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Registered
Join Date: May 2000
Location: Los Alamos, NM, USA
Posts: 6,044
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"Having a $10 Trillion national debt (btw, that's 10 thousand billion) dollar national debt is sort of like you making $100,000/year and thinking to your self that you can actually pay off a credit card debt of $10 million."
Not quite; it's more like having a debt of $146,000 associated with that $100,000/year income.
The national debt is now at ~9,600 billion dollars compared with a current annual GDP of ~14,000 billion dollars. For historical comparison, in 1947 the national debt was at 258 billion dollars and the 1947 GDP was 244 billion dollars. In 1947 the national debt per capita was about 150% of personal income, today it is roughly 80%.
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