Purdue University President Mitch Daniels discusses the president’s student loan handout, telling ‘Cavuto: Coast to Coast’ it’s very disappointing and universities should bear some responsibility for student debt.
The U.S. government’s debt continues its uphill climb and will soon reach $31 trillion for the first time as early as this month.
While several countries worldwide accelerated their spending in response to COVID-19, spending by Congress was already increasing at a speedy clip long before the pandemic sparked a borrowing surge that exacerbated the rate.
The dome of the U.S. Capitol in Washington (AP Photo/J. Scott Applewhite / AP Newsroom)
America has the largest national debt in the world at $30.9 trillion. With a population of over 333 million, that means a debt burden of $92,709 per citizen and $245,191 for each taxpayer and equates to a public debt to gross domestic product ratio of 97.53%, according to USdebtclock.org.
The site also tracks the debt of other nations, so FOX Business decided to lay out some comparisons to show how they stack up.
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Looking at the other nations in the Group of Seven, Japan has the highest public debt to GDP ratio of 288.31% and is second in line to the U.S. in borrowing total with a national debt of $15.231 trillion.
Leaders meet in Cornwall for the G-7 Summit. (AP Photo/Patrick Semansky / AP Newsroom)
Italy carries $3.864 trillion in national debt, giving it a borrowing ratio against its GDP of 176.81%, followed by France’s 130.64% ratio and debt of $3.675 trillion.
The United Kingdom is carrying a debt load of $3.384 trillion, giving it a ratio of 103.61%. Germany owes just a bit more with $3.4 trillion in debt, but the country’s ratio is much lower at 76.46%.
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While Canada owes the least of all the current G7 nations at $1.9 trillion, its public debt to GDP ratio is higher than others at 105.98%.
Russian President Vladimir Putin, left, and Chinese President Xi Jinping pose during a meeting in Beijing Feb. 4, 2022. (Alexei Druzhinin/Sputnik/AFP via Getty Images / Getty Images)
Russia, which was ousted from the G8 (now the G7) over its invasion of Ukraine, has a significantly smaller economy than the remaining members of the alliance but also carries much lower debt at only $297.4 billion with a public debt to GDP ratio of 18.13%.
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China, a major competitor to the U.S. and an ally of Russia, carries roughly a third of the debt load as the U.S. at $10.797 trillion, with a public debt to GDP ratio of 61.94%.
