This article is from the source 'rtcom' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.rt.com/business/457603-us-soaring-debt-per-head/

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
America's crippling debt: Every man, woman & child owes Uncle Sam $220,000 America's crippling debt: Every man, woman & child owes Uncle Sam $220,000
(30 minutes later)
Much has been said about the spiraling US government debt which is apparently much higher than the official figure of $22 trillion. The spiraling US government debt is apparently much higher than the official figure of $22 trillion. The indebtedness of the American financial system has now reached $72 trillion, according to the numbers compiled by the US Fed.
The indebtedness of the American financial system, which includes corporate borrowings, consumer loans along with debts being added by state and local governments, has now reached a breathtaking $72 trillion, according to the numbers compiled by the US Federal Reserve. The higher debt estimate includes corporate borrowings, consumer loans along with debts being added by state and local governments.
Over the past 40 years, the US Treasury has been borrowing at a rocketing rate with the state debt soaring from less than five trillion dollars during Ronald Reagan’s presidency, to $29 trillion when George W. Bush took the helm. The figure nearly doubled prior to the last financial crisis, having reached $54 trillion. Since then, the sovereign debt of the world’s biggest economy has increased by another $18 trillion.Over the past 40 years, the US Treasury has been borrowing at a rocketing rate with the state debt soaring from less than five trillion dollars during Ronald Reagan’s presidency, to $29 trillion when George W. Bush took the helm. The figure nearly doubled prior to the last financial crisis, having reached $54 trillion. Since then, the sovereign debt of the world’s biggest economy has increased by another $18 trillion.
The current US population stands at 328,675,066 according to the World Population Review. Simple calculations show that an average American owes some $220,000, while the share of a family of four is fluctuating around $880,000.The current US population stands at 328,675,066 according to the World Population Review. Simple calculations show that an average American owes some $220,000, while the share of a family of four is fluctuating around $880,000.
Last month, the US officially hit the debt ceiling with its limit expired on March 1. The Treasury Department will now have to take extraordinary steps to prevent the country from breaching the next debt ceiling by late September or early October.Last month, the US officially hit the debt ceiling with its limit expired on March 1. The Treasury Department will now have to take extraordinary steps to prevent the country from breaching the next debt ceiling by late September or early October.
For more stories on economy & finance visit RT's business sectionFor more stories on economy & finance visit RT's business section