I’m beginning to notice who my budget balancing FRiends are here on FR.
Our publicly held debt is $9T. Our GDP is $14T. Countries typically have to default when their Debt to GDP ratio equals 100%. We will be in default in five years if we run these Republican proposed $1T deficits.
Here is my pet peeve du jure though (and some have said it). This congress can’t speak for future congresses. The only thing they can speak to is what they do. We shouldn’t be distracted by what they say congress will do after 2013.
Right,
so they should go with Rand Paul’s idea. $500 Billion in one year.