Lots of apocalyptic buzz these days about our national budget deficit. I am one who believes Washington has been pretty irresponsible at times over the years, and we should work toward reducing our budget deficit, but the hyperbole on the political front sometimes begs for a reality check:
Normally we judge how serious our debt situation is comparing how much income our country generates in a year (gdp) against how much debt we have. It is sort of like your personal finances. If you owe $50 and only make $20 a month you have a much bigger problem than if you owe $50 and make $100 a month.
31 countries in this world have more debt than we do as a percentage of gdp. Of course that includes the high profile debtors such as Greece, Italy and Portugal, but it also includes countries we think of as economically solid and responsible, like Germany, Israel and Canada.
Source: San Francisco Chronicle Insight section for Sunday, October 16, 2011
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