Skip to comments.America's Underwater: Debt Equals 103 Percent of GDP
Posted on 09/11/2012 5:04:45 PM PDT by Sub-Driver
America's Underwater: Debt Equals 103 Percent of GDP By Terence P. Jeffrey September 11, 2012
(CNSNews.com) - 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 BEA, which is part of the Department of Commerce and which officially calculates GDP, based its current estimate of this year's GDP, published on Aug. 29, on economic data available through the end of the second quarter of this calender year.
If that current estimate is correct, the debt of the United States government eclipsed the value of the Gross Domestic Product of the United States on April 2 of this year.
On Friday, March 30, according to the Bureau of the Public Debt, the federal debt was $15,582,078,681,188.69. By the close of business on Monday, April 2, it was $15,620,325,998,403.96.
(Excerpt) Read more at cnsnews.com ...
Chalk that up to the other FAILS.
That is worse than Greece. Anyone who thinks this will turn out well is nuts.
Worse than that. There is almost an equal amount of off balance sheet of agency and Fannie/Freddie debt.
Sell off a bunch of public lands into hands of US Citizens only. Increase tax revenue and wipe out the national debt.
DownSize DC & evict the bureaucrats who do nothing but make life difficult for business and individuals. Let them look for jobs. Close entire Rogue Departments.
That would be a good start.
Another accomplishment Barry.
don’t forget Boehner,
and the GOP elite.
...we had Obama over the barrel last year,
in the debt ceilling deadline.
even Mr Robinson here was saying “hold the line”.
and the Republicans CAVED.
and now, Boehner is concerned about the “fiscal cliff”,
that he CAUSED, by not doing what was right, last year.
Boehner: Not confident at all that we can strike a deal before the fiscal cliff
Harding went from 11% unemployment in his recession,
to 3%, in 2 years!!!
because he cut the Federal budget in HALF,
and cut taxes.
...the spending MUST STOP.
borrowing money from our children, MUST STOP.
And only those who have absolutely no moneys saved or invested outside of the US, and have made absolutely none of their money as officers of financial institutions.
Our real debt in incomprehensible.
SHTF/WROL will be the inevitable result of this. L&L!
Wait till you see what he does from mid Nov. thru Jan 19. SPEND, PUMP TO FRIENDS
There are a lot more libs on FR then what we had in the good old days.
Yes, it would be a good start. In about 8 years the debt could be gone...but so would most of government and unaccountable bureaucrats (more socialists).
live - free - republic
Socialism Is Legal Plunder - The Law - Frederic Bastiat 1801-1850
“Essays on Political Economy” (1874)
Published after Bastiat’s death this is clearly one of his best works. Not the size of “The Law” but it deals directly with the fallacies of Socialism.
It also has an excellent discussion of the concept of:
“That Which Is Seen, and That Which Is Not Seen.” (And that which should have been foreseen)
in = is.
Thanks for the gutenberg link and some of your solutions in the previous post, Texas Fossil. Much appreciated.
live - free - republic
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.