It’s no secret that the U.S. has a bit of a debt problem. We all know that. But like everything else in life, the problem is easier to understand if we visualize it.
So for your daily dose of "Is the national debt really that bad?" here's a chart from the Senate Budget Committee Republican staff under Ranking Member Jeff Sessions (R-Ala.) that illustrates the per person debt of Americans in comparison to other financially strapped countries:
Greece, Portugal, and Spain? You know all three of those countries are imploding on themselves, right?
“According to estimates from the International Monetary Fund, America’s total government debt will be $16.8 trillion by the end of the calendar year, compared to $441 billion for Greece,” the senator’s office notes. “On a per person basis, that means U.S. debt is $53,400 for every man, woman, and child, compared to $39,400 for every man, woman, and child in Greece.”
“The disparity between per capita debt in the U.S. and Greece has grown 40 percent (roughly $8,400) since 2011. Now, U.S. per person debt is 35 percent higher than that of Greece, and is also higher than per capita debt in Portugal, Italy, or Spain (which together with Greece make up the so-called PIGS countries),” the report adds.
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Front page photo courtesy shutterstock.com