2. At what rate is the debt increasing?
3. Which other countries are experiencing national debt the way the US is?
Nearly two-thirds is the public debt, which is owed to the people, businesses and foreign governments who bought Treasury bills, notes and bonds. I was not aware that this was one of the largest contributinng factor to the debt we have today. The debt continued to grow due to the government cutting taxes and increasing spending.
Even before the economic crisis, the U.S. debt grew 50% between 2000-2007, ballooning from $6-$9 trillion. After the economic crisis, I was unable to find a steady rate. Although the rate is not steady, I am aware that the debt continues to increase and appears to increase rather quickly.
While the United States total public debt is the largest in the world, a broader context shows that other countries face even more dire debt situations. One way to compare debt is by gross domestic product, or GDP. According to USN, "the debt-to-GDP ratio is one primary indicator of a country's economic health; a lower ratio is generally seen as more favorable, as it shows that a country is producing enough to eventually be able to repay its debts." By looking at the chart below the US has the most debt when compared, however Japan's ratio is very high which explains that they are not producing enough.
| Country | GDP (2010 est., USD) | Debt as Percent of GDP (2010 est.) |
|---|---|---|
| United States | $14.6 trillion | 92.7 |
| China | $5.7 trillion | 19.1 |
| Japan | $5.4 trillion | 225.9 |
| Germany | $3.3 trillion | 75.3 |
| France | $2.6 trillion | 84.2 |
| United Kingdom | $2.3 trillion | 76.7 |
| Italy | $2.0 trillion | 118.4 |
| Brazil | $2.0 trillion | 66.8 |
| Canada | $1.6 trillion | 81.7 |
| Russia | $1.5 trillion | 11.1 |
http://useconomy.about.com/od/fiscalpolicy/p/US_Debt.htm
http://www.usnews.com/news/articles/2011/01/28/the-10-countries-with-the-most-debt
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