Chart of the Week: Each American’s Share of Debt Is Skyrocketing
As the nation pushes into another debt ceiling debate, an AP-GfK poll released last week found that 39 percent of Americans think any debt ceiling increase should come with a serious plan to reduce spending. Another 21 percent believe that the ceiling should not be raised at all.
The poll also found that only 30 percent of Americans agreed with President Obama’s demand to raise the ceiling without addressing spending at the same time. The other 70 percent must be onto something: Washington is spending too much and racking up debt at an unsustainable rate.
More Americans are starting to realize the truth illustrated by this week’s chart: that each person’s share of the debt is $36,267, or slightly more than the cost of a brand new 2013 Ford Mustang GT.