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National Debt
Current global recession has pushed budget deficit in many countries skyrocketing. National Debt in every country is something
to be concerned about as all citizens pay into the interest with every tax dollar the pay.
All industrial countries are heavily in debt. The richer the country on the outside the more debt the country carries. It seems that
all the wealth is an illusion as it is built upon borrowed money. The borrowed money unlike the popular belief is not internal, it is
mostly from external resources such as countries like China and Saudi Arabia. Borrowed money usually carries an interest that pile up
on the original fund and it is the duty of every citizen to pay off.
| Country | Debt (in US dollars) | Year |
|---|
| Canada | 284 Billion | 2007 |
| United Kingdom | 763 Billion | 2007 |
| France | 1,306 Billion | 2007 |
| Germany | 1,781 Billion | 2007 |
| Italy | 1,975 Billion | 2007 |
| Japan | 4,786 Billion | 2007 |
| United States | 5,960 Billion | 2007 |
The United States and Japan that are the two biggest economies in the world carry the heaviest national debt, amounts unbelievably high
in trillion dollars. If the countries were to pay off the debt immediately, they will have to declare bankruptcy. The situation is so bad
for Italy that its natioanl debt is way more than its GDP.
Surprisingly Canada is in a better shape than all other western countries. Canada's debt will not result in banckruptcy if it was to
be paid immediately.
Current global recession has forced many countries into deeper deficit resulting in dramatically increased national debt. It is estimated
that the America's deficit this year is about 1.3 trillion dollars witch will have to be added up to the nationa debt pushing the debt
to close proximity of 7 to 8 trillion dollars.
Note: All the numbers are estimates. IMF (Internationl Montary Fund) is the reference for the provided numbers , the original numbers are in countries national currency which we excahged to US dollars.
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