How deep in debt is the United states in?
Makanre asked:
We just discussed in class that each household would have to pay $549,000 to get out of debt. I know the number is very high but does anyone know the actual amount in debt we are?
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We just discussed in class that each household would have to pay $549,000 to get out of debt. I know the number is very high but does anyone know the actual amount in debt we are?
Content supplied by Yahoo Answers
Category: Government | Tags: Household, United States 5 comments »
July 4th, 2009 at 1:05 am
National Debt Clock.
July 5th, 2009 at 6:29 am
more then they are telling us, we just have to put our trust in god and not man.
July 6th, 2009 at 7:47 am
The national debt is currently at $11,335,957,714,563.78 each american citizen would have to pay $37,009.96 to get completely out of debt. The U.S. National debt clock is updated everyday
July 8th, 2009 at 10:41 am
While the official US debt is a little over $11 Trillion, we actually owe much more, in that we will end up paying much more, because of interest on the debt.
There are about 78.4 Million households in the US. If you divide $11 Trillion by 78.4 Million, you end up with about $140,000 per household, or about $36,000 per person. However, each household and individual ends up paying much, much more because of compounded interest.
For instance, if you buy a house for $200,000.00, you are only $200,000.00 in debt, right? That’s how much money you would have to pay RIGHT NOW in order to be debt-free, but because of compounded interest, a $200,000.00 loan will cost upwards of $600,000.00 in actual payments. This is why every household needs to pay about $549,000. That is the actual amount that will need to be paid when interest is taken into account.
But it gets worse…In the US, money is created when the US treasury borrows it from the Federal Reserve Bank by selling treasury bonds, or IOUs. This debt, and the interest on it, is paid back to the Federal Reserve by collecting taxes. Since the total amount of money in the system will always be less than amount owed on the debt, it is impossible to pay off the debt.
There is currently over $11 Trillion in debt, but there is only about $2 Trillion in circulation in the United States. In other words, if everybody in the US gave up every dollar they had in order to pay off the debt, it wouldn’t be close to enough money, and that doesn’t even include private debts like mortgages, credit cards, and business loans.
July 10th, 2009 at 7:18 pm
too much to ever re-pay
bankruptcy is the only option