Brian Gongol
Total revolving consumer debt in the United States, November 2007: $942,993,000,000 (about $943 billion)
Total population of the United States, February 2008: 303,390,380
Average revolving consumer debt, per capita: $3,112.19
Total non-revolving consumer debt in the United States, November 2007: $1,572,342,360,000 (about $1.572 trillion)
Total population of the United States, February 2008: 303,390,380
Average non-revolving consumer debt, per capita: $5,189.25
Total value of stimulus package passed by the House of Representatives: $146,000,000,000 (about $146 billion)
Total population of the United States, February 2008: 303,390,380
Average stimulus package, per capita: $481.85
Total number of personal bankruptcies declared in 2006: 597,965
Estimated losses and write-downs due to bad lending: $135,000,000,000 to $800,000,000,000 (at least $135 billion)
Between 45% and 87% of the public plans to either invest their tax rebates or use it to pay down debt. Very large numbers of people used their 2001/2002 rebates to pay down debt. Only 22% of the last rebate was spent; the remainder was used to invest or pay down debt.
Many banks are desperate for more capital to make up for losses on bad loans. Given the facts of the previous rebate and the colossal debts being held by the average American, it should be expected that the economic stimulus package will act more as a bank bailout (with the money making its way back to the banks via debt repayments and new investments) than as a cause for new consumer spending.
Some other sobering observations:
Total Federal debt in the United States, February 2008: $9,224,924,189,566.84 (about $9.224 trillion)
Total population of the United States, February 2008: 303,390,380
Average share of Federal debt, per capita: $30,445.29
Total gross domestic product in the United States, 2007: $13,843,000,000,000 (about $13.843 trillion)
Total population of the United States, February 2008: 303,390,380
Average GDP, per capita: $45,686.47