U.S. Debt Bigger than GDP
Thursday September 20th, 2012 • Posted by Craig Eyermann at 6:15am PDT • 7 Comments
Terrence Jeffrey of CNSNews.com reports:
According to the most recent official estimate by the federal Bureau of Economic Analysis, the Gross Domestic Product for 2012 will be $15.6061 trillion–or about $440.5 billion less than the $16.0466 in debt that the federal government had accumulated as of the close of business on Monday.
In other words, the debt is now approximately 103 percent of GDP.
The U.S.’ debt-to-income ratio is up from roughly 75% at the end of December 2008.
Meanwhile, President Obama doesn’t seem to be too aware of just how big the United States’ total public debt outstanding has become:
Might we suggest that the President pay more attention to the U.S. Treasury’s The Debt to the Penny and Who Holds It web site?...
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[...] of which, the value of the national debt now exceeds 103% of the nation’s income. On December 31, 2008, that figure was an “affordable” [...]
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[...] of which, the value of the national debt now exceeds 103% of the nation’s income. On December 31, 2008, that figure was an “affordable” [...]
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[...] in his appearance on the Letterman show, President Obama not only couldn’t correctly cite the current national debt figure, he also [...]
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[...] the rest here: U.S. Debt Bigger than GDP | MyGovCost | Government Cost Calculator Related [...]
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[...] But that only considers “publicly-held” debt. In reality, the amount of the U.S.’ total public debt is understated because it excludes the money the U.S. government has “borrowed” from Social Security. Adding that debt back in vaults the U.S.’ total public debt outstanding to GDP ratio past 103%. [...]
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dumbo says:
“Meanwhile, President Obama doesn’t seem to be too aware of just how big the United States’ total public debt outstanding has become:”
DO YOU THINK OBAMA IS AS DUMB AS YOU ARE?
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[...] full post on MyGovCost | Government Cost Calculator September 21st, 2012 | Tags: Bigger, Debt, than, U.S.' | Category: Of [...]