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Willisms

« Trivia Tidbit of the Day: Part 808 -- Infrastructure Privatization Is Conservative. | WILLisms.com | Trivia Tidbit of the Day: Part 810 -- Free Trade Is Green. »

Trivia Tidbit of the Day: Part 809 -- America's Debt To Surpass GDP By 2012.

Just In Time For 2012, A Tipping Point-

Public debt levels in this country are reaching untenable levels, and debt is threatening to overtake GDP under the Obama administration:

usdebtontracktopassgdpby2012.gif
The CHART OF THE DAY tracks U.S. gross domestic product and the government’s total debt, which rose past $13 trillion for the first time this month. The amount owed will surpass GDP in 2012, based on forecasts by the International Monetary Fund. The lower panel shows U.S. annual GDP growth as tracked by the IMF, which projects the world’s largest economy to expand at a slower pace than the 3.2 percent average during the past five decades.

Not good. Symbolically, debt bigger than our entire annual economy would be a symbolic Jimmy Carter-esque malaise moment for our country. More than symbolically, it will begin to impact America's place in the world in a time of rapid global economic change. It will have tangible effects on our currency, our inflation rate, interest rates, tax rates, and a whole host of other economic inputs. It will impact our ability to project power and protect our interests and allies in the world.

It's not set in stone, but we can and must do everything in our power to reform our entitlements, cut out the pork, and curb the growth of the Leviathan.

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Previous Trivia Tidbit: Infrastructure Privatization Is Conservative.

Posted by Will Franklin · 7 June 2010 09:17 AM

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