Sir lastnail wrote on Feb 14
th, 2011 at 11:16am:
Andrei.Hicks wrote on Feb 14
th, 2011 at 10:48am:
Sir lastnail wrote on Feb 14
th, 2011 at 10:47am:
Ex Dame Pansi wrote on Feb 14
th, 2011 at 7:04am:
No. The government lie to us continually, that's why they are so afraid of Wikileaks....lest the truth be told.
Yes I can't wait for the juicy bits to surface
LOL
83.6 cents per litre this morning mate.....
and what is the current US national debt ?? I haven't checked lately
LOL
http://www.usdebtclock.org/
Federal deficit on track for a record this fiscal year
Government debt to exceed U.S. economy
President Obama‘s budget, released Monday, was conceived as a blueprint for future spending, but it also paints the bleakest picture yet of the current fiscal year, which is on track for a record federal deficit and will see the government’s overall debt surpass the size of the total U.S. economy.
Mr. Obama‘s budget projects that 2011 will see the biggest one-year debt jump in history, or nearly $2 trillion, to reach $15.476 trillion by Sept. 30, the end of the fiscal year. That would be 102.6 percent of GDP - the first time since World War II that dubious figure has been reached.
In one often-cited study, economists Carmen Reinhart and Ken Rogoff have argued that when a nation’s gross debt passes 90 percent it hinders overall economic growth. The government measures debt several ways. Debt held by the public includes the money borrowed from Social Security’s trust fund.
Actual debt held by the public will reach 72 percent of GDP in 2011 and will climb as the Social Security trust fund’s finances continue to deteriorate.
Republicans argued Monday that the Obama administration‘s new budget fails to appreciate the depth of the country’s fiscal plight.
And indeed that’s what the numbers show. Nominal debt will peak in 2013 at 106 percent of the economy before dropping to 105.2 percent in 2015 and 2016, though only if the economy booms.
Link -
http://www.washingtontimes.com/news/2011/feb/14/debt-now-equals-total-us-economy...================
A few observations -
1) Given the directions of the major Economic factors, the US & Global Economy, not only will not boom, it can not boom & in fact, the Economy is set for a rather nasty fall!
2) Politicians, of all persuasions will say anything in order to get into power, the fact is that Republicans (under Bush) started the trend of massive Debt increases and the Democrats have continued that trend, in an apparent attempt to revive the US Economy.
Both the Republicans & the Democrats, were wrong to do what they did and continue to do!
Btw, I suspect the US GDP estimate is probably somewhat higher than reality, whilst the Debt estimate is too low, as it doesn't include unfunded Pension & Health benefits !