No scratch and win, you are borned with a debt of 30 grand…

The US national debt is expanding by about $1.4 billion a day, or nearly $1 million a minute, according to this report. That bring to a sum of USD30,000 of debt for each sorry-ass person living in this ‘God Blessed’ country!

The report indicated that the national debt, the total accumulation of annual budget deficits, is up from $5.7 trillion when President Bush took office in January 2001 and it will top $10 trillion sometime right before or right after he leaves in January 2009.

On where all the loans come from, the report said it is from ordinary investors who buy Treasury bills, notes and U.S. savings bonds. Also it is banks, pension funds, mutual fund companies and state, local and increasingly foreign governments. This accounts for about $5.1 trillion of the total and is called the “publicly held” debt. The remaining is owed to Social Security and other government accounts, according to the Treasury Department, which keeps figures on the national debt down to the penny on its website.

Foreign governments and investors like Chinese or the Japanese or the Saudis now hold some $2.23 trillion, or about 44% of all publicly held U.S. debt. Japan is first with $586 billion, followed by China ($400 billion) and Britain ($244 billion). Saudi Arabia and other oil-exporting countries account for $123 billion.

Interesting read.

~ by pickholes on December 4, 2007.

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