Economy
See other Economy Articles
Title: Obama Debt now equals total U.S. economy
Source:
The Washington Times
URL Source: http://www.washingtontimes.com/news ... t-now-equals-total-us-economy/
Published: Feb 14, 2011
Author: Stephen Dinan
Post Date: 2011-02-14 12:48:11 by Happy Quanzaa
Keywords: Obamanomics in Action
Views: 4919
Comments: 6
President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly than $21 trillion in five years’ time. Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out — both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large. Mr. Obama‘s budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year. And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) — the first time since World War II that dubious figure has been reached. In one often-cited study, two economists have argued that when gross debt passes 90 percent it hinders overall economic growth. The president’s budget said debt as a percentage of GDP will top out at 106 percent in 2013, but only if the economy booms. “I still don’t see a sense of urgency from the president about the massive federal debt,” said Sen. Lamar Alexander, Tennessee Republican. “His budget calls for too much government borrowing – even though the debt is already at a level that makes it harder to create private-sector jobs.” Speaking on MSNBC on Monday, Jacob “Jack” Lew, the White House budget director, said their long-term plan to lower deficits will stabilize the debt. “When we came into office, when President Obama took office, the deficit was climbing to over 10 percent of the economy. We have a plan that would bring it down to 3 percent,” he said. “That is the most rapid reduction in the deficit in history. It is what we have to do to be able to say we’re paying our bills and we’re not adding to the debt.” The administration said debt as a percentage of GDP will stabilize at about 105 percent in the middle of this decade, though those calculations assume economic growth levels significantly above projections of the non-partisan Congressional Budget Office. 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.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: Happy Quanzaa (#0)
Obama has not created $15trillion in debt. It was @ 10 when he assumed office. Besides, the GOP controls spending. It's THEIR debt. Any spending done is now on them. Any debt accrued is now on them.
$10.7 trillion, with a $1.2 trillion projected deficit.
Since January 3, 2011, Republicans have controlled the power of the purse.
The WT is owned by the Moonie cult and this must be based on some Moonie cult accounting because the article makes it seem like we need to pay this debt off at the end of the fiscal year.
"Keep Your Goddamn Government Hands Off My Medicare!" - Various Tea Party signs.
Then 1+1=2 isn't true if it's printed in the WT?
I bet it will be closer to 30 trillion then 20 trillion. That is the way those things always work. Especially when you have an illegal alien in office trying to take us down.
Bullshit
Obama Debt now equals total U.S. economy
#2. To: war, Obama has not created 15trillion in debt. It was @ 10 when he assumed office. (#1)
Obama has not created $15trillion in debt. It was @ 10 when he assumed office.
#3. To: war, Happy Quanzaa, go65 (#1)
#4. To: Godwinson (#3)
The WT is owned by
#5. To: Happy Quanzaa (#0)
and will jump to nearly than $21 trillion in five years’ time.
#6. To: war (#1)
It was @ 10 when he assumed office.
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]