From a recent report compiled by Frank Holmes, from US Global, we can see the size difference in economic terms between Canada and the United States. Mr.Holmes checked the U.S. National Debt clock on Wednesday morning, November 25, noting a series of numbers, then returned on Friday, November 27, noting the changes that had occurred. It’s an interesting read:
The U.S. Federal Reserve printed more than $10 billion in new money, or more than $200 million an hour during the period.
The national debt grew by almost $10 billion, with each U.S. taxpayer share going up by $65.00 to $110,781.
The federal budget deficit rose by $9 billion in those 2 days.
Total unfunded liabilities shot up almost $30 billion to $106.3 trillion, or $345,088 per citizen.
More than $5 billion went out for Medicare/Medicaid, $4 billion in social security benefits, $3.6 billion for national defense and war efforts in Iraq and Afganistan.
$2 billion in interest payments were made on the national debt.
On the plus side, GDP grew by nearly $200 billion, or $1600 per worker, and about $40 billion in value was added to total national assets during those 2 days.
About $4 billion in private debt was paid down, mostly mortgages, with over $1 billion in personal debt retired, along with $700 million in credit card debt. Personal savings climbed by over $1 billion.
To watch it unfold up close go to: www.usdebtclock.org
The current debt in the U.S. is around $12 trillion dollars, and rising fast.
