U.S. debt is now equal to economy

Discussion in 'Current Events' started by texan, Jan 10, 2012.

  1. texan

    texan Well-Known Member

    By Richard Wolf
    January 9, 2012
    WASHINGTON – The soaring national debt has reached a symbolic tipping point: It’s now as big as
    the entire U.S. economy.
    The amount of money the federal government owes to its creditors, combined
    with IOUs to government retirement and other programs, now tops $15.23 trillion.

    That’s roughly equal to the value of all goods and services the U.S. economy produces in one
    year: $15.17 trillion as of September, the latest estimate.
    Private projections show the economy
    likely grew to about $15.3 trillion by December — a level the debt is likely to surpass this month.
    "The 100% mark means that your entire debt is as big as everything you’re producing in
    your country,"
    says Steve Bell of the Bipartisan Policy Center, which has proposed cutting
    nearly $6 trillion in red ink over 10 years. "Clearly, that can’t continue."
    Long-term projections suggest the debt will continue to grow faster than the economy, which
    would have to expand by at least 6% a year to keep pace
    U.S. debt is now equal to economy – USATODAY.com
  2. texan

    texan Well-Known Member

    In the next two weeks Mr. Obama is going to ask Congress to raise the debt ceiling by another $1.2 trillion dollars.
  3. klein

    klein Für Meno :)

    More tax cuts, please !!!!! ;)
  4. over9five

    over9five Senior Member Staff Member

    Another record broken by the do nothing president...
  5. cachsux

    cachsux Wah

    Shouldn't you be helping your Sub-Prime Minister sacrifice babys and virgins to the Dark Lord?
  6. bbsam

    bbsam Moderator Staff Member

    I fail to see the problem. If you include my mortgage, I owe more than I make in a year. Not that uncommon.
  7. klein

    klein Für Meno :)

    Think about it, I believe only Italy has abover 100% of GDP debt of all G20 countries.
  8. Monkey Butt

    Monkey Butt You can call me Chappy Staff Member

    I guess that means we shouldn't use your currency or put our money in your banks!

    I was really looking forward to that.
  9. bbsam

    bbsam Moderator Staff Member

    are you saying that kitchen table economics don't do justice to the complexities of international banking? 'Cuz I've been trying to make that point for months.
  10. klein

    klein Für Meno :)

    Well, this video is called "Aftershock" so is the book this economist wrote. IT's pretty scary (the outlook of the US economy), and somewhat of an infomercial, but look beyond that. Many things that are said, may just come true !

    The Unthinkable Is Poised to Happen, Economist Warns

    The Aftershock Survival Summit is a gripping, no-nonsense presentation that’s quickly becoming a financial beacon in an economic tsunami.

    Featuring an exclusive interview with famed economist and best-selling author Robert Wiedemer, this disturbing presentation exposes harsh economic truths along with a dire financial warning — a prophetic message that’s spreading across America like wildfire
  11. moreluck

    moreluck golden ticket member

    We don't need a book to be afraid.....we have the inept leader who's making things worse!!
  12. Moreluck if you think Mitt Romney (he is your pick right?) is going to change anything on monetary policy, you are wrong and I am saying that not even Ron Paul can change this now. It's a ponzi scheme, too much toxic derivatives, fractional banking, credit bubble has to expend all the time, FED has to create liquidity (counterfeit funny money), inflating the money-supply, we have to have more debt(borrow more) every year as soon as anybody cuts back our "free capitalist economy" is coming crashing down... One of the reasons the Tea Party's idea on balanced budget would never work, the debt is too big, now it's just kicking the can down on the road...
  13. Bad Gas!

    Bad Gas! Active Member

    I dont care what politician we get in there as long as they can make the deficit go down.. I try to live within my means and pay bills. I teach this to my kids. Our very powerful but bad politicians (all) dont give a crap. The presidents job should be a one year term.. Either do something substancial or get out.. make some positive changes..let someone else try. if you have failed at our your economic policies!!!
  14. bbsam

    bbsam Moderator Staff Member

    The facts simply don't bear out your hysteria.
  15. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    A one year term? The learning curve is close to a year (some may say ours is still learning).

    I do agree that lowering the deficit should be priority one.
  16. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    Take away the mess he inherited and he has actually done a good job in turning things around.
  17. Baba gounj

    Baba gounj pensioner

    Well today he is not going to be doing any work that we the people pay him for.
    MARCH 16, 2012 07:41:37 EDT


    THE PRESIDENT departs Joint Base Andrews en route Chicago, Illinois...

    THE PRESIDENT arrives Chicago, Illinois

    THE PRESIDENT delivers remarks at a campaign event

    Palmer House Hilton, Chicago, Illinois...


    THE PRESIDENT attends a campaign event

    Palmer House Hilton, Chicago, Illinois

    THE PRESIDENT departs Chicago, Illinois, en route Atlanta, Georgia

    THE PRESIDENT arrives Atlanta, Georgia

    THE PRESIDENT delivers remarks at a campaign event

    Private Residence

    THE PRESIDENT delivers remarks at a campaign event

    Tyler Perry Studios, Atlanta, Georgia

    THE PRESIDENT delivers remarks at a campaign event

    Private Residence


    THE PRESIDENT departs Atlanta, Georgia, en route Joint Base Andrews

    THE PRESIDENT arrives the White House
  18. moreluck

    moreluck golden ticket member

    I think you attribute too much to him. When you were asked, "are you better off than you were 4 years ago?" You said yes.

    I think you don't give the credit where it's due....to your steadfastness in saving...that takes discipline. Did your life circumstances change? Did child support stop ? Did you get raises ? Did you cut down on fun things like travel and eating out? The difference could be your own determination.

    Then again, maybe not. Just a thought & Opinion.
  19. moreluck

    moreluck golden ticket member

    Oh gee, he missed Blogo by ONE day !!!!!