Monday 16 March 2009

US government debt soars to the heavens.

A few quick facts about US gross federal debt:

  • As of December 2008, the outstanding stock stood at $10.7 trillion.

  • During 2008, the debt stock increased S1.4 trillion, which is a 15 percent growth rate.

  • Since 1966, US federal debt has increased by 3,233 percent.

    Whatever you might think about the merits of government borrowing, the US federal debt stock is extraordinary achievement. How did the Feds convince people to lend them so much money?
  • 6 comments:

    Anonymous said...

    exponential growth - no more.

    Chris said...

    I have two words: Reserve Currency.

    CityUnslicker said...

    adjusted for inflation?

    Anonymous said...

    People are gullible and think that US treasuries are secure and will be repaid.

    BUT, if there's no US treasury in 30 years from now, something I don't estimate to be unlikely?

    I don't believe the reserve currency thing will still be the case in 30 years from now, with Arab states producing less and less petroleum, and buying fewer and fewer dollars. The Chinese? They export their stuff to Europe, and get Euros (and some UKP and CHF) for it. The Japanese? They have their pensions to pay, so they'll more likely sell US treasuries.

    Who remains?

    Anonymous said...

    Alas, it's only a matter of a few more years before the grandest Ponzi scheme of all begins to unravel. It will make Madoff look like a schoolboy.

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