'U.S.
Per Person Debt Now 35 Percent Higher than that of Greece'
5
November, 2012
A
chart from the Republican side of the Senate Budget Committee shows
that "U.S. Per Person Debt [Is] Now 35 Percent Higher than that
of Greece."
"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 Republican side
of the Senate Budget Committee explains. "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)."
IMF
calculates these figures based on total government debt, which is
federal, state, and local government debt. IMF does not include
intragovenmental debt, which is debt issued and owned by the federal
government. However, Treasury data shows U.S. gross federal debt,
including intragovernmental debt but excluding state and local debt,
at $16.2 trillion, meaning that U.S. per person gross federal debt
exceeds total Greek debt by an even wider margin (as well as that of
every other Eurozone nation). Under the President’s budget, gross
federal debt will rise to $25.4 trillion by 2022, according to White
House projections. Meanwhile, Senate Democrats have refused to
present any budget plan for consideration at all, skirting federal
law.
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