Skip to comments.US borrowing tops 100% of GDP: Treasury (More good news!)
Posted on 08/07/2011 2:58:22 AM PDT by Right_Wing_Madman
The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, putting the United States in a league with highly indebted countries like Italy and Belgium.
Public debt subject to the official debt limit -- a slightly tighter definition -- was $14.53 trillion as of the end of Tuesday, rising from the previous official cap of $14.29 trillion a day earlier.
The official limit was hiked $400 billion on Tuesday and will be increased in stages over the next 18 months.
With the latest borrowing, the United States joined a small group of countries whose public debt exceeds GDP, including Japan (229 percent), Greece (152 percent), Jamaica (137 percent), Lebanon (134 percent), Italy (120 percent), Ireland (114 percent) and Iceland (103 percent), according to figures provided by the International Monetary Fund.
(Excerpt) Read more at news.malaysia.msn.com ...
If Obama & Crew gets the debt rating down to an F, what then? - Oopsy!? Unintended consequences?
Victory will be declared. Everything Obama is doing is intentional.
Ah, who cares.
Just print some more money, give the people a $200 check and they’ll be happy because MSNBC tells them all is OK.
“The United States now joins this distinguished group as having more public debt than gross domestic product (GDP): Japan, Greece, Jamaica, Lebanon, Italy, Ireland, and Iceland.”
Unfortunately, Obama probably thinks it will be a feather in his cap to race to the top of this list. After all, such a move would be unprecedented, hence “historic.” This narcissist’s legacy is secure: he definitely will go down in the history books and likely will not be forgotten for centuries.
His administration either will mark the fatal turn left that toppled America’s standing as the leader of the free world or it will mark the point at which the U.S. came closest to fatally driving off the cliff only to be rescued in the nick of time by a president elected in 2012 who was visionary enough to dismantle all the destructive policies put into place in the first two years of the Obama administration.