What do these numbers represent?
- 1944 $1,021
- 1952 $1,649
- 1960 $1,617
- 1963 $1,626
- 1968 $1,720
- 1974 $2,204
- 1976 $2,528
- 1980 $3,719
- 1984 $5,903
- 1988 $9,723
- 1992 $14,347
- 1996 $18,970
- 2000 $20,545
- 2004 $24,089
- 2008 $30,675
- 2012 $47,492
- 2016 $56,567
- 2020 $70,532
- 2025 $142,825 Projected
Do you notice a pattern? Do you notice relative stability for forty years or so?
These numbers represent the U.S. federal debt per U.S. citizen.
Notice the debt ratio during the height of WWII. Consider that the U.S. population has climbed from 136.7 million at the start of 1944 to 330 million today.
Is the growing federal debt a reflection of societies attitude toward debt?
In the 1940s and 50s credit card debt was practically unknown. Today Americans owe $807 billion on credit cards. Auto loans add another $1.36 trillion. Total debt is $14.35 trillion.
It would appear our politicians and the way they run government is a reflection of how Americans handle their own money, or more accurately someone else’s money.
There is always an excuse. For individuals it’s “I need.” For government, the latest excuse is debt doesn’t matter.
Can you say gluttony? Pray for low interest rates forever.
