How can a nation being $12.3 trillion in debt be the richest on Earth? Is the measure based on the US trade system? The US trade deficit hit $36 billion in November. Despite economists' suggestions, it's a sign of a recovering economy. How long can the US spend more than they have and still be afloat? Could the US status as the richest maybe be based on personal wealth? Various estimates put average consumer debt in the US at $8,000 to $20,000, and that doesn't include home mortgages, which also would not be a good measure of its wealth.
When President Bush left the political scene the US had accumulated a national debt of about $10.5 trillion. It's now 20 percent higher just a year later. Of the $12.3 trillion, more than $7.5 trillion of it — representing 54 percent of the nation's GDP — was borrowed from foreign nations and private investors. And the U.S. Senate plans to raise the debt ceiling to $14.3 trillion, which essentially represents the entire U.S. economy.
Maybe the potential of its economy still makes the US feel supreme. After all a well-run government spending money wisely could do great things, are the best and the richest. Or could the question on this issue of be naïve? It doesn't seem so. While U.S. GDP may suggest the US is still No. 1, about 54 percent of the title is credited to other nations and investors.
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