ONE NATION UNDER DEBT... "There are two ways to conquer and enslave a nation... One is by sword... The other is by debt."John Adams 1826

The U.S. debt is over $16 trillion and rising. That’s a lot of money, and we have some illustrations of some things $16 trillion could buy.

Do you have any idea what $16 trillion can buy?

It’s the amount of our national debt, but many of us get a little lost when we talk in trillions. So today we’re offering up some perspective over at Face the Facts USA.

For example, $16 trillion could pay off every American’s mortgage – twice. We’ve got an infographic over at our website with more illustrations. Click on the image to take you there. Check it out and while you’re there, add to the discussion. Do you think our country will ever get its fiscal house in order?

$16 trillion and rising. That’s the US debt, and it’s a lot of money to be sure. But most of us find it a little overwhelming to wrap our heads around numbers that high. So today we’re offering some perspective – on some things $16 trillion could buy.

How about paying off every American’s mortgage debt – TWICE? Yep.

$16 trillion could also fund the wars in Iraq and Afghanistan – about 12 times over.

And if the debt continues to rise at the current rate, in ten years it’s expected to reach its highest point relative to our total economic output since World War II.

Check out our infographic for more illustrations of our debt.  See “What Do Others Say?” on its implications. Then add to the discussion below. How worried are you about US debt? And do you have any confidence we’ll pay it down? 

Sources:

·        US Department of the Treasury: "The Debt to the Penny and Who Holds It"

·        Federal Reserve Bank of New York: "New York Fed Quarterly Report Shows Student Loan Debt Continues to Grow"

·        Congressional Research Service: "The Cost of Iraq, Afghanistan, and Other Global War on Terror Operations Since 9/11"

·        Federal Reserve Bank of New York: "QUARTERLY REPORT ON HOUSEHOLD DEBT AND CREDIT"

·        Congressional Budget Office: "An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022"

·        National Automobile Dealers Association: "Nada Data: State-of-the-industry Report 2012"

·        US Census Bureau: "Current Population Clock"

What do others say?

·        Debt Limit USA Video: “Debt limit – A guide to American federal debt made easy” More

·        The Economist infographic: “The debtors’ merry-go-round” More

·        Brookings Institution: “The real national security threat: America’s debt” More