lectur3-page5 - . Now a lot of people get upset about this...

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You can click on the links in the slide above to visit a National Debt Clock. Note that you will be leaving this web site and visiting another. Use the <BACK> button to return to this site once you have explored. You may need to enter the URL for the class site again if you explore very much. The Outstanding Public Debt as of 13 May 2008 at 04:52:00 PM GMT is: $9,371,277,984,857.84 Since $9.37 trillion is a number that is hard to comprehend, we can calculate the per capita national debt by dividing the population of the U.S. into the national debt figure. This provides an estimate of: $30,828.40 per person using the estimated population of the United States to be 303,982,005
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Unformatted text preview: . Now a lot of people get upset about this figure, but lets take a look at the magnitude of the private debt in 2007 (latest figures available): Households: $ 13.8254 trillion Business: $ 10.0750 trillion Total: $23.9004 trillion The private sector does not have a balanced budget either! Until we learn to get our debt in order, how do we expect those we elect to get the government debt in order? Just a thought. 5 Source: Board of Governors of the Federal Reserve System, Flow of Funds Accounts, Quarterly Z.1 Release, D.3 Debt Outstanding by Sector, March 6, 2008. (http://www.federalreserve.gov/releases/Z1/Current/z1.pdf)...
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This note was uploaded on 12/29/2011 for the course ECO 210 taught by Professor Malls during the Fall '10 term at SUNY Stony Brook.

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