Good News! U.S. debt has exceeded 100% of GDP!

Josh_R

Registered User
Jan 29, 2005
5,847
458
578
Akron, Ohio
#1
Oh, wait that's a bad thing.
http://www.foxnews.com/politics/2011/08/04/us-debt-reaches-100-percent-countrys-gdp/

The U.S. debt surpassed 100 percent of gross domestic product after the government's debt ceiling was lifted, Treasury figures showed Wednesday, according to AFP.
The debt, which had been in somewhat of a holding pattern over the past several weeks, rose $238 billion after President Obama signed the debt-ceiling deal into law Tuesday to avoid the country's first-ever default.
The package is designed to carve $2.4 trillion from the deficit over the next decade. But in the near term, it granted Washington an increase in its borrowing authority worth the same amount.

With that authority, the public debt has climbed to $14.58 trillion, putting it just over the $14.53 trillion size of the country's economy in 2010.
As the country moves into a league with deep-in-the-red nations like Italy and Belgium, fiscal conservatives say the fight to cut spending is far from over.
For those who don't know shit about economics: Basically, our country now owes more money than every person and company in the United States makes in a year.
 

Hoffman

Guess who's back? Hoffman's back
Sep 28, 2006
34,674
2,022
458
Northern VA
#2
So...we're overachieving is what you're saying?

:action-sm
 

NuttyJim

Well-Known Member
It's My Birthday!
Feb 18, 2006
13,932
6,322
638
#3
Fuck it, I will stop paying my bills and get those new rims I can't afford.
 

lajikal

Registered User
Aug 6, 2009
15,741
3,826
328
#11
Put that shit on credit. I got pla-ti-num bitches!
 

Norm Stansfield

私は亀が好きだ。
Mar 17, 2009
15,949
4,075
328
#13
It's happened before.....
No it hasn't: in the middle of WW2, the country, for about two years, chose to temporarily poor its resources into defeating an immediate threat. That meant shifting production-temporarily- towards war materials, and sending a significant percentage of productive labor, also temporarily, off to war.

The reason why they did that is because they knew country would be able to easily recover after all that government spending went away, and all the production and all those soldiers returned to productive work. Today, we are not only not getting an infusion of productive capacity or fresh, cheap labor, we actually just green-lit another $2.4 trillion in unearned spending at the expense of the little productive capacity we do have.
 

NuttyJim

Well-Known Member
It's My Birthday!
Feb 18, 2006
13,932
6,322
638
#17
Well that settles it. Everything that's ever happened before is a good thing. We can turn Auschwitz into a theme park now!
I wanna ride the new "Führer Coaster" which looks like a cattle car and rides into the mystical ovens.
 

Party Rooster

Unleash The Beast
Apr 27, 2005
40,304
7,454
438
The Inland Empire State
#18
No it hasn't: in the middle of WW2, the country, for about two years, chose to temporarily poor its resources into defeating an immediate threat. That meant shifting production-temporarily- towards war materials, and sending a significant percentage of productive labor, also temporarily, off to war.

The reason why they did that is because they knew country would be able to easily recover after all that government spending went away, and all the production and all those soldiers returned to productive work. Today, we are not only not getting an infusion of productive capacity or fresh, cheap labor, we actually just green-lit another $2.4 trillion in unearned spending at the expense of the little productive capacity we do have.
That's a very pourly written analysis.