Here's What You Could Buy With Your Share of U.S. Deficit, Debt

MILWAUKEE, WI — Taxpayers in Wisconsin could pay off a median-priced house with their share of the U.S. national debt, and they could pay a year of tuition and fees at a state school like UW-Platteville with their share of the U.S. budget deficit, based in part by new statistics released by the U.S. Treasury's Office this week.

Every citizen in Wisconsin has a $2,982 share of that deficit as of Friday, Oct. 25. When limited to taxpaying Wisconsin residents, that number balloons to $7,978 per taxpayer, according to U.S. Treasury figures.

According to the Washington Post, the U.S. budget deficit hit a new high this year, reaching $984 billion - the highest figure since 2012. Back in 2012, the deficit surged under President Barack Obama to $1.08 trillion in the midst of the federal government's efforts to stabilize from the 2008 financial crisis.

That's sobering news, especially when coupled with the U.S. national debt figures. According to U.S. Debt Clock online, every citizen in Wisconsin has a $69,461 share of that debt as of Friday, Oct. 25. When limited to taxpaying Wisconsin residents, that number balloons to $185,815 per taxpayer.

To put this in perspective, here are some average figures in Wisconsin:

$219,900: median price of homes currently listed in Wisconsin.

$191,600: median home value in Wisconsin.

$181,100: median price of homes sold in Wisconsin

$59,305: median household income for Wisconsin

$17.43: median hourly wage in Wisconsin

Debt vs Deficit: What's the Difference

The website How Stuff Works tried taking this very large concept and distilling it into simple terms. According to experts, the U.S. budget deficit is the difference between what the federal government spends and what it takes in each year.

By contrast, the national debt is the result of the federal government borrowing money to cover years worth of budget deficits.

Find more statistics at Statista