How bad is America’s national debt? Last week Freedom Works posted a nice graph that encapsulates the severity of this nation’s problem. It’s posted below. And by the way, those numbers you’re having difficulty reading on the vertical axis are trillions. Click on the graph for better clarity.
Are you sitting down? Many economists actually think the debt level is much worse . In July James Hamilton, an economist at the University of California – San Diego, said the government numbers are missing accounts such as Medicare and Social Security. Hamilton estimates the real debt number is a staggering $70 trillion. He chronicles his figures in a paper he published with the National Bureau of Economic Research.
Earlier this year Japan’s debt passed one quadrillion.
There, do you feel better now?