Thursday, December 20, 2007

14 trillion dollars in debt

That's what America's combined debt level is (for mortgages, car loans, personal loans and my favorite - credit cards) according to a BBC report. I couldn't quite find a way to link back to the exact article as they don't have embedded video links. But there basic Business site is:

In my opinion, that is just absolutely ridiculous - Americans as a whole are in more debt than our GOVERNMENT although they're only about 5 trillion dollars behind.

What is a trillion anyway though?

Here's an interesting link I found:

Here is an excerpt from the above link:

"The U.S. government spends more than the entire Gross Domestic Product (GDP) of Australia, China and Spain combined. If you laid one dollar bills end to end, you could make a chain that stretches from earth to the moon and back again 200 times before you ran out of dollar bills! One trillion dollars would stretch nearly from the earth to the sun. It would take a military jet flying at the speed of sound, reeling out a roll of dollar bills behind it, 14 years before it reeled out one trillion dollar bills.

What is frightening is that government will continue to grow in America unless citizens prevent it. If government stays on the course it's been on for the past forty years without a radical change, the federal government will have a $10 TRILLION BUDGET by the year 2010."


Moneymonk said...

It's more like 14 trillion and 20 thousand once you get married ! LOL

Just kidding, Just say NO to credit

Reggie said...

Ironically, I had set a goal for us of saving 10K by the end of April.

The 'boss' is reluctant to focus on the goal because it
does not seem possible to her.

Moneymonk said...

seems like you guys need couseling on finances before you get married.

If she love you, she will respect your money