America's Total Debt Report $ 40 Trillion - - and soaring - household, business, financial and government sectors - by Michael Hodges - email updated August 2005
- a chapter of the Grandfather Economic Reports -
America has become more a debt 'junkie' - - than ever before with total debt of $40 trillion, or $136,479 per man, woman and child.
66% ($27 trillion) of this debt was created since 1990, a period primarily driven by debt instead of by productive activity.
2 great questions: Can the production of debt forever replace the production of goods and savings? Can Americans forever borrow their way to prosperity? One answer: NO WAY !!
BOTTOM-LINE - - DEBT SUMMARY TABLE AMERICA'S TOTAL DEBT - $42 Trillion - - add another $44 trillion for contingent Social Security/Medicare - (updated Dec. 2005) Our Federal Government Debt Report shows $7.9 Trillion of debt as of end FY 2005 ($8.2 Trillion end calendar year 2005), the State & Local Government Report shows debt of $1.8 Trillion, and $32.4 Trillion of private (household, business and financial sector) debt is revealed in America's Total Debt Report.
These sum to $42.1 Trillion - - equivalent to $142,087 per capita. (This sum does not include the federal government's un-funded contingent liabilities for social security/Medicare estimated at $44 trillion, plus additional amounts for unknown (?) contingencies listed below.)
The following table summarizes Total Debt in America - - as of Sept. 30, 2005
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