(Victor Joecks/NPRI) – A staggering chart from the Weekly Standard that shows America’s per-capita government debt compared to several struggling countries:
In case you were wondering why the U.S.’s debt crisis is an actual crisis, here’s what is happening in Greece right now as the government tries to cut its spending in order to avoid default.
And if you look at the very bottom of that chart, it reads “Under President Obama’s plan, gross federal debt alone would reach $75,000 per capita in 2012.”
Remember all the people who thought the housing bubble wouldn’t or couldn’t burst? People like Fed chairman Ben Bernanke who, in 2005, said he didn’t think there was a housing bubble? Those people weren’t just wrong; they were painfully wrong, as we’re experiencing right now.
Look at that chart. As for all the people who say debt doesn’t matter or who only pay lip service to how dangerous this debt is, they’re painfully wrong too.
And when the government spending bubble bursts — and without some responsible reforms in the near term, burst it will — the aftermath of the housing crash we’re experiencing right now is going to look like the good times.