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US Debt to climb to 19.6 Trillion by 2015

  1. MikeNV profile image80
    MikeNVposted 7 years ago


    ------------------- ARTICLE -------------------------

    WASHINGTON: The US debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress.

    The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.

    "The president's economic experts say a 1 percent increase in GDP can create almost 1 million jobs, and that 1 percent is what experts think we are losing because of the debt's massive drag on our economy," said Republican Representative Dave Camp, who publicized the report.

    He was referring to recent testimony by University of Maryland Professor Carmen Reinhart to the bipartisan fiscal commission, which was created by President Barack Obama to recommend ways to reduce the deficit, which said debt topping 90 percent of GDP could slow economic growth.

    The US debt has grown rapidly with the economic downturn and government spending for the Wall Street bailout, the wars in Afghanistan and Iraq and the economic stimulus. The rising debt is contributing to voter unrest ahead of the November congressional elections in which Republicans hope to regain control of Congress.

    The total US debt includes obligations to the Social Security retirement program and other government trust funds. The amount of debt held by investors, which include China and other countries as well as individuals and pension funds, will rise to an estimated $9.1 trillion this year from $7.5 trillion last year.

  2. goldenpath profile image72
    goldenpathposted 7 years ago

    Completely agree, brother! smile

    Political parties have nothing to do with it at all.  Party affiliations are just the smoke screen for money channels going on behind the scenes.  The Federal Reserve was organized under deceit for the express purpose of creating a nation of dependant citizens and magnifying the pockets of those at the top, yet behind the scenes away from cameras, to an ungodly degree.

  3. Cagsil profile image60
    Cagsilposted 7 years ago

    Interesting to see that you keep bringing up subjects that are off in the distant future.

    Why don't you try living in the present? Fix the issues presently causing the problems you are complaining about coming in the future. roll

    1. alternate poet profile image65
      alternate poetposted 7 years agoin reply to this

      The present is pretty clear, as a nation you are broke and facing foreclosure on some of your major assets.

      The Obama stimulus and bailout attempt is either a last ditch attempt to hold it all together or the straw that will break the camel's back.

      The future is more than worth worrying about - it is very close and Ryankett is right to point this up.  Blindly pushing on with failed thinking is to take the Lemming way, new thinking takes imagination and courage. But then I am not American so I guess I don't count, just like the rest of the world you are all in hock to.

      1. profile image0
        ryankettposted 7 years agoin reply to this

        But I'm not so sure that the 'Liberal Conservatives' (who ever would have thought that those two words could be used together?) 'deficit reduction' plan is going to work for the UK either. Whilst the intent is truly admirable, and I hope that it works for the long term, I am worried about the immediate consequences of such drastic cuts in expenditure and whether they will truly make much of an impact on our future economic health.

        They talk about a private-led recovery and then increase corporate taxes for some of our key industries, such as manufacturing. They talk about small business development, and then take out a layer of consumer spending (public servants). By all means cut public expenditure, but how are they going to seek to ensure that the private sector is encouraged to come in and mop up?

        I suppose that renewable energies is a big one, but we cant all work on public-private energy initiatives!

        It all smacks of Thatcherism at the moment, but we will see.

  4. profile image0
    ryankettposted 7 years ago

    It is interesting to see that you have tried to incite me on this forum several times by making reference to the UK debt problem, before indirectly admitting that the US debt problem far exceeds the UK debt problem by any possible measure.

    1. Cagsil profile image60
      Cagsilposted 7 years agoin reply to this

      There cannot be any comparison between the U.S. debt and any other singular Nation on the planet.

      The U.S. debt is greater than the combined debt of any 10 Countries you can put together and makes all other look measly in comparison.

      1. profile image0
        ryankettposted 7 years agoin reply to this

        The UK debt is still very bad, over 50% of GDP per capita, but yes the US debt is not far from reaching 100%.

        There are countries with a higher debt than the US per capita.

        There could be a way out for the US if things got far too bad, if it dissolved into 50 independent states without central control over monetary systems, in other words 50 seperate countries - I'm sure that most states would do a pretty good job of managing their finances.

        It would also result in less wars, no doubt. Perhaps only Texas would believe that it could control the world. Unless you started fighting each other hmm Most of you would be happy just getting along.

  5. Cagsil profile image60
    Cagsilposted 7 years ago

    Ignorance is truly bliss. People love to look to the future, when they refuse to address the problems of the present.

    Good luck you two. Hope you enjoy your little banter for all it will do. Exactly nothing. More talk than action, is the damn problem.

    But, you continue to run off with the words and enjoy.

    1. profile image0
      ryankettposted 7 years agoin reply to this

      Cagsil, who are you referring to?

    2. alternate poet profile image65
      alternate poetposted 7 years agoin reply to this

      looking to the future is about what to do with the present.  Retreating into personal fantasies, or constructing virtual realities around ourselves is the way to waste time and effort.

      The current economic system is in serious trouble and something needs to change, history tells us that if we do not change we become exctinct, creeatures, nations and species the same.

      The remote log cabin won't work either, we are nothing without our society, alone we are just a blip of paranoia with a gun in a box.

  6. Misha profile image74
    Mishaposted 7 years ago

    Ryan, just get yourself a remote cabin, big machine gun, and a stock of food and ammunition. While you can. smile

    1. profile image0
      ryankettposted 7 years agoin reply to this

      Lol, same to you Misha wink