Spanky's Place

United States Debt now greater than GDP

reposted from my buddy Poison Pero. Original post here

Last Wednesday, Nov. 23, the U.S. National Debt officially passed our GDP...I'm betting this is the first you've heard of this matter, because the government and it's media psychophants (spelling intended) don't dare bring it up.

For those who think this isn't a big deal, lets look at a few other 'fun facts' (it might be helpful to go to the U.S. Debt Clock to get the current numbers).

1. As stated above, the National Debt has passed our GDP...It continues to move past it at a ridiculous rate, and will only get worse as we go forward.
2. The State and Local Debt should be added to the National Debt, because the Feds would never let them go 'belly up'...This would add another $3 trillion to our government's OVERALL DEBT. Like the Feds, the State and Local Debts are increasing at a faster rate than the Revenue streams to pay them.
3. The interest on our national debt FOR THIS YEAR ALONE is over $3.7 trillion! That's over 20% of our GDP! And the Feds have only received around $2.3 trillion in tax revenue...It doesn't take a genius to figure this accounting problem: We'll need to increase our taxes by almost 50% to JUST PAY THE INTEREST ON OUR DEBT.
4. Look at those Unfunded Liabilities: $116 trillion...A joke; an impossible figure. But no one wants to give them up.

So, what's to make of these FACTS?

Our elected officials and the geniuses in the media can lie to us all they want, the reality is our nation is bankrupt and no one is going to be willing to do what it takes to solve the problem: Raise taxes drastically, lower entitlements drastically, steal money from the rest of the world (through empire and resource exploitation), or a combination of all three. Americans aren't willing to do any, or all, of these three factors which would be necessary to manage our National Debt...Which is why we have 'Jumped the Shark' as a nation.

As Americans, most are ignorantly cruising through life without a care in the world about this matter, but make no mistake at some point we will ALL have to pay-the-piper...And when that time comes there will be hell to pay.