I came across this interesting visual presentation on the size of the Greek national debt… maybe staggering is a better adjective.
Recall that the talented presenter was dwarfed by half a trillion dollars. Now let’s go across the pond to the US.
The US national debt is roughly $15,717,900,000,000
That is $15.7 trillion if my conversion is correct – a tad more than Greece and a huge $50,000 for every US citizen.
In principle the US has a better capacity to repay creditors given the debt is 107% of GDP compared to 143% for Greece, but I just can’t get my head around the absolute number. And even though I lay no claim to an understanding of economics I am sure that owing more than you earn is not a good place to be.
You can see why climate change action is neither here nor there when the world has chosen to walk along this kind of fiscal knife edge.