18 Facts You Did Not Know About National Debt – Len Penzo dot Com PERSONAL FINANCE

Fort Knox

Pssst … don’t tell anyone, but at current prices, Fort Knox holds enough gold to cover less than 2% of its $ 26 trillion national debt.

I know Halloween is more than a month away, but it won’t be long before people are again looking for ways to put the pants off of ignorant friends and family members.

One way to do this without having to dress up like a ghost or goblin is to share this little piece of news: In June 2020, U.S. National Debt surpassed the $ 26 trillion mark. And if This is Check out the following witch brew with other terrifying facts you probably didn’t know about the national debt:

  1. Although the official U.S. national debt is $ 26 trillion, it would $ 52 trillion higher when it includes unfunded future commitments for Medicare, Medicaid, and Social Security.
  2. At the end of December 2011, the US debt ratio – an indicator of fiscal health – threatenedly exceeded the 100% mark.
  3. It could be worse: US debt reached 130% of GDP immediately after World War II. Today America has the dubious honor of having the 11th worst debt ratio in the world at 105%. Still, Japan (253%) and Italy (123%) are worse; They come first and fourth, respectively.
  4. The next time you play some trivial chase, you may want to remind yourself that the two countries started with the the lowest The debt ratio is Brunei (3.3%) and Afghanistan (4.1%). Yes, The Afghanistan.
  5. Apart from Japan, Zimbabwe was the last nation in 2010 to have a debt ratio of over 200%. Not by chance an epic case of hyperinflation shortly afterwards they nearly destroyed their economy.
  6. It took the US government 191 years, from 1791 to 1982, to run out of its first trillion dollars in debt. It was only four years before Congress added another trillion dollars to the total.
  7. $ 26 trillion is a hair-raising sum. In fact, that’s the equivalent of roughly $ 80,000 for every man, woman, and child currently living in the United States.
  8. If 26 trillion $ 1 bills were stacked on top of each other, they would extend to the moon. And back. And then almost back to the moon once again.
  9. If you took a trillion crisp one-dollar bills to the bank and gave the cashier a dollar every second, it would take 32,000 years to send the money in full. And you thought Pennies were a pain.
  10. Don’t blame inflation: between 1946 and 1982, the national debt remained virtually unchanged after inflation was taken into account. Since then, with the notable exceptions of 2000 and 2001, the national debt has crept exponentially.
  11. Our founding fathers were no better at managing debt than we are now. In 1791 the national debt was only $ 75 million. That may seem tiny, but at the time it was a 40% debt ratio.
  12. Thanks to Andrew Jackson, the national debt was repaid in full on January 1, 1835; and the excess revenue that year was then distributed to the states. To date, it is the only time in history that a large country is debt free.
  13. The idea of ​​balancing national budgets is not new. 55 BC Cicero said to his fellow citizens: “The budget should be balanced, the finance ministry should be replenished, the national debt should be reduced and aid to foreign countries should be cut so that Rome does not go bankrupt.” Nobody listened.
  14. The US government is currently borrowing approximately $ 456 million each hour. That’s more than it was worth buying Alaska in 1867 after adjusting for inflation.
  15. He is not The rich: This month, Jeff Bezos became the first man with a net worth of $ 200 billion. If he donated everything to slow the rise in US national debt, his wealth would only cover government spending for 20 days.
  16. China and Japan are the two largest holders of American debt. Suction cups.
  17. Yes, the US Treasury can always pay its creditors in gold. Unfortunately, the value of all gold currently held at Fort Knox, as well as the Denver and West Point mints, is only $ 523 billion.
  18. I know what you’re thinking: Will China and Japan make a personal check? No but the US government will. Just make it payable to the US Treasury Department; In the memo area, note that this is a “gift to public debt,” and mail your check to:

Gifts to the USA
US Treasury Department
Reporting and analysis branch 2
P.O. Box 1328
Parkersburg, WV 26106-1328

On the other hand, I think the mere thought of someone considering such a supernatural gesture seems downright, well … creepy.

Photo credit: cliff

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