Report: Debt Is In 7 Digits Nationally
Recently, US, Canada, and UK came out with their annual 2008 reports that their per capita debts are going up. Who would be surprised at a time of recession! Each of these countries have a great deal of consumer debts! We cannot forget there are also other developed countries like EU countries, but these 3 countries plus Iceland are particularly worrisome.
In US, the increase can be pinned on the explosion of federal borrowing during the recession and an aging population that is driving up the costs of Medicare and Social Security. In Canada, personal debt is reaching approximately to $1.3t Cdn & $50b Cdn in federal debt. In Canada, similarly federal debt are gone to: bailing out the car companies, aging population, unemployment and social infrastructures. Meanwhile in the UK, they will be borrowing from the public purse approximately 175b pounds for the 2009-2010 year. What are troublesome about these statistics: personal debts are just too high in all these countries, which are scantly addressed. Citizens in each countries would barely have ideas of their countries debt because their debt are so enormous. (In which their debts are so burdensome that they would require to declare bankruptcy.)
Issue: Devaulation of currencies: are the currencies like US$ or pound or yuan (China) worth what they are?
Is the good of the monetary policies caused by constant politicting?
Stay tuned when this blog will discuss about saving
Resources: US debt clock
