spending money that will not be able to pay back.
Obama is leading America to its darkest days of the Age of Enslavement by proliferating Class Warfare and poverty.
Impeach Obama now before he destroys the rest of America.

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EJinVA
Posted on February 23, 2012 at 5:28pm
Wrong! your share is actually about 150k, since half of your fellow citizens DON”T PAY ANYTHING!

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- EJinVA
  Posted on February 23, 2012 at 5:30pm
  I threw in an extra 50k to cover the other than legals
  
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Vechorik
Posted on February 23, 2012 at 5:23pm
Bloomberg:
“Paul Is Only GOP Contender Whose Policies Would Pare Debt, Analysis Finds”
http://www.bloomberg.com/news/2012-02-23/paul-s-plan-would-lower-debt-while-rivals-wouldn-t-report-says.html

Reason:
“New Report on GOP Primary Contenders Says Only Ron Paul Would Reduce the Federal Debt”
http://reason.com/blog/2012/02/23/new-report-on-gop-primary-contenders-say

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