Skip to comments.OBAMA'S TRIPLING OF THE NATIONAL DEBT
Posted on 01/06/2010 2:40:55 PM PST by MrChips
Judd Gregg says Obama's budget drives national debt to 80 percent of GDP
Sen. Judd Gregg, a Republican senator from New Hampshire, has been making the rounds on political news programs this week, criticizing President Barack Obama's budget as too costly.
Gregg has repeated one statistic over and over to make his point: that Obama's budget plan would increase the national debt to 80 percent of gross domestic product.
"Seventeen trillion dollars worth of debt at the end of 10 years, $11 trillion at the end of five years," Gregg said. "This translates into a debt-to-GDP ratio which we have not seen in this country since the end of World War II when we were trying to pay off the war debt. Basically, you take national debt up to about 80 percent of gross national product. That's the public debt. Historically, it's been about 40 percent."
At 80 percent, Gregg has been fond of saying this week, the United States would be getting into "banana republic" territory. . . . (read more)
Interesting chart. What does Health and Human Services comprise?
Medicaid / Medicare.
Socialized Medicine + Socialized Retirement + Interest on the Debt = Bankruptcy.
Pretty much all the freeloaders who are IN the wagon, while you and I are pulling it!
It’s a completely BLOATED Government Agency...no end in sight there. Open up each ‘details’ button on the right. It’s just government job after job after job after job...
Clicking on just one of those many details buttons made me nauseous!
have the defence department fixed their $500/toilet seat problem yet?
Big payoffs to senators on health bill stoke public anger
Beyond reckless / Sacramento, Washington pile up the debt
House votes 218-214 for short-term debt ceiling increase
Feds owe Uncle Sam $3B in unpaid taxes
D .C. hands out $15M in bonuses despite recession, budget...
CHART OF THE DAY: Bureaucrats Have Way Better Benefits Than You
There never was a “$500 toilet seat”. IIRC, the part in question was a fiberglass enclosure for the toilet on a Grumman military aircraft. The drawings, specs, terms & conditions ran to over 100 pages. The enclosure had to be certified to withstand a 40G crash landing. Almost nobody would bid on it because the government only wanted 8 of the parts.
If the government had sense, they would procure such spare parts when the production line is up and running for the entire aircraft. But, nooooo, they always want to lowball the cost.
Don’t believe the lies of the Left and State Media. Sen. Proxmire made a career out of grandstanding about waste in DoD. The $500 toilet seat was one of his favorite fairy tales.
$106,000,000,000,000. That many dollars stretched end to end, if my calculation is right, is over 10 billion miles. About three times the avg distance of Pluto from the Sun.
Not gonna get paid. Something has to give. Probably massive inflation.
I hope so. When I was in the Army we didn’t have access to those $300 hammers either; that would’ve been sweet! (Just kidding!) :)
I want a strong military. I want my trash picked up, the snow removed from the roads and the potholes fixed in the summer. I want Firemen, Cops and EMTs.
Other than that, I don’t want a THING from Mother Government...and with the exception of the military, the State should be covering the other FEW needs a citizen has. Heck, each STATE has their own military as it is!
What a bloated mess Government has become.
drives national debt to 80 percent of GDP
According to this site, Senator Judd is understating the problem.
In 2010, US GDP is $14.7 trillion.
US national debt is 98% of GDP = $14.4 trillion.
In January 1940, on the eve of WWII, national debt was 42% of GDP.
From 1969 through 1982, national debt was about 35% of GDP.
The only time it was ever higher than today resulted from the peak of WWII spending: from 1944 to 1947.
Where is that coffee... ;-)
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