The U.S. Debt is at $16 Trillion, How Long Will it Take to Pay it Off?
The United States current debt is $16 trillion dollars, an amount no person on this planet has ever and will never amass as personal wealth. In layman’s terms, ‘that’s whole lotta money’. In 2008 the U.S. debt was $9.6 trillion and since then it has increased $6.4 trillion, the largest debt increase in U.S. history. How long will it take to payback such a huge amount of money? Here are some examples:
First, to amass a trillion dollars you would have to spend one dollar every second of every day for 31,688 years. So to get to 16 trillion it would take 507,008 years.
Now the payback:
To payback a million dollars, at a rate of a dollar per second, it would take 11.5 days.
To payback a billion dollars, at a rate of a dollar a second, it would take 32 years.
To payback a trillion dollars, at a rate of a dollar per second, it would take the same time it took to amass such a debt, 31,688 years.
Another way to look at it is if your family has an income of $50,000 a year and you don’t use any of it for living expenses and used it only for the government’s $1 trillion in new debt every year, it would take you 32 million years to pay off the one year of debt. So if want to pay off the current $16 trillion in debt, it would take you ‘five hundred and twelve million years’.