[NanoGordeno]

Good morning America.

The national debt of the United States reached the record level of $13 trillion, which means that every US citizen owes the world $42,000. It seems that the US administration does not seem to care much about the fact. Barack Obama believes that it is the fault of the previous government. Obama stated during his speech at Pittsburg that his administration was not guilty of the enormous national debt. He said that he took office during the time of the crisis, when the economic recession in the country resulted in the creation of a huge hole of $3 trillion in the budget of the country.

[Tauntenue]

Good morning America.

The national debt of the United States reached the record level of $13 trillion, which means that every US citizen owes the world $42,000. It seems that the US administration does not seem to care much about the fact. Barack Obama believes that it is the fault of the previous government. Obama stated during his speech at Pittsburg that his administration was not guilty of the enormous national debt. He said that he took office during the time of the crisis, when the economic recession in the country resulted in the creation of a huge hole of $3 trillion in the budget of the country.

Wait...this is a good one...you are posting from Italy, and you are talking about our debt???
Too much...

[incizarry]

Wait...this is a good one...you are posting from Italy, and you are talking about our debt???
Too much...

Maybe they want to make a contribution. OTOH.........

These last years I work, I'm just trying to go out with a 'bang'......buying everything I think I will need until I die.......

[enlinnyGoob]

Wait...this is a good one...you are posting from Italy, and you are talking about our debt???
Too much...

What’s wrong about that? We all love you and we worry about you.

[Ilaubuas]

Wait...this is a good one...you are posting from Italy, and you are talking about our debt???
Too much...

So just because his geographic location is not in the US, he has no right to then talk about what should be a major US domestic issue?

[treawittelf]

So just because his geographic location is not in the US, he has no right to then talk about what should be a major US domestic issue?

iamwhatiseem didn't say an Italian couldn't talk about US domestic issues. He just said that it was "too much".

Italy is one of the most indebted countries in the world as a function of debt:GDP and has been, chronically so, for decades.

If you had to make a top ten list of debtor countries Italy would be on it, the United States wouldn't even come close.

So it is kinda funny that an Italian would originate this thread, in a "pot calling the kettle black" kind of way.

So we CAN talk about how bad US debt is, or we can talk about how lucky we are that we aren't Italian...

[Tic Tac Took]

This is a very interesting list from the International Business Times.

Top 10 Countries Ranked by National External Debt - International Business Times
The following list details the top 10 indebted countries according to external debt, or the total public and private debt owed to non-residents repayable in foreign currency, goods or services (figures correct at the time of writing, unless otherwise stated).
United States of America - $13,399,859,000,000
The richest country in the world is also the most indebted. The United States is an astonishing $13.3 trillion in debt as of June 2009, putting each American citizen approximately $43,000 in debt.
United Kingdom - $9,191,104,000,000
Second on the list is the UK. With a relatively small population, the UK's debt per capita stands at $150,000, more than three times the debt of the average American. Huge loans for mortgages on inflated housing prices are a contributing factor to the UK's massive debt.
Germany - $5,208,000,000,000
Germany's debt is considerably lower than it could be. In 1953 Germany had its external debt significantly slashed by the London Agreement and war reparations were also reduced as a debt relief effort for the German economy to recover. Even so, the country is still the third highest in the world for external debt.
France - $5,021,000,000,000
Not far behind Germany is France in the scale of debt. The French owe over $5 trillion as of June 2009. France is still the fourth most indebted country, despite having the fifth largest economy in the world and a prominent standing in the EU.
Spain - $2,478,000,000,000
As a significant step down from the top four, Spain has half the external debt of France, and one fifth the monstrous debt of the US.
Luxembourg - $1,994,000,000,000
For such a tiny country, Luxembourg has managed to accrue an extraordinary level of debt. By 2010 estimates, each citizen owes nearly $4 million (ouch) - by far the highest debt per capita in all of Europe.
Republic of Ireland - $1,841,000,000,000
In recent years Ireland has transformed its economy from a tradition of agriculture to modern business. Despite its improving status among the European Union states, Ireland is still heavily in debt to the tune of $1.8 trillion.
Japan - $1,492,000,000,000
Another country afflicted with war reparations after the Second World War, Japan agreed to pay $11 billion, although, despite an "extended loan" of Nazi gold in the Swiss banks, the country still managed to rack up $1.3 trillion. Switzerland also has the third highest debt per capita in Europe with $174,000 per person.
Belgium - $1,313,000,000,000
Belgium: famous for chocolate, beer, Tintin, and now external debt. The tenth most indebted country in the world owes $1.3 trillion - approximately 350 per cent of the country's GDP. As one of the smaller countries in the EU, Belgium has also managed to rack up $126,000 of debt per person.

[inofindy]

Funny how they count Belgium as 2 countries

I miss Italy on the list, or do they just borrow their own money?

[engideNedmupe]

This is a very interesting list from the International Business Times.

Top 10 Countries Ranked by National External Debt - International Business Times

Those figures are completely wrong or at least compare apples and oranges.
The public debt of Luxembourg e.g. is trivial, in the order of 5 billion € What they include to reach that enormously elevated figure are the financial assets of foreigners in Luxembourg banks (it's a prime destination for tax evasion). While from the perspective of Luxembourg technically speaking these are debts, they're hardly liabilities. They're in fact the raison d'être of the whole Luxembourg economy and the main source of their wealth.

