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U.S. debt is now equal to economy
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<blockquote data-quote="texan" data-source="post: 925053" data-attributes="member: 38206"><p><strong>By Richard Wolf </strong></p><p><strong>January 9, 2012</strong></p><p><strong>WASHINGTON – <strong>The soaring national debt has reached a symbolic tipping point: It’s now as big as </strong></strong></p><p><strong><strong>the entire U.S. economy. </strong><strong>The amount of money the federal government owes to its creditors, combined </strong></strong></p><p><strong><strong>with IOUs to government retirement and other programs, now tops $15.23 trillion.</strong></strong></p><p><strong><strong>That’s roughly equal to the value of all goods and services the U.S. economy produces in one</strong></strong></p><p> <strong><strong>year: $15.17 trillion as of September, the latest estimate.</strong> Private projections show the economy</strong></p><p> <strong>likely grew to about $15.3 trillion by December — a level the debt is likely to surpass this month.</strong></p><p><strong><strong>"The 100% mark means that your entire debt is as big as everything you’re producing in </strong></strong></p><p><strong><strong>your country,"</strong> says Steve Bell of the Bipartisan Policy Center, which has proposed cutting </strong></p><p><strong>nearly $6 trillion in red ink over 10 years. "Clearly, that can’t continue."</strong></p><p><strong><strong>Long-term projections suggest the debt will continue to grow faster than the economy, which </strong></strong></p><p><strong><strong>would have to expand by at least 6% a year to keep pace</strong>.</strong></p><p><strong><a href="http://www.usatoday.com/news/washington/story/2012-01-08/debt-equals-economy/52460208/1" target="_blank">U.S. debt is now equal to economy – USATODAY.com</a></strong></p><p><strong></strong></p></blockquote><p></p>
[QUOTE="texan, post: 925053, member: 38206"] [B]By Richard Wolf January 9, 2012 WASHINGTON – [B]The soaring national debt has reached a symbolic tipping point: It’s now as big as the entire U.S. economy. [/B][B]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.[/B] [B]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.[/B] Private projections show the economy likely grew to about $15.3 trillion by December — a level the debt is likely to surpass this month. [B]"The 100% mark means that your entire debt is as big as everything you’re producing in your country,"[/B] 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." [B]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[/B]. [url=http://www.usatoday.com/news/washington/story/2012-01-08/debt-equals-economy/52460208/1]U.S. debt is now equal to economy – USATODAY.com[/url] [/B] [/QUOTE]
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