Friday, November 20, 2009

U.S. National Debt projected to exceed GDP by 2019

The U.S. National Debt presently amounts to just under $40,000 for every man, woman and child in the States.

It has increased about $1.6 trillion on Mr. Obama’s watch, after climbing $4.9 trillion during the presidency of George W. Bush.

By 2019, the National Debt is projected to reach $24.5 trillion — exceeding the Gross Domestic Product projected for 2019!

How much is a Trillion Dollar?

1 comment:

Anonymous said...

That the US debt is unsustainable is beyond question. According to the Treasury Department, Washington was compelled to pay $383 billion over the course of the last fiscal year just in interest on the public debt.

Given that total revenues from individual federal income taxes amount to $904 billion, 40 cents out of every dollar paid by US taxpayers is going to service the debt.

In Federal Reserve Chairman Ben Bernanke’s unusually frank assessment of the “jobless recovery” presented in a speech to the Economic Club of New York earlier this week, he said:

“Since December 2007, the US economy has lost, on net, about 8 million private-sector jobs, and the unemployment rate has risen from less than 5 percent to more than 10 percent. Both the decline in jobs and the increase in the unemployment rate have been more severe than in any other recession since World War II.”

Bernanke also noted that the number of part-time workers who cannot find full-time jobs has doubled since the onset of the crisis, while the average workweek has fallen to 33 hours, the lowest level since the Great Depression.

He concluded, “The best thing we can say about the labor market right now is that it may be getting worse more slowly.”