red states rule
10-22-2011, 03:20 AM
Congrats to Pres Obama for accomplishing this feat and setting new records in spending and deficits
I hope the American people will show their "appreciation" for this "accomplishment" in 2012
We decided to dig into the actual numbers (cancelling out the per capital denominator as it is the same on both sides of the equation) and came to a very disturbing revelation: as of today, total US Debt, is $14.942 trillion (source (https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=11101800.pdf)), obviously an all time high. Q2 GDP as was reported by the BEA three weeks ago (http://www.bea.gov/newsreleases/national/gdp/2011/pdf/gdp2q11_3rd.pdf), was $15.012 trillion in current dollars. In other words, the spread between total GDP and total debt has now collapsed to an all time low $70 billion. Incidentally, this number was $1.8 trillion at the beginning of 2010. Then we decided to take a quick look at theupcoming bond issuance (http://www.treasurydirect.gov/RI/OFAnnce)and find that tomorrow the Treasury will announce approximately $99 billion in 2, 5 and 7 Year bonds to be auctioned off October 25 through 27... With a very appropriate settlement date: October 31, elsewhere known as Halloween. Yes, ladies and gentlemen: All Hallows E'en will be doubly scary this year: for the first time since World War II, US debt will officially surpass GDP on Halloween 2011.
http://reason.com/blog/2011/10/20/scary-budget-fact-of-the-day
I hope the American people will show their "appreciation" for this "accomplishment" in 2012
We decided to dig into the actual numbers (cancelling out the per capital denominator as it is the same on both sides of the equation) and came to a very disturbing revelation: as of today, total US Debt, is $14.942 trillion (source (https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=11101800.pdf)), obviously an all time high. Q2 GDP as was reported by the BEA three weeks ago (http://www.bea.gov/newsreleases/national/gdp/2011/pdf/gdp2q11_3rd.pdf), was $15.012 trillion in current dollars. In other words, the spread between total GDP and total debt has now collapsed to an all time low $70 billion. Incidentally, this number was $1.8 trillion at the beginning of 2010. Then we decided to take a quick look at theupcoming bond issuance (http://www.treasurydirect.gov/RI/OFAnnce)and find that tomorrow the Treasury will announce approximately $99 billion in 2, 5 and 7 Year bonds to be auctioned off October 25 through 27... With a very appropriate settlement date: October 31, elsewhere known as Halloween. Yes, ladies and gentlemen: All Hallows E'en will be doubly scary this year: for the first time since World War II, US debt will officially surpass GDP on Halloween 2011.
http://reason.com/blog/2011/10/20/scary-budget-fact-of-the-day