The 24% (and the 60%)
Not a group of people, but with a world GDP of 63 trillion dollars, it would require a tax of about 24% and change to be leveled on every single thing produced on earth this year to pay off just Americas debt.
If you add every governments debt up together, the whole world, we get to around 38 trillion dollars and that is rounding down. I just knocked off 600 billion bucks, because who really gives a shit about that kind of pocket change. To pay that off, we would require a tax of something slightly over 60% on everything produced in the entire world, over the next 12 months.
It’s not that the amount of debt is really important, but even if you assume all of that 38 trillion in public debt is paying a .55% interest rate like our treasury, its still a shitload of cash spent on essentially nothing. Around 209 billion dollars if you really want to know, and everyone is sure as hell not paying the rate we are, especially not in Europe right now. Italy, Greece, Spain, Portugal, Ireland, all of them are paying far higher rates, when they can even find people foolish enough to buy their debt.
It’s not the amount of debt, but the ability to ever repay the principle, or at the very least keep paying the interest, which is important. Keep on chugging people of the world. I have plenty of things buried in sealed sections of PVC pipe for if it all comes crashing down and it certainly could.
(Ammunition and brewers yeast stored in a nice and dry environment at a cool stable temperature. Let no one say I don’t have my priorities straight.)