Debt Per Tax Payer

Debt Per Tax Payer

Source: Horizon Kinetics; National Debt Clock; St. Louis Fed

Debt levels in the U.S. have increased at a large amount since 2000.

In 2000, the average debt per taxpayer was $55,750 meanwhile the average debt per taxpayer today is $222,191.

Despite the quadrupling in debt, real median personal income hasn't even doubled and the interest expense per citizen is based on interest rates that are suppressed downwards toward 0% due to the Federal Reserve's bond buying program.

This debt can weigh down growth in GDP in the future and will probably be difficult to pay back other than through inflation.