Saturday, July 11, 2015

"Debt Headed to 103% of GDP"

"'No Way to Predict Whether or When' Fiscal Crisis Might Occur Here"
Historically, U.S. government debt as a percentage of GDP hit its peak in 1945 and 1946, when it was 104 percent and 106 percent of GDP respectively.

In 2015, the CBO estimates that the U.S. government debt will be 74 percent of GDP. That is higher than the 69-percent-of-GDP debt the U.S. government had in 1943—the second year after Pearl Harbor.

By 2039, CBO projects, the debt will increase to 101 percent of GDP and by 2040 to 103 percent GDP.

At that point, Hall told the Senate Homeland Security and Governmental Affairs Committee, the “debt would still be on an upward path relative to the size of the economy.”
Video at the jump


 
Link to video

5 comments:

rhhardin said...

100% is an arbitrary number, via being tied to an arbitrary production time, one year.

The debt though is just a sum, with no time involved.

Lem the artificially intelligent said...

We are also cutting defense while Russia and China increase theirs.

Leland said...

Greece just proved that David Hannum's postulate of PT Barnum extends to the point that entire nations are overwhelmed by such births. I'm looking at you, Germany.

Joe Biden, America's Putin said...

What we need are more fun camps.

edutcher said...

And HHS still has to get Pajama Boy to harangue his poor relatives on holdiays about how lucky they are to have IdiotCare.