The Senate Budget Committee Republican staff under Ranking Member Jeff Sessions (R-AL) released this alarming graph today:
Click for a larger image.
As the chart clearly indicates, the U.S.' debt topped $15 trillion in 2011, while the U.K. and eurozone’s collective debt amounted to approximately $13 trillion.
Well, sure, you might say, The U.S. is just so huge. Of course our debt would be greater than the EU’s and the U.K.’s combined.
The only problem with that is that there are less people in the U.S.
“Census Bureau figures put the U.S.' total population at 313 million. The Euro Zone’s population is almost 332 million [emphases added],” Sen. Sessions’ staff notes.
You know what this means, right? This means that U.S. debt is also larger on a per capita basis:
And as if the above information wasn't disconcerting enough, the International Monetary Fund also points out the U.K. and eurozone’s collective Gross Domestic Product (one of the primary indicators used to gauge the healthy of an economy) for 2011 amounted to $16 trillion while the U.S. was about $15 trillion.
"We need to rein in government and unleash the extraordinary vitality and creativity of the American people," former Massachusetts governor Mitt Romney wrote in a December op-ed, as the Weekly Standard notes. "We must not wait to suffer a crisis like Greece's or Portugal's to right the ship of state."
However, as the Weekly Standard puts it: “with charts like this, that formulation might already be out of date, considering the enormity of America's debt burden.”