n. WTSHTF: $15 Trillion in the hole (and counting!)

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Saturday, December 24, 2011

$15 Trillion in the hole (and counting!)

The $15 trillion national debt is now equal to a year’s worth of production and services in the United States.
But that production does not belong to the U.S. government.
The problem is this is a credit card balance that is 6 times the annual income of the federal government, based on annual tax revenues of $2.5 trillion.
Readers should imagine this — owing MasterCard 6 times their annual earnings.
Imagine making $25 grand a year and owing Visa $150,000.
That’s how bad off the federal government is.

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