How Much Debt Do We Carry?

Fox News reported today that America's debt is comprised of three basic components: (1) entitlement program future obligations ($55T); (2) debt from government operations ($16T); and (3) debt associated with insurance and other guarantees ($7T). For those who are math challenged, this $78T. How much money is this? Well, it is equal to the World's annual Gross Domestic Product (GDP). That's right: it would take the world (6-billion people) working for one year to pay off the United States current debt.

I hope Obama's stimulus plan works. But, I doubt it. He simply is doing what he has criticized the average American citizen of doing and what he claims got us into this mess: spending money we do not have, putting it on the credit card, and not saving. The difference between his plan and the average American's plan is that he can print money.