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Over the past year alone, the public debt of the United States rose sharply from 41 to 53 percent of gross domestic product (GDP). Under reasonable assumptions, the debt is projected to grow steadily, reaching 85 percent of GDP by 2018, 100 percent by 2022, and 200 percent in 2038.
However, before the debt reached such high levels, the United States would almost certainly experience a debt-driven crisis—something previously viewed as almost unfathomable in the world’s largest economy. The crisis could unfold gradually or it could happen suddenly, but with great costs either way. The tipping point is impossible to predict, but the United States is already hearing concerns about its fiscal management from some of its largest creditors, and the country is uncomfortably vulnerable to shifts in confidence around the world.
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100% of our GDP would signal the end of the United States of America. 200% is simply too difficult to wrap the brain around.
Terrible, terrible news, no matter your political affiliation.
(Before you Trons' go haywire, the study was chaired by two former Democratic congressmen and one former Republican congressman, as well as a plethora of budget leaders and economists from previous administrations.)
Last edited by AeroGuyDC; 12-16-2009 at 03:19 PM..
It is nice that this is a bi partisan commission because both parties are equally responsible for where we are at.Of coursr we will hear from both parties duped constituents that won't look in the mirror but sure will point the finger at the other party.Speaking of looking in the mirror,the leaders of both parties have lead us here and the electorate is their ignorant accomplice.Myself,I can look in the mirror no body I have voted for has ever won a election.
So the misery that we will be facing is self inflicted because we stood by and did nothing to stop them,where is the outrage?why do we keep returning the same people over and over?
Soon the socialist programs that the {D}s love and the {R}s big military hard on will come to a end.See,both parties get the money from the good old chairman of the Federal Reserve which is the coward approach because it saves them from going to the tax payers.We all and I do mean everyone are paying plenty in taxes and they know that it is political suicide to raise taxes to really pay for both parties programs.
It is so easy to raise the debt ceiling and have the FR print up the bucks,and all that currency made out of thin air is losing value.And soon that fake monopoly money won't be worth squat,the rest of the world knows this and has been talking about replacing USD with another currency as the reserve currency.
When that takes place USD could lose 40,50% of its value who knows?What will you do then?Oh,I know you will point the finger at the other party and the merrry go round of ignorance will continue.That is why I am preparing for that now even though I am a innocent by stander.
It is nice that this is a bi partisan commission because both parties are equally responsible for where we are at.Of coursr we will hear from both parties duped constituents that won\'t look in the mirror but sure will point the finger at the other party.Speaking of looking in the mirror,the leaders of both parties have lead us here and the electorate is their ignorant accomplice.Myself,I can look in the mirror no body I have voted for has ever won a election.
So the misery that we will be facing is self inflicted because we stood by and did nothing to stop them,where is the outrage?why do we keep returning the same people over and over?
Soon the socialist programs that the {D}s love and the {R}s big military hard on will come to a end.See,both parties get the money from the good old chairman of the Federal Reserve which is the coward approach because it saves them from going to the tax payers.We all and I do mean everyone are paying plenty in taxes and they know that it is political suicide to raise taxes to really pay for both parties programs.
It is so easy to raise the debt ceiling and have the FR print up the bucks,and all that currency made out of thin air is losing value.And soon that fake monopoly money won\'t be worth squat,the rest of the world knows this and has been talking about replacing USD with another currency as the reserve currency.
When that takes place USD could lose 40,50% of its value who knows?What will you do then?Oh,I know you will point the finger at the other party and the merrry go round of ignorance will continue.That is why I am preparing for that now even though I am a innocent by stander.
Over the past year alone, the public debt of the United States rose sharply from 41 to 53 percent of gross domestic product (GDP). Under reasonable assumptions, the debt is projected to grow steadily, reaching 85 percent of GDP by 2018, 100 percent by 2022, and 200 percent in 2038.
US external debt hit 85% of GDP long time ago so the study is BS.
We can either pay it down, or expand the economy which will shrink the debt of the GDP and make the debt more manageable. That is called Reaganomics. Who cares if the debt is 100 trillion, if the economy is 200 trillion. Besides, you can't just pay it off without tearing a hole huge in the economic universe. 100% paydown would ruin us.
Quote:
Throughout the financial crisis, many national economies have looked to their government and foreign lenders for financial support, which translates to increased spending, borrowing and in most cases, growing national debt.
Deficit spending, government debt and private sector borrowing are the norm in most western countries, but due in part to the financial crisis, some nations and economies are in
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