'U.S. Per Person Debt to Increase 7 Times Faster than Italian Debt'
2:35 PM, Jun 20, 2012 • By DANIEL HALPER
A new chart, set to be released later today by the minority office of the Senate Budget Committee, finds that, in the next five years, "U.S. Per Person Debt To Increase 7 Times Faster Than Italian Debt."
According to the chart, which is based on numbers calculated by the International Monetary Fund, U.S. per person debt is currently $52,900, while Italy's per person debt is $41,200. In five years, America's is projected to be $67,500, and Italy's $43,200.
The chart stipulates that these figures are based on "General government (federal, state, and local) gross debt per person in nominal U.S. dollars as projected by the IMF.
These alarming numbers come at a time when Europe is trying to figure out how to bailout Italy. "Rising Italian borrowing costs mean analysts expect the Treasury to continue to skew issuance towards the short end of the curve, while relying heavily on domestic demand," Reuters reports.
This chart also follows-up on others that show "U.S. To Spend 60 Percent More Per Person Than Spain Over Next 5 Years," " U.S. To Add Three Times More Debt Than Eurozone Over 5 Years," "U.S. Spends More Per Person Than Portugal, Italy, Greece, Or Spain," and "U.S. Government Debt Exceeds Entire Euro Zone And U.K. Combined."