Report shows U.S. debt of 16.7 trillion is “not even two percent of a quadrillion”

treasury_sealThe non-partisan Brookings Institution has issued results from a study showing most Americans overestimate the size of U.S. federal debt. The report says that while the current debt is approximately 16.7 trillion dollars, most people incorrectly believe that to be a high figure.

“It is important to bear in mind,” the report states, “that 16.7 trillion is less than two percent of a quadrillion. At our current rate of spending, we won’t hit a quadrillion dollars of debt for at least a decade or two. Don’t worry, America. You can go back to sleep. We’re doin’ just fine.”

The study also looked at the national debt on unfunded liabilities — such as Social Security and Medicaid — which is close to 900 trillion dollars.

“That’s not as big as many people believe,” the report says. “It’s actually less than one-tenth of one percent of a quintillion dollars.”