United States - Debt StatisticsThe United States of America, a vast country comprised of 50 states, home to Hollywood and Disneyland. A country known for its supersize. From burgers, over trucks right down to their skyscrapers, lining huge, famous skylines.America‘s national debt is no exception to this rule, in fact the monstrosity of this debt, might just top the leader board in terms of size.Looking at 2003 the United States of America bore a mighty burden of 6.731,99 Billion US Dollars. Over the following six years this amount had doubled, giving the States a debt of 12.445,90 Billion US Dollars by 2009. What is astonishing and daunting is the fact, that it has taken the United States merely four years to add a further five Billion US Dollars to the clock of national debt.Instead of stopping the flow of debt adding to the super sized pile, it is growing faster, making it the country with the second highest debt in the entire world.On average every US citizen carries a debt of over 50.000 US Dollars by birthright.The debt clock does not show any signs of slowing, let alone maybe one day turning backwards, which leaves the question open of how much debt one nation, and more importantly, one currency can carry. With these numbers it seems as though the US Dollar must crash. Only time will tell how much it can take and how much longer it can carry the wait of its country‘s debt.
THE US DEBT CRISIS. THE EVER-RISING NATIONAL AND STATE DEBTSThe US is currently facing a debt crisis. The total US debt has increased significantly since 1950 when it was around $2.9 trillion. Today the US debt stands at a record-breaking level of over $30 trillion. This debt is shared among both the federal government and the individual US states. The US debt is constantly increasing and has been for decades, accompanied by a rising government deficit.The US government deficit is the difference between the amount of money the government spends and the amount of money the government takes in from taxes and other income. This deficit continues to increase as the amount the government is spending is higher than what is earned through tax revenue. According to economists, this is unsustainable in the long-term.The US federal debt stands at around $30 trillion. This is split between the national debt and the debt held by the individual states. The individual states also each have their own debt levels. California, for instance, has a debt of over $1.1 trillion. Texas has a comparatively lower debt level, at $247 billion. State debts have been rising since 1950 along with the nation's debt. The debt of the United States is something that has become increasingly concerning due to the ever-growing budget deficit. It is important that something is done to reduce the US debt in order to prevent the country from facing a full-on economic crisis. Governments and politicians around the world are attempting to come up with ways of getting the debt under control, such as raising taxes and cutting government spending. In conclusion, the US debt crisis is an issue that must be addressed before it becomes unmanageable. It is a problem that affects the entire population, and actions must be taken to reduce national and state debt levels.