Debt Per American Set to Triple in a Generation to $147,000
2:00 PM, Jun 6, 2012 • By DANIEL HALPER
A new chart produced by the Republican staff of the Senate Budget Committee shows that, according to Congressional Budget Office data released yesterday, debt per American is "on track to triple in a generation":
Currently, as the chart shows, debt per American is at (or around) $50,000. Just four years ago, in 2008, the year President Obama was first elected, debt per person was at $35,000.
In 2037, if things stay relatively the same, debt per American will be at $147,000.
In that year, according to Republican side of the Senate Budget Committee, "the federal government will spend $2.7 trillion per year in interest payments alone, representing more than a quarter of our entire budget that year and greater than the total federal budget in 2003."
Per American family, on average, debt will stand at $382,000 in 2037, only 25 years from now. That figure constitutes an increase of $287,000 per family.
The CBO's numbers were released yesterday as part of its "long-term outlook." The non-partisan governmental organization warns, "waiting to address the long-term budgetary imbalance and allowing debt to mount in the meantime would be detrimental to future generations."
The chart will be released later today by the Republican side of the Senate Budget Committee, which is run by Senator Jeff Sessions of Alabama.