10.6 years or 3869 days the citizens of the US will have to work, NOT spend a dime they earn and only then they will pay off the staggering debt of their country. In other words every child that is born in the US today is already indebted for the AMERICAN DREAM their parents have lived to the extent of 11 years of his productive life!!
The figures for India are not that encouraging:
total national debt = 2898917.52 crores
guaranteed debt = 100206.78 crores
Total Long & Short Term Debt (Multilateral + bilateral+IMF+Export credit+Commercial borrowings + Rupee Debt) = 227688 crores
TOTAL = 32268 per capita debt (State debt data is not available but we can add another 200% of this)
to the above add 100% towards personal debt which is more than the actual anyways and we arrive at a figure of 129000/- per capita debt. Considering a per capita income of 96000/- it means that every Indian has to work for 491 days to pay off his debt.
From the above it is clear that the major democracies of the world have failed in securing the future of its citizens and more importantly the unborn ones.
The reason why it does not look rosy going forward for India is that personal credit is on the rise like America and public debt is on the rise like America AND the most telling thing is that 50% of the debt has been added in the past 12 years. In other words what debt was added between 1947 to 1997 has been doubled in the past 12 years - NO WONDER WE HAVE A BOOMING ECONOMY. After all this is the American dream aint it?
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but then who is to bell the cats? our small rants and whines are not making even a ripple let alone a wave. do you think the common man will ever wake up to see this?
ReplyDeletereligion is the opium of the masses. marx got it wrong - it is democracy is the opium of the masses. they are drunk with their power to send "their man" to power - not to make any sense of the public office and what it entails.
ReplyDeletewhen the paid voter votes and the voted to power discusses and fights for a 1000% increase in his salary and the Swiss Bank offers to disclose the names and the voted to power do not respond and the paid voter and bribed voter spends hours on end sulking and complaining - till the day comes to vote and he waits for his bribe to vote- then the paid voter votes.............
ReplyDeletenVRatan
@nvr - poetic
ReplyDelete