US Banking on Mayan School of Debt Management philosophy
The U.S. Public Debt topped $15 trillion dollars in December 2011. This figure has been growing every year since 1961 with one notable exception being 2001 when tax revenue was artificially inflated by the “dot.dumb” bubble. If the two richest Americans (Bill Gates – $59B and Warren Buffet – 39B) donated their fortunes to write off some of that debt, they would only cover the $.098 trillion that I rounded off of the actual deficit to get a whole number. If each of the 140 million American taxpayers were required to pay that debt tomorrow they would each be required to cough up $107,143. Not to worry though, if the Mayan’s are right about the world ending in 2012, there will be no-one around to collect.