Thursday, May 19, 2005

Monster Debt

A quick reading of TGAMM (The Great And Mighty Mogambo) led me on a pursuit to find out the debt load here in the U.S. According to the Federal Reserve the mortgage debt for 2004 was $7.542trillion and the more current number for the remaining outstanding credit is a mere $2.127 trillion (trillions ya'll) $9.669 trillion total household debt. That is $69,070 for every person (140 million of us) in America with a job. Take out the gov workers and ya have $96,698 for every private sector job.

And then there is that pesky national debt of, as of 5-18-05, $7.768 trillion

Total: $174,381

Now compare that with the average annual income of $32,000... that's umm, hmmm 5.45 years income for every private sector job.

I'm needing a raise.