Us debt clock

[MERCMAN]

Hold on to your wallets folks! If this wasn't a digital clock, it could be used for a fan in Hell :rofl:

http://www.usdebtclock.org/

[Mr. Man]

Seems my bank account and the assets per citizen don't even come close to jibbing(long I)

[sailsmen]

"That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year.WASHINGTON TIMES"
"That level of debt is extremely problematic, particularly given the upward debt path beyond the 10-year budget window," said Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget.
"The proposed budget is woefully insufficient to achieve the president's goal or the important fiscal goal of stabilizing the debt at a reasonable level in the medium and long term," Ms. MacGuineas said.
For the 2016-20 period, CBO estimates that deficits will average more than 5 percent of GDP, even while assuming the economy will be near full employment, with an average jobless rate of 5 percent during that same five-year period. WASHINGTON TIMES
"Deficits in the, let's say, 5 percent of GDP range would lead to rising debt-to-GDP ratios in a manner that would ultimately not be sustainable," Mr. Orszag, the President's OMB Director, acknowledged to reporters on March 20, 2009, two months after the administration entered office.
D. Elmendorf, CBO Director, appointed by the current Congress, - In speaking about 2009 "Federal Debt held by the public will equal about 60% of GDP by the end of this fiscal year, the highest level since the early 1950's. As a result, further large deficits and increases in the debt will raise serious economic risks."
Per the CBO the 10 year Budget Baseline Debt to GDP is projected to be 67.5% and President Obama's Budget's Debt to GDP is projected to be 90% Debt to GDP.This is the result of President Obama's Budget increasing Debt an additional $3.8 Trillion. The $3.8 Trillion is from increased spending from the 2010 Fiscal year above and beyond the automatic annual increases.

For reference in 1988 the Debt to GDP was 40%, in 1998 36% and 2008 40%. After WWII over 14,000,000 dropped their uniforms and many donned hardhats to rebuild Europe and Japan. Defense spending including the War is 24%, down from the post WWII 50 year average of 35%. Point is the increased spending is entitlements which do not end.

Former Tres Sec Rubin, appointed by Pres Clinton, states - "The United States faces projected 10-year federal budget deficits that seriously threaten its bond market, exchange rate, economy, and the economic future of every American worker and family. " -"The commission also found that no economy anywhere in the world had been successful with largely state-directed activities and high walls against global integration.
The evidence, in other words, strongly suggests that a market-based model is still the best way forward. ", (Rubin wrote in NewsWeek, 12-29-09)

[SC Cheesehead]

All good points, Sailsman.

Then you get some moonbat that comes across with crap like this:

http://www.mercurymarauder.net/forums/showthread.php?t=60366&page=8

Now ya'll be a bunch of good little ostriches and poke your heads back in the sand, we've got everything in order. C.Y.C.B.I....:shake:

[tbone]

I used to look at the clock all the time. It made me so depressed, my wife told me that I can't carry the weight of the world on my shoulders. Good advice. Now if I can just get Obama off my back............

[SC Cheesehead]

I used to look at the clock all the time. It made me so depressed, my wife told me that I can't carry the weight of the world on my shoulders. Good advice. Now if I can just get Obama off my back............


Between that and the weight of the world, I'd prefer the latter...;)