At first, it may seem like an incomprehensible phenomenon that we can be in debt from birth, but it is actually a real phenomenon. According to the findings of the Feinbold Business Newsletter, a huge financial burden falls on our shoulders as soon as we see the light of day.
The magazine covered in detail the current situation in the United States of America, but unfortunately the debts of almost all countries in the world are increasing. The national debt goes far beyond individual political tendencies and affects the lives of all citizens over generations.
As of September 28, based on data collected by Feinbold, the US national debt reached a staggering $33.11 trillion. Given that the country has a population of 335.27 million, this represents a debt burden of $98,769.91 per capita.
Meanwhile, Japan, among the world’s leading economies, has managed to overtake America in terms of per capita debt. The East Asian country’s national debt amounts to $13.50 trillion, which equates to $104,336 per capita for 129 million citizens.
Japan and the United States are followed in the ranking by Italy ($58,202 per capita), France ($55,828 per capita), and the United Kingdom ($54,667 per capita).
The country with the largest population, China, with 1.47 billion people, has accumulated $14.5 trillion in debt. This means $9,849 per person, while India, with a population of 1.41 billion, owes $3.29 trillion, or $2,336 per person.
As for our country, this value is much lower, but also scandalous. Hungary’s debt In 2022 It amounted to $128.285 million (47.169 billion forints), equivalent to $13.367 (4.9 million forints) per person.
The global debt crisis is a long-term problem and has been exacerbated by the Covid-19 pandemic and the resulting economic fallout. All of this could have dire consequences for future generations, as high indebtedness leads to higher interest rates and reduced private investment. Moreover, if this is not a depressing enough vision of the future, it will make economic growth impossible in addition to reducing financial flexibility.
It is up to world leaders to decide how to deal with the difficulties and try to remedy them. Ideally, they will do everything they can to improve the situation.
