The "public" debt of the federal government is over $6 trillion (as mentioned in previous posts, the total debt of the government is higher but it is not all held publicly). It is a lot, though, and the Treasury is selling Treasury bonds on a regular basis to cover the annual deficits.
State governments combined are over $2 trillion in debt.
Corporations and other non-corporate businesses sell bonds, too. That debt is actually more than the federal and state government's debt at over $11 trillion.
Of-course, households top both the governments (state and federal) and all businesses with $14 trillion of debt ($10 trillion on mortgages alone).
However, with all of this debt that is only one side of the coin. Those debts bought "stuff" in many cases.
The total net worth of the U.S. (land, buildings, businesses, etc.) is over $55 trillion. So even though the debt seems high at a combined $30-$35 trillion (and it is), it is important to keep those huge numbers in context as compared to what the U.S. owns in aggregate.
Just a thought.
An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.