In absolute terms, we are far and away the largest debtor, and it does not much matter which sector you look at:
ddp-ext.worldbank.org
That statistical compilation does not take into account future unfunded liabilities our profligate government has saddled us, er, assumed. I am sure that their present value can be calculated. It is enormous. It is one of the reasons I say that the USD is being devalued.
Of course, it is inaccurate to suggest that absolute terms are the way to look at things. No apples to apples, oranges to oranges comparison can be made without making other measurements, such as the relationship of total debt to GDP, etc.
Wikipedia suggests we are 21st or 22nd, behind such stalwarts as Ghana, Jamaica, Seychelles, Portugal, Sudan, Zimbabwe, Italy, etc., in public debt when GDP is taken into account. Japan is the First World leader, and its experience is something we should carefully consider.
en.wikipedia.org
I'd be interested in seeing your sources because, for the moment, it seems that the markets agree with your implicit statement that things are not that bad, debt-wise. I am not sure that this is true or that it can continue, which is why I am in gold.
Chris Martenson has this to say:
Please check out Crash Course Chapter 12 (Debt). I explain that the relevant ratio is total debt to GDP, not just federal debt.
Why?
Because ultimately whether the debt is held by a town, a state, a corporation or the federal government it is the labor of individual people that pays it off.
chrismartenson.com
We don't have access to good debt figures on a per capita basis but the Fed tracks this on a household basis. Close enough.
You are on the right track by wondering about the total debt load. Attempts to reframe the argument in terms of only federal debt are red herrings. First because how we measure "GDP" has changed so dramatically over the years that it's not really possible to accurately compare federal debt over the decades. Second because federal debt is only 20% of the debt pie.
chrismartenson.com |
