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'U.S. Per Person Debt Now 35 Percent Higher than that of Greece'

4:27 PM, Nov 5, 2012 • By DANIEL HALPER
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A chart from the Republican side of the Senate Budget Committee shows that "U.S. Per Person Debt [Is] Now 35 Percent Higher than that of Greece."

"According to estimates from the International Monetary Fund, America’s total government debt will be $16.8 trillion by the end of the calendar year, compared to $441 billion for Greece," the Republican side of the Senate Budget Committee explains. "On a per person basis, that means U.S. debt is $53,400 for every man, woman, and child, compared to $39,400 for every man, woman, and child in Greece. The disparity between per capita debt in the U.S. and Greece has grown 40 percent (roughly $8,400) since 2011. Now, U.S. per person debt is 35 percent higher than that of Greece, and is also higher than per capita debt in Portugal, Italy, or Spain (which together with Greece make up the so-called PIGS countries)."

IMF calculates these figures based on total government debt, which is federal, state, and local government debt. IMF does not include intragovenmental debt, which is debt issued and owned by the federal government. However, Treasury data shows U.S. gross federal debt, including intragovernmental debt but excluding state and local debt, at $16.2 trillion, meaning that U.S. per person gross federal debt exceeds total Greek debt by an even wider margin (as well as that of every other Eurozone nation). Under the President’s budget, gross federal debt will rise to $25.4 trillion by 2022, according to White House projections. Meanwhile, Senate Democrats have refused to present any budget plan for consideration at all, skirting federal law.

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