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'U.S. to Spend 60 Percent More Per Person than Spain Over Next 5 Years'

11:42 AM, Jun 14, 2012 • By DANIEL HALPER
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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. 

The interest rate - or yield - on the country's benchmark 10-year bonds rose to a record 6.96 percent in early trading Thursday, its highest level since Spain joined the euro in 1999 and close to the level which many analysts believe is unsustainable in the long term.

The ratings agency Moody's downgraded Spain's sovereign debt three notches from A3 to Baa3 Wednesday night, leaving it just one grade above "junk status".

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. 

As the chart states, it's based on "General government (federal, state, and local) spending per person, 2013-17, in nominal U.S. dollars as projected by IMF." 

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