US debt and taxes

by | Aug 29, 2010 | Economic Intrigue, Politics, UK Misery, Well I never.

Interesting little chart spotted over at ZeroHedge showing how real men run a country into the ground. Why pussyfoot around like the UK with 20% debt to run your country when you can match each tax dollar with a new shiny dollar in debt.

Some technical details:

  • Total net debt issued since September 2008: $3,351 billion (from $10.025TR to $13.376TR)
  • Gross tax receipts since September 2008: $3,185 billion. Note this is not net of refunds. Should one exclude the $660 billion in refunds issued over the same period, the net contribution by taxpayers is just over $2.5 trillion, meaning that the value of each dollar of debt issued is a quarter greater than each dollar in taxpayer revenues.
  • This number would be somewhat offset by Corporate tax revenues, which over the same period amount to $440 billion gross and $230 billion net of corporate tax refunds.

Rather alarming really and, with no real end in sight, the debt funding is sure to increase in coming months.

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