That's a lot of zeros! Global debt has squeeked past the $200Tn mark and Global GDP is about $70Tn so getting to 3 times the size of our combined GDP means the US is way behind with just $19Tn in debt in an $18Tn economy. Lucy, we've got some spendin' to do!
Actually, Global Government Debt is "only" $58Bn and 1/3 of that is ours – so we are certainly doing our share in that department. We're also leading the World in every other category of debt as well and, according to our National Debt Clock, if you include our unfunded liablilities (SS, Medicare, etc), the US is $101Tn in debt, which works out to $846,126 per taxpayer.
Like Global Warming, when a problem is that big it's best that we just put our heads in the sand and ignore it, right? And speaking of Global Warming, Bill Gates has a bit to say on the subject in his annual Foundation Letter – worth reading. As to our debts, we're currently running a $447Bn deficit so, if we raised taxes by $1Tn (30%) and we capped spending, we could pay off our debt in 40 years (providing interest rates remain this low).
Like Lucy at the conveyor belt, we are on a course we're unable to change and it's getting harder and harder to keep up. If the GOP has their way, we'll be in the same situation with Climate Change as we are with debt and both will likely end in catastrophe.
There is a solution for debt, that's growing the economy, cutting military spending (200% of our annual debt) and raising taxes, especially on Corporations, who contribute just 10% ($386Bn) in tax revenues – down from 30% pre-Reagan. Just bringing corporate taxes back to where they were would wipe out the debt and give us enough extra to pay down our deficit without cutting anything. Kind of makes you wonder why you never hear about that solution in the Corporate Media, right?
Hey, I know, let's elect #19 President – that will fix everything!