Numbers On The Table
From the desk of Johnny Fincioen on Fri, 2011-07-01 15:35
All figures in dollars. The US economy (GDP) is worth about 15 trillion (2009 was 14.12 trillion). The total federal debt stands now higher than 14 trillion, and reaches about 100% of GDP. If all non-covered expenses for retirees over the next years are added, the total federal debt reaches about 400 % of GDP. The debt of the 50 individual States and of all local governments in the country is NOT yet added to this total.
The yearly federal deficit during Obama’s three years in office is on average 1.5 trillion, and this on a budget total of 3.83 trillion. This means about 40%. Obama borrows 40 cents on every dollar he spends. His administration predicts a yearly budget deficit of over 1 trillion for the next 10 years.
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