The Concord Coalition has warned that US federal deficits over the next five years are going to total almost $2 trillion. Which is concidentaly roughly the same as the entire national debt built up by the US in it’s entire history from 1776 up to 1999.
That’s, umm, quite a lot of money. $2000,000,000,000 to be precise. Or $6847.42 for each for the 292,080,070 US citizens. Or $316.55 for each of the 6,317,919,680 people in the world for that matter.
I don’t begin to understand world economics. I know from personal experience that the moment I go into the red the bank sends me a nasty letter, and charges me for it too. By that count, it’s a wonder they can get the door of the White House open, with all the red letters that must be sitting on the mat.
Luckily, the US controls the bank. But presumably there must be a limit to how much money it can owe? What happens when that limit is reached? I have no idea, but I have a suspicion that it probably isn’t very nice.
Population data from http://www.census.gov/main/www/popclock.html
Oh, BTW, been off the net a few months. Back now, and will try to keep up my usual level of updating.