Happy $900 Billion Day! Today we celebrate the outstanding student loan debt clock flipping over the $900 billion mark. How does outstanding student debt compare to other debts?
Student debt now outweighs credit card debt; the external debt of Russia and China (among others); the cost of the wars in Iraq and Afghanistan (but, at least, not combined); the pre-filing assets of Lehman Brothers, the largest bankruptcy; the GDPs of the Netherlands and Switzerland (among many others); the revenues of every single company in the world, including the two highest, WalMart and Exxon Mobile.
It’s hard to find things to compare to student loan debt. All the numbers are so astronomical and intangible, all comparisons become meaningless.
- Pwn (v.) Slang term derived from the verb own, as meaning to appropriate or to conquer to gain ownership. The term implies domination or humiliation of a rival.