Recent news about debt relief for poor African nations might give the impression that governmental corruption, inefficiency, and irresponsibility are unique to developing countries. This is simply not so.

Take, for example, the situation of the United States government. As of June 14, 2005, the total outstanding U.S. public debt is $7,804,534,405,437.48. That amounts to a share of debt for each U.S. citizen of just over $26,000.