US Debt in Perspective
Found this gem of a post over at Ptak Science Books. Click on over for the ultra cool graphs of US debt from the later 1800's.
Key summary by the author:
What we see here is a history of American federal indebtedness from 1791 (when the public debt stood at 75.1 million dollars) to 1881 (about 2 billion). Using the CPI (consumer price index) as a factor to translate that number in 2008 dollars (or so), the 2 bil grows to about $40 billion (a nickel then is about a dollar now). The interesting part of the legend--and what drew me to this graphic even before its somewhat unique shape--state "1"--370 millions", that is one inch of pink horizontal bar stands for about $370,000,000, and the last bar on this graph is about 6 inches long, which, adjusted for inflation, would now be about 10 feet long. .That said, the really interesting part comes next--if we use this measure to graph a horizontal bar for the American debt as it stands in 2008, it would pink a pink bar that was about a HALF MILE long to express our 10(+) trillion dollars of debt. OR, somehow, the old debt of 1881 would be about 1 story of a house, while the 2008 version would be up one side of the Empire State Building and down the other (and yes that includes the aerials). I don't know how to put this comparison in context, the differences are so staggering.
Again, go there for the graphs, it is worth the stop.
I guess it is true, some have worried about the US debt for a long time but it never matters! This is excellent news. Soon I am thinking a new 100 year roll over of all national debts of the world will happen and we can deal with it then.
Have a good night.