Posted on 07/10/2015 5:24:07 PM PDT by John W
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).
(Excerpt) Read more at cnsnews.com ...
Hope & Change.
Hopefully one of our more far-seeing politicians will realize that US military equipment can be sold for more in working condition than as mere scrap.
That will provide several extra months of welfare.
Of course SS will run out soon, the law requires payments be cut 25% (IIRC) when that happens so that’ll help.
Yep, it’s all under control.
So, how many GOP candidates are calling for the slashing of federal spending?
How many are calling for a return to spending that is actually within the Enumerated Powers?
The answer is “zero” on both counts.
The first step, at the very least, is to grow the economy faster than the debt grows. In short, the very opposite of Obamanomics.
6. But the grand nostrum will be a public debt…
8. The ways in which a great debt, so constituted and applied, will contribute to the ultimate end in view are both numerous and obvious. (1) The favorite few, thus possessed of it, whether within or without the government, will feel the staunchest fealty to it, and will go through thick and thin to support it in all its oppressions and usurpations. (2) Their money will give them consequence and influence, even among those who have been tricked out of it. (3) They will be the readiest materials that can be found for a hereditary aristocratic order, whenever matters are ripe for one. (4) A great debt will require great taxes; great taxes, many taxgatherers and other officers; and all officers are auxiliaries of power.
11. As soon as sufficient progress in the intended change shall have been made, and the public mind duly prepared according to the rules already laid down, it will be proper to venture on another and a bolder step toward a removal of the constitutional landmarks.
Rules for Radicals? No, Rules for changing a limited republican government into an unlimited hereditary one.
http://home.hiwaay.net/~becraft/FRENEAUbanking.html
I keep seeing this “national debt is 74% of GDP” claim.
Anyone here know how that calculation is made?
Our current GDP (Q1 2015) is $17.7 trillion.
Our current national debt is $18.3 trillion.
According to those numbers, our current national debt is 103% of GDP.
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