As of Oct 15th 2009 the US is running a -11.9% Budget Deficit as a percentage of GDP.
Countries in the world worse of than America:
Britain, Iceland, Ireland.
That's it.
As of Oct 15th 2009 the Total US account deficit as a percentage of GDP = 3%
Countries worse of than America:
Greece, Spain, Pakistan, South Africa, Iceland, Vietnam amd Solvakia.
That's it.
A traditional defense of the national debt is that Americans "owe the debt to themselves", but that is becoming increasingly less accurate. The US debt in the hands of foreign governments was 25% of the total in 2007,[19] virtually double the 1988 figure of 13%.[20] Despite the declining willingness of foreign investors to continue investing in US dollar denominated instruments as the US dollar fell in 2007,[21] the U.S. Treasury statistics indicate that, at the end of 2006, non-US citizens and institutions held 44% of federal debt held by the public.[22]About 66% of that 44% was held by the central banks of other countries, in particular the central banks of Japan and China. In May 2009, the US owed China $772 billion.[23] In total, lenders from Japan and China held 44% of the foreign-owned debt.[18] This exposure to potential financial or political risk should foreign banks stop buying Treasury securities or start selling them heavily was addressed in a recent report issued by the Bank of International Settlements
The white house said that these are lies from the Fox network.
ReplyDeleteWe're actually paying down our debt, and the budget is balanced.
All praise The One. O BA MA O BA MA O BA MA O BA MA O BA MA
Notice none of these facts came from Fox.
ReplyDeleteI wanted to make this post based on what I read in last weeks Economist, for which I provided a link.
The worst part about the spending is that none of it is going to tax breaks for anyone (personal or corporate)
And banks still aren't lending to business or people.