I would probably have to review the National Debt Parody and think a bit about the future before making any rash decisions. A nation approaching a debt larger than its GDP by 2021 is unlikely to survive, but we could just stick our heads in the sand living for the now and letting someone else worry.
Originally Posted by Nations and their Ratio of Debt to GDP
# 1 Iraq: $7,454.88 per $1,000 of GDP 2003
# 2 Ireland: $6,251.97 per $1,000 of GDP 2006
# 3 Liberia: $6,049.15 per $1,000 of GDP 2005
# 4 Guinea-Bissau: $4,369.81 per $1,000 of GDP 2000
# 5 United Kingdom: $3,530.89 per $1,000 of GDP 2006
# 6 S?o Tom? and Pr?ncipe: $3,459.97 per $1,000 of GDP 2002
# 7 Netherlands: $2,887.82 per $1,000 of GDP 2006
# 8 Switzerland: $2,836.01 per $1,000 of GDP 2006
# 9 Belgium: $2,686.22 per $1,000 of GDP 2006
# 10 Mauritania: $2,312.31 per $1,000 of GDP 2000
# 11 Burundi: $2,016.80 per $1,000 of GDP 2003
# 12 Austria: $1,843.11 per $1,000 of GDP 2006
# 13 Gambia, The: $1,712.55 per $1,000 of GDP 2003
# 14 Guyana: $1,660.99 per $1,000 of GDP 2002
# 15 Sierra Leone: $1,626.82 per $1,000 of GDP 2003
# 16 Sweden: $1,554.06 per $1,000 of GDP 2006
# 17 Congo, Republic of the: $1,552.85 per $1,000 of GDP 2000
# 18 France: $1,551.52 per $1,000 of GDP 2006
# 19 Denmark: $1,471.46 per $1,000 of GDP 2006
# 20 Portugal: $1,413.50 per $1,000 of GDP 2006
# 21 Lebanon: $1,413.16 per $1,000 of GDP 2006
# 22 Germany: $1,343.11 per $1,000 of GDP 2006
# 23 Finland: $1,202.70 per $1,000 of GDP 2006
# 24 Congo, Democratic Republic of the: $1,170.51 per $1,000 of GDP 2006
# 25 Comoros: $1,149.08 per $1,000 of GDP 2000
# 26 Latvia: $1,140.41 per $1,000 of GDP 2006
# 27 Seychelles: $1,129.55 per $1,000 of GDP 2006
# 28 Norway: $1,126.51 per $1,000 of GDP 2006
# 29 Belize: $1,086.07 per $1,000 of GDP 2005
# 30 Italy: $1,060.85 per $1,000 of GDP 2006
# 31 Madagascar: $1,046.14 per $1,000 of GDP 2002
# 32 Central African Republic: $1,013.45 per $1,000 of GDP 2002
# 33 Estonia: $984.78 per $1,000 of GDP 2006
# 34 Guinea: $972.51 per $1,000 of GDP 2006
# 35 Kazakhstan: $950.97 per $1,000 of GDP 2006
# 36 Togo: $948.23 per $1,000 of GDP 2005
# 37 Laos: $933.99 per $1,000 of GDP 2006
# 38 Kyrgyzstan: $921.45 per $1,000 of GDP 2006
# 39 Zimbabwe: $913.29 per $1,000 of GDP 2006
# 40 Mali: $837.62 per $1,000 of GDP 2002
# 41 Australia: $817.65 per $1,000 of GDP 2006
# 42 Spain: $814.31 per $1,000 of GDP 2006
# 43 Croatia: $794.54 per $1,000 of GDP 2006
# 44 Grenada: $793.51 per $1,000 of GDP 2004
# 45 Dominica: $785.70 per $1,000 of GDP 2004
# 46 Slovenia: $779.82 per $1,000 of GDP 2006
# 47 Saint Kitts and Nevis: $776.22 per $1,000 of GDP 2004
# 48 Bulgaria: $771.85 per $1,000 of GDP 2006
# 49 Bhutan: $769.34 per $1,000 of GDP 2006
# 50 Niger: $768.83 per $1,000 of GDP 2003
# 51 Rwanda: $766.81 per $1,000 of GDP 2004
# 52 United States: $760.50 per $1,000 of GDP 2006
The point is that there are a LOT of nations whose debt/GDP ratio is much higher than our own, and has been for quite some time. Yes, we need to address it. No, the sky isn't falling.
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We work together every damn day. --Jon Stewart
The point is that there are a LOT of nations whose debt/GDP ratio is much higher than our own, and has been for quite some time. Yes, we need to address it. No, the sky isn't falling.
It now seems that Obamacare would let several million middle-class people get nearly free insurance meant for the poor, seems that government number crunchers say they discovered only after the complex bill was signed. Pelosi was right let's pass it to see what's in it. The change would affect early retirees on Social Security: A married couple could have an annual income of about $64,000 since Social Security is not counted as income according to the bill.
Since this was missed by the CBO that means cost projections were wrong, wrong, wrong! It now appears that the national debt will surpass GDP by 2021.
I didn't vote for Obama, but didn't want to vote for McCain either. Next time around I suspect anyone will be better than Obama. We need someone who will give AF-1 a rest.
Some of the posts here sound like a kid's argument, " all the kids are doing it".
Actually, "all the kids are doing it" leads directly and naturally to democracy. It isn't a bad argument, it's just not a great one.
Taking on debt isn't necessarily a bad thing. If you're a homeowner, chances are very good that you have, at some point in your life, taken on more debt than your total annual income at that time. Most likely, a LOT more.
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We work together every damn day. --Jon Stewart
Actually, "all the kids are doing it" leads directly and naturally to democracy. It isn't a bad argument, it's just not a great one.
Taking on debt isn't necessarily a bad thing. If you're a homeowner, chances are very good that you have, at some point in your life, taken on more debt than your total annual income at that time. Most likely, a LOT more.
Not me, I'm debt free and have been for 50 years. Let me tell you it's a good feeling!
The national debt would require more than 50 years to pay down if we were paying the 4% minimum, but we are not paying we are still running a deficit. That sounds necessarily like a bad thing for our descendants.
That's what I thought! Screw those disabled scum!
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