If being in debt is healthy, then there is cause for celebration, each man, woman and child carries an obligation of $28,000 on behalf of the Federal Government. State, municipal and personal debt is extra.
Daylan Darby has the numbers - not adjusted for inflation, the per capita debt has risen a thousand-fold since 1901.
According to this link,
in 1901 the nominal GDP per head was $288, so the per capita debt was 10% of the average annual income. In 2004, the per capita nominal GDP was $40,000, and so the debt per person is now 70% of the average annual income. (I know, I'm mixing up GDP and GNP. But the numbers are stark, and there is no need to get more precise than this.)
Monday, March 27, 2006
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