We're Drowning In Debt

According to brillig.com the federal debt is over $17,000,000,000. marketwatch.com reports, as of September this represented 73% of our gross domestic production.

Little spoken about is what the states owe on top of this. According to a 'State Budget Solutions' report all the states combined owe in addition another $5,068,364,163. Which represents another 33% of our GDP.

This adds up to nearly 100% of all our gross domestic products produced annually. I wonder how much more we'd be in debt if we totaled all the cities and their debts in with that?

Each citizen (man, woman and child) combined owe almost $54,500 for the federal debt alone. I think it's safe to assume each person owes over another $16,350 for the debts the states incurred. How many are in your household?.

Therefore we all individually here in the USA currently owe around $70,000 plus whatever the cities have managed to accumulate in debts. This isn't a problem in itself unless all the debts were called in.. which they never will be.

Coming at this from a different angle...
Would anyone of us who have a family of four ever be considered responsible if we of ourselves racked up $280,000+ of debt on our own? Many of us don't owe that on our mortgage, car loans and credits cards combined. Oh there might be more then a few, but this still wouldn't be the whole story.

If we did owe this $280,000, then we're still in for another $280,000+ for the governments' debts. Well over 1/2 a million dollar$!

The salivation in all of this is nobody who lent this money wants it back. These lenders are enjoying the returns that we all continue to pay interests on. It's all a rather big game isn't it? You see money isn't real. It's a game of numbers. So long as large numbers of investors don't want to pick up their marbles and quit the game, we're all going to do fine.

This game of musical chairs will not stop unless debtors can no longer meet these interest payments. So even if we owe over $23 trillion (like I assumed with the numbers above), only 10% of the GDP is needed to continue making payments on the interest. For some that us a comfortable margin they are willing to live with. Lord knows the rich love it. It's like them taking a 10% cut on everything we produce.

As for myself... I can only imagine how much better off this country would be not having to shell out over $2.3 trillion to service these debts every year. Imagine, if you will, if the budgets were in line so as we owed no one any money. That would be $2.3 trillion more we could spent and/or be blessed with in lower taxes.

Hell if that were so we wouldn't have to borrow money in the 1st place!

Otherwise, everybody relax...
Most likely we're all gonna die before we pay for all this debt anyway :-)