Let’s compare it to something we can visualize. First, what is the debt figure?
OK, $14 trillion. Now let’s think of something really, really huge and complicated that we might want to spend some money on. The object is to try to think of a monstrously expensive project.
How about rebuilding Japan after the quake/tsunami? We have all seen the horrifying pictures and videos. Towns gone. Nuclear plants in danger. The whole island shifted 13 feet closer to our Pacific coast. Wreckage of lives and property as far as the eye can see, and beyond.
What could be more expensive than that — in our mind’s eye today — to have to write a check for? Well, as expensive as the current estimate is, it pales in comparison:
LONDON — Quake-hit Japan faces a recovery and reconstruction bill of at least $180 billion, or 3 percent of its annual economic output, or more than 50 percent higher than the total cost of 1995’s earthquake in Kobe.
So, compare the cost of rebuilding after this horrible disaster, to our debt disaster:
14,000,000,000,000 compared to 181,000,000,000 which is 1.29% of our debt. That is, for LESS THAN 2 PERCENT OF OUR DEBT BALANCE, we can rebuild Japan. THAT is how big that number — the amount of our national debt — is.
Do you hear anyone in Washington talking seriously about reducing it?
- Japan boosts holdings of US debt in January (seattletimes.nwsource.com)