U.S. debt is now equal to economy

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
 

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.
 

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.
 

bbsam

Moderator
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.
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.
 

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
 

Just_another_day_at_work

Well-Known Member
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...
 

Bad Gas!

Well-Known 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!!!
 

UpstateNYUPSer(Ret)

Well-Known 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!!!

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.
 

Babagounj

Strength through joy
Well today he is not going to be doing any work that we the people pay him for.
NO TIME FOR WORK: 5 CAMPAIGN EVENTS ON POTUS SKED...
MARCH 16, 2012 07:41:37 EDT

10:45AM

THE PRESIDENT departs Joint Base Andrews en route Chicago, Illinois...
11:40AM

THE PRESIDENT arrives Chicago, Illinois
12:20PM

THE PRESIDENT delivers remarks at a campaign event

Palmer House Hilton, Chicago, Illinois...

1:35PM

THE PRESIDENT attends a campaign event

Palmer House Hilton, Chicago, Illinois
3:00PM

THE PRESIDENT departs Chicago, Illinois, en route Atlanta, Georgia
5:30PM

THE PRESIDENT arrives Atlanta, Georgia
6:35PM

THE PRESIDENT delivers remarks at a campaign event

Private Residence
8:25PM

THE PRESIDENT delivers remarks at a campaign event

Tyler Perry Studios, Atlanta, Georgia
9:20PM

THE PRESIDENT delivers remarks at a campaign event

Private Residence

10:55PM

THE PRESIDENT departs Atlanta, Georgia, en route Joint Base Andrews
12:40AM

THE PRESIDENT arrives the White House
 

moreluck

golden ticket member
Take away the mess he inherited and he has actually done a good job in turning things around.
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.
 

moreluck

golden ticket member
Well today he is not going to be doing any work that we the people pay him for.
NO TIME FOR WORK: 5 CAMPAIGN EVENTS ON POTUS SKED...
MARCH 16, 2012 07:41:37 EDT

10:45AM

THE PRESIDENT departs Joint Base Andrews en route Chicago, Illinois...
11:40AM

THE PRESIDENT arrives Chicago, Illinois
12:20PM

THE PRESIDENT delivers remarks at a campaign event

Palmer House Hilton, Chicago, Illinois...

1:35PM

THE PRESIDENT attends a campaign event

Palmer House Hilton, Chicago, Illinois
3:00PM

THE PRESIDENT departs Chicago, Illinois, en route Atlanta, Georgia
5:30PM

THE PRESIDENT arrives Atlanta, Georgia
6:35PM

THE PRESIDENT delivers remarks at a campaign event

Private Residence
8:25PM

THE PRESIDENT delivers remarks at a campaign event

Tyler Perry Studios, Atlanta, Georgia
9:20PM

THE PRESIDENT delivers remarks at a campaign event

Private Residence

10:55PM

THE PRESIDENT departs Atlanta, Georgia, en route Joint Base Andrews
12:40AM

THE PRESIDENT arrives the White House

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