It's no secret that the United States has a lot a debt under its wing. But just how bad off are we? Who do we owe all this money to?
While millions of Americans turn to filing Chapter 7 bankruptcy each year, the country as a government doesn't have the option to discharge its debts through a bankruptcy filing like individuals can. So what does this mean for our country?
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Everyone knows that the United State is in debt. In fact, the U.S. is in a lot of debt...
The U.S. is currently in the hole: $13,462,000,000,000.
To spend $13.462 trillion you would have to spend:
It is difficult to comprehend the enormity of the debts that many countries have incurred. Consider this: If you lined up every dollar bill the U.S. is indebted from end to end... It would stretch far beyond Mars and nearly to Uranus.
According to World Bank and the International Monetary Fund, a nation is no longer achieving external debt sustainability when their debt becomes more than 250% of their GDP.
In other words, they probably won't be paying it off any time soon... if ever.
Being more than 13 Trillion dollars in debt, the U.S. owes a lots of money to many different countries. Here are some of the largest U.S. external debt holders.
*Caribbean Banking Centers: Bahamas, Bermuda, Cayman Islands, Netherlands Antilles and Panama
**Oil Exporters: Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya and Nigeria
Check out this report we compiled showing how much the United States will be under water by 2015. Hint: it's increasing big time.