Posted on 04/08/2016 7:12:37 AM PDT by SeekAndFind
An auditor for the Government Accountability Office told the Senate budget committee that in the next 15-25 years, the amount of public debt will exceed all the goods and services produced by the entire U.S. economy.
Without action on the debt, the auditor said the percent of debt to GDP could rise to 200% or 300%.
Gene Dodaro, the comptroller general for the Government Accountability Office, testified at the Senate Budget Committee to provide the results of its audit on the government’s financial books.
“We’re very heavily leveraged in debt,” Dodaro said. “The historical average post-World War II of how much debt we held as a percent of gross domestic product was 43 percent on average; right now we’re at 74 percent.”
Dodaro says that under current law, debt held by the public will hit a historic high.
“The highest in the United States government’s history of debt held by the public as a percent of gross domestic product was 1946, right after World War II,” he said. “We’re on mark to hit that in the next 15 to 25 years.”
Another economic projection which assumes that cost controls for Medicare don’t hold and that healthcare costs continue to increase, shows debt rising even further.
“These projections go to 200, 300 percent, and even higher of debt held by the public as a percent of gross domestic product,” said Dodaro. “We’re going to owe more than our entire economy is producing and by definition this is not sustainable.”
(Excerpt) Read more at americanthinker.com ...
Just in time for a GOP president.
I’m a fan of no debt. Wife and I have been debt free for 15 years or so. But.... our national debt is approaching close to 100% of GDP and many will be worried about that... yet in their personal lives, many have debt that way exceeds 100% of their personal GDP.
Hussein has surely almost fulfilled his promise to fundamentally transform America. He’s in a dither to get his SC nominee approved. You can easily tell when something matters to him because he actually moves his lazy deadweight azz from a golf course to do something else about it. Unlike what he does for Americans who die thanks to Muslim terrorists, or vets who can’t get timely treatment from the VA, etc.
It will happen before election. It will be 10 times worse then the Crash of 28. Its why no country wants the US dollar and alternate currencies are being set up. America will crash and the vultures are set to move in.
We are approaching debt of 100% of GDP, yet only one candidate consistently references it in his speech’s.
The debt obviously isn’t so important, otherwise he wouldn’t be alone.
Didn’t see this coming /sarc
Just default. That way we can be assured it won’t happen again.
I agree.... longer than my life expectancy for sure....
Good comment. If the next president is a Republican this economic mess will conveniently fall on them to clean up. They will be blamed for all the ensuing pain. And watch the political Federal Reserve jack up interest rates during their administration. The media will all of a sudden become alarmed by the national debt.
Bernie, Hillary, Ted and John should be in federal prison with the rest of their current and past CRONY SOCIALISTS from the gang of 535 in CONgre$$.
Socialism Is Legal Plunder - Bastiat
6. But the grand nostrum will be a public debt…
7. It must not be forgotten that the members of the legislative body are to have a deep stake in the game. This is an essential point, and happily is attended with no difficulty. A sufficient number, properly disposed, can alternately legislate and speculate, and speculate and legislate, and buy and sell, and sell and buy, until a due portion of the property of their constituents has passed into their hands to give them an interest against their constituents…
10. “Divide and govern” is a maxim consecrated by the experience of ages, and should be familiar in its use to every politician…
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.
http://www.constitution.org/cmt/freneau/republic2monarchy.htm
They’re from the government and they’re here to help. /sarcasm
HOORAY Trump
“We need a president who has held a real job and had to make a real payroll.”
Lonsberry
In similar fashion Free Traitors™ tell us trade deficits don’t matter either. The 1% ers are in accordance. Life is good.
BUMP for Mr. T.
Doesn’t Trump owe more than his annual income??? Why would you expect him to operate the country any differently??
1) Don't confuse GDP with family income. GDP is the value of everything manufactured and produced in the country. Think of a single breadwinner home. While the breadwinner earns the salary, the stay-at-home parent still produces -- cooking meals, cleaning, etc.
2) It would require EVERYTHING produced in this country for one year to payoff the debt. How much of that does the government own or get to confiscate through taxes? THAT is the government's income relative to the debt.
3) And even that, assumes the full amount taken is used to retire the debt. That means, no other government services are provided. No military, no social programs, no salaries (what does THAT do to GDP?)
The only thing that makes the current debt situation even modestly tenable is the low interest rates we're paying on the debt. Think those are going to stay low forever?
All thanks to the 24th amendment, though well intentioned, created the situation where non-taxpayers can vote.
No nation can survive if you let non contributors vote. It will invariably produce larger and larger debts to bribe people who do not pay taxes.
Meanwhile Fox News is making a kiss and make up Sunday interview with Obama, helping him pressure the GOP to cave on the judge nomination. Screw these people. Dont they get it? Obama is a terrorist, if not a financial terrorist
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