I almost hesitate to mention it, but I maxed out my credit line, again. I owe only slightly more than half of what our entire country generates in revenue in a year. How about increasing my limit a few trillion more? Four trillion should hold me over for the rest of the year. I’ve got this spending habit I’m trying to kick. Despite being paid BILLIONS a day, I need more right now. I commit to getting that under control, soon. After the next election for sure. In the meanwhile, I think I should be paid more. Would help with my spending habit. Also, you better act quick on helping me out or somebody’s going to suffer. It’s going to look bad. I promise. Not a threat, just saying.
Yours truly, Uncle Sam.
|Current||Debt Held by the Public||Intragovernmental Holdings||Total US Public Debt Outstanding|
Info courtesy of US Treasury Dept. (does not include State gov debts)
U.S. Long-Term Debt Situation Is One of the World’s Worst :
This year, the U.S. public debt is projected to reach 62 percent of the economy—up from 40 percent in 2008 and nearly double the historical average, according to recent Congressional Budget Office (CBO) estimates. The financial crisis and recession drove much of this debt swing, yet larger problems loom in the future. By 2030, the CBO projects that debt will more than double to 146 percent of GDP.