The OECD is warning that the Industrialized World is expecting to borrow over $10 trillion in 2012.
The OECD says the gross borrowing needs of OECD governments is expected to reach $10.4tr in 2011 and will increase to $10.5tr next year – a $1tr increase on 2007 and almost twice as much as in 2005. This highlights the risks for even the most advanced economies that in many cases, such as Italy and Spain, are close to being shut out of the private markets. - FT
If you want an example of just how out of control Government spending is, keep in mind that $10.5 trillion comes out to $1,500 borrowed per human on Earth. This is not how much is being spent per human, that clearly is much more. As a bonus, almost the same amount was borrowed this year.
It is worse when you consider that this number does not include any third world borrowing. I'm also rounding up the planet's population to $7 billion.
Such amounts cannot be paid back. The planet does not make enough money to tax these funds back.
The US 2011 deficit is $1.27 trillion. That is $4,100 borrowed per American, $16,500 for a family of 4.
The US debt is about $15.1 trillion coming to $49,200 owed per American. For a family of 4, that is close to $197,000. The average US family income in 2011 was just under $50,000. If the US were a business, it would be bankrupt.