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To: Jacob Snyder who wrote (78)	7/30/2009 4:51:20 PM
From: Sun Tzu	of 123

Many people like to quote Debt-to-GDP as measure of financial stability of a country and on that front the US is not doing too badly. However the true measure should be the ability of a government to service its obligations. So debt-to-tax-revenue is a better measure. Now debt-to-revenue understates the situation because it does not take all government obligations, such as social security and medicare, into account. Even so, using Wikipedia's data for 2008 (from CIA and OECD) en.wikipedia.org and en.wikipedia.org we have the following: Country Debt2GDP Tax2GDP Debt2Tax Australia 15.6 30.5 0.511 Denmark 26 50 0.520 New Zealand 20.7 36.5 0.567 Ireland 24.9 34 0.732 Venezuela 19.3 25 0.772 Norway 83.1 43.6 1.906 Canada 64.2 33.4 1.922 United States 60.8 28.2 2.156 Israel 80.6 36.8 2.190 Thailand 37.9 17 2.229 Albania 51.4 22.9 2.245 Taiwan 27.9 12.4 2.250 Colombia 52.8 23 2.296 Algeria 18 7.7 2.338 Mexico 22.8 9.7 2.351 Iran 17.2 7.3 2.356 Nigeria 14.4 6.1 2.361 Italy 104 42.6 2.441 Argentina 56.1 22.9 2.450 I don't know about you, but USA seems awfully close to Thailand, Mexico, and Italy for comfort. And this data doesn't include the roughly 10% increase in debt that have been added since 2008. Another 20% increase in debt and we can kiss USD as a reserve currency good bye. ST

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