[krek-sikUp]

This is a very interesting list from the International Business Times.

Top 10 Countries Ranked by National External Debt - International Business Times

That is a loaded list.
Gotta love it when people cherry pick specific data, while ignoring the rest, to produce something like this.

[Forexampleee]

United States of America - $13,399,859,000,000
The richest country in the world is also the most indebted. The United States is an astonishing $13.3 trillion in debt as of June 2009, putting each American citizen approximately $43,000 in debt.
United Kingdom - $9,191,104,000,000
Second on the list is the UK. With a relatively small population, the UK's debt per capita stands at $150,000, more than three times the debt of the average American. Huge loans for mortgages on inflated housing prices are a contributing factor to the UK's massive debt. That right there should have told you that something was off about your list.

[Senasivar]

The list is irrelevant what is important however is how the debt came to be which is mostly through sob stories and socialist actions of government. How can a government save the world and involve itself in international affairs so deeply when its own unemployment rate is above 10%. Next would be the governments involvement in the lives of its own people by punishing the wealthy and "redistributing" the wealth to the poorer class of society. This sounds familiar almost like a Marxist type of governing am I not correct? Why are people even striving for success in America... the world has already stated you should have no more than anyone else and that you as an American are engulfing every resource and destroying the planet... My question ultimately comes to what's the point of anything? If your damned if you do and damned if you don't how does an American make it in the world when everyone wants us to fall and now including our own leadership?

[encumeterz]

The list is irrelevant what is important however is how the debt came to be which is mostly through sob stories and socialist actions of government. How can a government save the world and involve itself in international affairs so deeply when its own unemployment rate is above 10%. Next would be the governments involvement in the lives of its own people by punishing the wealthy and "redistributing" the wealth to the poorer class of society. This sounds familiar almost like a Marxist type of governing am I not correct? Why are people even striving for success in America... the world has already stated you should have no more than anyone else and that you as an American are engulfing every resource and destroying the planet... My question ultimately comes to what's the point of anything? If your damned if you do and damned if you don't how does an American make it in the world when everyone wants us to fall and now including our own leadership?

Time is always better spent improving ones own position than wasting it bitching about another's !

[ffflyer]

Time is always better spent improving ones own position than wasting it bitching about another's !

lol very well put for a smart ass in other words i could re-word my statement to say we should be doing the complete opposite of what we are doing taxes should be lowered, incentives increased, the public needs to become more independent, capitalism needs to be restored to its fullest, and Obama needs to head back to the streets of Chicago and leave the country in hands of those that follow its principles in other words The Constitution. So what do you think about that? is that enough improvement on my position I know where I stand the problem is the people who don't.

[indocrew]

Time is always better spent improving ones own position than wasting it bitching about another's !

Several years ago after visiting US my main conclusion was that people in America only learn and know how to live but not why they live.
This Extreme How only works until you have unlimited power and resources when you can afford to grab as much as you want from the nature and from the other peoples around the world. In American society the manifestation of self purpose primitive capitalism and materialism (very much driven by extreme Anglo-Saxon rationalism and Jewish pragmatism), reached unacceptable disproportional level.

[finasteride]

Several years ago after visiting US my main conclusion was that people in America only learn and know how to live but not why they live.
This Extreme How only works until you have unlimited power and resources when you can afford to grab as much as you want from the nature and from the other peoples around the world. In American society the manifestation of self purpose primitive capitalism and materialism (very much driven by extreme Anglo-Saxon rationalism and Jewish pragmatism), reached unacceptable disproportional level.

so your going to wage on an american issue and give philosophy when you yourself aren't even american... im sick of pretentious Europeans calling the kettle black when they themselves can't run anything without a socialist government informing you its time to wipe your ass.

[Kitdowstyhodo]

Those figures are completely wrong or at least compare apples and oranges.
The public debt of Luxembourg e.g. is trivial, in the order of 5 billion € What they include to reach that enormously elevated figure are the financial assets of foreigners in Luxembourg banks (it's a prime destination for tax evasion). While from the perspective of Luxembourg technically speaking these are debts, they're hardly liabilities. They're in fact the raison d'être of the whole Luxembourg economy and the main source of their wealth.

Well, that statement is not entirely correct ( the luxembourgish economy rests on more than one pillar) but that isn´t the point of this thread after all........

[searkibia]

Capito you are correct, our government spends way more than it takes in. I wish it was not the case. So far as I am aware, though, Italy has the worst per-capita national debt in the EU

[N95FzmMw]

so your going to wage on an american issue and give philosophy when you yourself aren't even american... im sick of pretentious Europeans calling the kettle black when they themselves can't run anything without a socialist government informing you its time to wipe your ass.

I’ve thought that the era of George Bushes cowboys approach is over.

With such arrogance of yours you can only harm yourself.

Instead Wake up, take a friendly advice from independent observers and correct yourself.

[Prererularl]

Capito you are correct, our government spends way more than it takes in. I wish it was not the case. So far as I am aware, though, Italy has the worst per-capita national debt in the EU

Well Italy doesn’t pretend to be a leader of the word.