'U.S. to Spend 60 Percent More Per Person than Spain Over Next 5 Years'
11:42 AM, Jun 14, 2012 • By DANIEL HALPER
According to figures provided by the International Monetary Fund, and compiled into this easy to read chart by the Republican side of the Senate Budget Committee, America will "spend 60 percent more per person than Spain over [the] next 5 years."
The chart shows that over the next five years, Spain is projected to spend $65,600 dollars per person, while the United States is expected to almost double that with $106,900 per person.
The side-to-side comparison of spending comes at a time of great financial strife for Spain. "Spain's borrowing costs broke through another record Thursday after a credit ratings agency downgraded the country's ability to pay down its debt amid rising fears a bank bailout may not be enough to save the country from economic chaos," the Associated Press reports.
America has also received disappointing news from credit rating agencies. Last year, credit rating agency Standard & Poor's downgraded America's debt for the first time in history, moving its status to just below sterling AAA.