Yep you read that correctly. SEVEN TRILLION dollars – for the first time ever. And those of us who’ve worked in finance before know that that is a seriously watered-down number. Any publicly announced stat is always ‘massaged’ to be more palatable. But is it all really that bad. That’s the thing that drives me batty about economists. Economics is more theory than science and every announcement or proclamation is colored by the economist’s agenda. Numbers is numbers right? Why wouldn’t $7 trillion dollars of debt be a good thing?
And in case you’re wondering that’s about $23,980.35 per person.