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$22,000 represents the share of the public debt carried by anybody born in the United States today, according to the fiscal watchdog group, The Concord Coalition.
That figure -- about the price of a new Camaro -- represents the share of the public debt carried by anybody born in the United States today, according to the fiscal watchdog group The Concord Coalition.
The total national debt, as of this week, is above $11 trillion.
Gordon arrived at a per-person figure based only on the amount of debt held by the public, or $6.7 trillion. The price tag? $22,000 a head.
While Republicans argue that looming additions to the debt amount to generational theft, Obama says deficit spending, and his $3.6 trillion budget for next year, is needed to jump-start the economy and generate lasting financial stability.
Dean Baker, co-director at the Center for Economic and Policy Research, also said the size of the economy will play a bigger role than the debt in the quality of life for future generations. Plus he said a lot of that debt is picked up by buyers in the U.S. -- not just overseas.