U.S. Economic Problems
Presented By: M. Emahiser, A. Rogier, E. Zelina
Uncle Sam's Eco-nom-nom-nomics.
The Debt Keeps Rising
As of 11:00 on September 1o, 2014 the U.S. debt was over $17.7 TRILLION! Every citizen of the United States owes $55,612. If this is further narrowed down, if only tax paying citizens count, each one would owe $152,084.
To put this in perspective, if you spent a MILLION dollars a day, every day since the birth of Christ, you would not have spent a trillion dollars yet. You would have only spent $735 Billion. You would have spent just over a trillion by year 3000.
After doing the math, we found that if Ohio payed off its debt at a rate of one dollar per second, it would take over 2,765 YEARS to pay off its debt! This is not including interest rates! Don't worry though, it will be year 4776 before you know it!
By the way, if you payed attention in history class you would know that the year 4776 is 3000 year anniversary of the signing of the Declaration of Independence. Just saying.
Yes, this chart is accurate. It is also outdated, because now the U.S. debt is up to over $17 trillion. You get the point though. Being #1 in this global debt competition is not actually a good thing.
Congratulations, you've been born in the United States! Now you owe the government $55,000. Have fun with that. Personally, I would rather owe money to a loan shark.
The Vaulted Debt Ceiling
Since we are so addicted to debt, instead of going to rehab, we keep injecting our government with money we don't have. To compensate for this, we keep raising the debt ceiling. The debt ceiling is the amount of money we will allow our government to borrow from other countries.
News flash: This is bad. Really, really bad.
Okay people. This stuff is no bueno. We can throw numbers and statistics and math at you all day, but you've got to realize how super, SUPER cereal we really are.