US per-person debt 35% higher than Greece's

With the US holding about 16 trillion dollars in debt there are rising fears that the country will become like debt-mired Greece. Under President Obama the national debt has increased nearly five trillion dollars.

And there’s strong reason why Americans should be concerned about the debt they owe. According to statistics, each American owes more in debt than their counterparts in Greece.

According to estimates from the International Monetary Fund, America’s total government debt will be nearly 17 trillion dollars by the beginning of 2013. Experts say that if the total of American debt was broken down for each person it would equal $53,400 for every citizen versus $39,400 for every person in Greece.

The nation’s debt is a big concern because it demonstrates where the priorities in the country are. Many believe that if fiscal conservatism isn’t urged now, future generations will pay the price.

The IMF calculated the figures based on total government debt which combines the amount of federal, state and local government debt. It found that the US is on a destructive fiscal path. And it could be worse than some its European counterparts.

Experts say there isn’t much hope that circumstances will change soon--because the amount of US debt has not forced any significant policy changes.

The fears are that the US debt will balloon to nearly $25 and a half trillion dollars by 2022. At the same time, Congress has not passed any plan to resolve the crisis--a problem that compounds by the day.

http://presstv.com/detail/2012/11/06/270822/us-perperson-debt-35-higher-than-greeces/

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