Much of the West is effectively bankrupt and insolvent. The developing world is not much better off.
France’s cumulative debt of government, households and businesses amounts to 250% of GDP, an increase of 66% since 2007.
That figure excludes unfunded pension and health-care liabilities.
six largest pension saving systems – the US, UK, Japan, Netherlands, Canada and Australia – are expected to reach a $224 trillion gap by 2050
In May 2017, World Economic Forum estimated the pensions gap of the world’s six largest pension saving systems to reach $224 trillion, or $300,000 per person, by 2050.
If China and India are added, says the WEF, the combined savings gap for the eight countries rises to $400 trillion by 2050 – five times the size of the current global economy.
Needless to say, the U.S.A. is in the worst position, where the pension gap is expected to rise from the current shortfall of $28 trillion to $137 trillion in 2050.
in the UK has been estimated by the at £250 trillion by 2050.
The United States is in a similar position. Its cumulative debt stands at over $220 trillion, or XXX% of GDP.
Household debt now exceeds the peak reached in late 2008 at the height of the credit bubble, rising to $12.73 trillion in the first quarter of 2017.
And in a striking reversal from 10 years ago, China’s cumulative debt is now around 350% of GDP.