Skip to comments.Debt Star: Federal Debt Increased By 113% Since Q2 2008, But Real GDP Increased By Only 2.6%!
Posted on 01/12/2013 11:26:29 AM PST by whitedog57
How bad is the USAs debt problem (as we approach the dreaded debt ceiling debate)?
Federal government debt held by the public surged starting in Q2 2008.
But since Q2 2008, government debt held by the public surged 113%. But real GDP growth over 4+ years was a measly 2.6%. Thats not annual real GDP growth, but real GDP growth over 4+ years!
Most people dont talk about government debt held by the public. Instead, they focus on Total Public Debt, the one that stands at $16,432,692,129,510.84
While not as dramatic as Federal debt held by the public, it is still outrageous. Total Public Debt grew by only 69.26% since Q2 2008.
And since the Federal government has little interest (whether the Administration or Congress) is actually stemming the tide of out of control spending, we are looking at a bad ending. Particularly since President Obama told John Boehner that government spending ISNT a problem.
According to USDebtclock.org, each taxpayers share of the Total Public Debt is $145,737. And each taxpayers liability for unfunded entitlements is $1,083,342. And growing!
So, I watch in horror as people like Nobel Laureate Paul Krugman approve of bypassing The Constitution (and Congress) and minting trillion dollar platinum coins as a solution to the debt ceiling.
That should tell you how bad the debt problem really is. Krugman and Obama are going full Zimbabwe.
Yes, but listening to everyone, even here, they all ‘want what’s theirs’; IMHO, not truly understanding that, sure, you can have ‘yours’, once you (as a taxpayer) pay the $1+ MILLION of debt....the $$ isn’t THERE to be THEIRS
If you remove the borrowed fund spent from the GDP it would be negative!
Or the Fabian society plan is working just fine.
Everybody calm down. All we need to do is mint a few dozen trillion dollar Obama coins, and all our problems will be solved.
I think we should outsource this to Zimbabwe.