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
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