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| Economy |
| Debt Headed to 103% of GDP |
| 2015-07-11 |
| [CNSNEWS] Testifying in the U.S Senate yesterday, Congressional Budget Office Director Keith Hall warned that the publicly held debt of the U.S. government, when measured as a percentage of Gross Domestic Product, is headed toward a level the United States has seen only once in its history--at the end of World War II. To simply keep the debt at the high historical level where it currently sits--74 percent of GDP--would require either significant increases in federal tax revenue or decreases in non-interest federal spending (or a combination of the two). Historically, U.S. government debt as a percentage of GDP hit its peak in 1945 and 1946, when it was 104 percent and 106 percent of GDP respectively. In 2015, the CBO estimates that the U.S. government debt will be 74 percent of GDP. That is higher than the 69-percent-of-GDP debt the U.S. government had in 1943--the second year after Pearl Harbor. |
| Posted by:Fred |
| #8 New amendment to the constitution. Debt: The government is not allowed to run a debt excepting in an actual declared war. Anytime the government has a debt, each April 15th, the complete congress will gather and draw lots. 10% of each house will then fight to the death on pay per view for debt relief. The sole remaining survivor will be allowed to live and will be free from drawing for the rest of his term. |
| Posted by: Silentbrick 2015-07-11 22:23 |
| #7 This would be a real problem if we had a Republican president. |
| Posted by: Iblis 2015-07-11 17:26 |
| #6 ..yes, but the trade off will be that prices will also shoot up and innovation will drop. It's a trade off: High welfare state and taxes to support it, low prices, quicker turn over in tech vs Lower welfare state and taxes to support it, higher prices and slow innovation. It means your lower strata will not have access to things much beyond serviceable basics (insert envy here). |
| Posted by: Procopius2k 2015-07-11 15:01 |
| #5 Quit outsourcing the economy and tax revenues will shoot up from manufacturing and supporting jobs. The $1+ trillion/year welfare spending will crater as most of the tax eaters are moved into taxpaying jobs. That it will weaken many of America's rivals is a nice bonus. |
| Posted by: Whonter Darling of the Bunions4601 2015-07-11 14:39 |
| #4 would require either significant increases in federal tax revenue That ain't happening. or decreases in non-interest federal spending See above. Mike |
| Posted by: Mike Kozlowski 2015-07-11 14:05 |
| #3 I have a feeling that when we treat the Chinese like the Greeks treated the Germans in regards to debt negotiations that we will get a much different response. FORWARD to the Detrotitification of America! |
| Posted by: Airandee 2015-07-11 07:02 |
| #2 Doesn't matter. The Greeks have proven debt doesn't have to be paid back. At least not all of it. |
| Posted by: CrazyFool 2015-07-11 02:09 |
| #1 It's all good. The debt will never be paid back. |
| Posted by: Anguper Hupomosing9418 2015-07-11 00:15 |