thin on the ground of late
GNP of The Entire World: — $69.97 Trillion US dollars at current prices
Data from World Bank Last updated: Oct 31, 2012
Estimates of the US National Debt vary:
$15.96 trillion national debt (more than 100% of [US] GDP), and the 2012 budget deficit of $1.1 trillion (6.97% of [US] GDP)*
Current US debt: $16 trillion
to be more exact: $16,377,162,566,535 [@ 12/9/12 - 16:19:25GMT]
$52,153.21 per citizen
increasing an average of $3.88 billion per day since September 28, 2007
Estimates of the US unfunded liabilities of Social Security and Medicaid / Medicare also vary:
$122,100,000,000,000. – US unfunded liabilities by Dec 31, 2012 with a some nifty graphics to help visualization]
$86.8 trillion, or 550% of GDP. For the year ending Dec. 31, 2011 [including] Medicare – $42.8 trillion.
Social Security – $20.5 trillion*
Where’s that gonna come from?
According to the most recent tax data, all individuals filing tax returns in America and earning more than $66,193 per year have a total adjusted gross income of $5.1 trillion.
Here’s a little interactive tax calculator from the Tax Foundation where you can see comparisons between 2011 and the potential “Fiscal Cliff” rates and other scenarios: Tax Calculator
Play with it a little… See if you think the increased taxes on the 1.7% of households that make over $250,000 will fill that debt gap. [keeping in mind that the top 10% of earners already pay 71% of Income Taxes while earning 43 percent of all income *]