Sunk in National Debt

If government debt was thought to be out of control in 1928, what would the family in the sinking canoe think about the government debt in 2010?

Let’s get some perspective:

In 1928, the population of the U.S. was 120,509,000. The national debt for that year was a mere $17,604,293,201.43. This equates to a measly $146.08 per person.

As of this evening, the U.S. national debt per person is standing at $43,681.51 per person.

(And the people in the sinking canoe think they had it bad then!)

But, you might say, we haven’t even taken inflation into consideration, so let’s do that now.

Since 1928, the dollar has lost over 98% of its value thanks to the Federal Reserve, Presidents Wilson, Roosevelt, Nixon, and our lousy congress who refuses to regulate the currency. (But, that’s another story.)

Back to the canoe. This would mean that the 1928 the inflation adjusted per person share of the Nation Debt would be $9,312.78. Or, 21% of what I owe as of tonight.

And the family in the canoe thought they had it bad.

Oh what I wouldn’t give to get back to the canoe-sinking levels of 1928.  First, we could cut government back to 1928 levels. That would be a start. And while we are at it, we could nationalize the Federal Reserve, putting an end to fiat/funny money. And toss Keynesian economics out with the trash.