The following CNBC slideshow takes a look at the world’s top twenty largest economies to see which ones have the highest external debt to GDP ratio, and which ones have performed with less debt each year per dollar of national income growth, or better debt productivity.
According to the report, calculated using the most recent numbers from the World Bank, numerous countries, particularly some in the euro zone, appear to be building uncomfortably high debt levels relative to their economic output. But how does the US debt position compare to that of other countries? The rankings may surprise you!
Don’t miss Ireland’s staggering debt to GDP ratio. The country’s external debt per capita is estimated at $567,805.
Click to view slideshow
This is just an other reason why socialism does not work and that entitlement programs are bankrupting all these countries. However in nominal terms the US has to borrow so much money that it will consume the savings of the entire planet.
Oh for the love of God, socialism has nothing to do with this unless you mean privatization of bank profits and socialization of bank costs. I guarantee you, that money didn’t go anywhere near Ireland’s health service. And another thing: 5 years ago rightwingers in the US were praising Ireland for being the capitalist wonderchild of Europe. Now we’re in debt because we’re socialist? How does that work? This has to do with the monetary straightjacket of the Euro more than anything else.