source: Ferguson at 2
Ferguson's source is the IMF, whose latest report (see page 86), predicts net U.S. debt rising from 42.3 percent of GDP in 2007 to 66.2 percent of GDP this year and 81.8 percent of GDP by 2014.
Thus, we're not as awful as Japan or Italy -- though worse than the U.K. (see page 29) -- but otherwise, the U.S. debt picture is about as bad as the Euro area as a whole. Which, as MaxedOutMama details, is pretty bad. So, will Obama continue to ape the EU?
(via Business Insider)
3 comments:
The BAD news is that Obama's plans are to double-trump those pikers by running by them faster than a speeding bullet. Perhaps his "Superman" poster gave him the idea.
The ten year US budget envisions racking up over 9 Trillion MORE in deficits, which would more than double our current public debt.
And for your information, the 80% of GDP is the level at which financial repayment for governments becomes very impaired.
So we do, yes we do, have a plan. Our plan is to hope that people are foolish enough to keep buying bonds that will not eventually be paid off.
> So, will Obama continue to ape the EU?
Q: What does The Pope do when left camping in the woods for a week?
A: The same thing Obama's doing to the US economy.
> So we do, yes we do, have a plan. Our plan is to hope that people are foolish enough to keep buying bonds that will not eventually be paid off.
MoM, I'm sure they'll be paid off. With the modern equivalent of Continentals and Confederate $s.
The key question is, will we get to use a trillion dollar bill for our ownselves?
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