Forum Post: US Debt to GDP surpasses 100 percent -- America is broke...
Posted 12 years ago on Dec. 21, 2011, 7:45 p.m. EST by Doc4the99
(591)
from Washington, DC
This content is user submitted and not an official statement
http://www.zerohedge.com/news/its-official-us-debtgdp-passes-100#comment-2003000
It's Official: US Debt-To-GDP Passes 100%
~and no, Ron Paul isn't gonna save you; and no this isn't Obama's fault (but he sure hasn't nor have any dems or any politicians helped-- all of them crooks) nor is this the baby boomers fault either. And, Sorry, kids, Liberatarion policies of no financial regulation don't work (& are what got us into this mess in the first place-- yes, fact-- ref. shadow banking). And the tea party is already lobbying for their bloated gov. pork barrel projects...
Outsourcing and bailouts (for CEOs with tax payer money) and corporate lobbyist ruined this county. America phuck yeah... The IMF Global Executives can steal 1.2 billion dollars of farmers' money, and walk away clean; but try to protest about equality in a public park and the Bloomberg SS police come swinging and pepper spraying. Phuck yeah, America. #1... Oh,and be careful because you may be detained indefinitely without trial for that protesting as well (because you might be a terrorist). So, shut the phuck up, and go back to your min wage job and McDonald's -- and take out a $100,000 dollars loan from BAC at 50 percent interest to fund you criminal justice degree at National Online University...or go to prison in the U-S-S-A in the gulag without trial... 1984... it's here... welcome to a Brave New World people...
USA USA USA... so, put on you cut off jean shorts and cowboy hat and let some of those .45 rounds go off in a early 4th of July celebration; PBRs all around yo... debt surpasses GDP... and they said we couldn't do it...
We [America, the country of] would like thank Benny B and the bailouts and China for all their cheap labor as well as all the private military contractors who made all of this possible,
we're number one again!!! in debt... keep spending... shop till' you drop folks... black Friday until we all implode and go broke...
~http://www.zerohedge.com/news/its-official-us-debtgdp-passes-100#comment-2003000
"With precisely one year left for the world and all of its inhabitants, at least according to the Mayans, not to mention on the day of the Winter Solstice, it is only fitting that US debt, net of all settlements for all already completed bond auctions, is now at precisely $15,182,756,264,288.80. Why is this relevant? Because the latest annualized US GDP, according to the BEA, was $15,180,900,000.00. Which means that, as of today, total US debt to GDP is 100.012%. Congratulations America: you are now in the triple digit "debt to GDP" club!
(naturally, this is using purely "on the books" data. If one adds the NPV of all US liabilities, and adjusts GDP for such things as today's housing contraction, then the magical triple digit threshold was breached long, long ago).
And here is the breakdown for the forensically inclined ones:
I. Total debt as of December 20: $15,131,979,264,288,80 (source): ..."
http://www.csmonitor.com/Business/Robert-Reich/2011/0728/Budget-crisis-No-it-s-a-jobs-and-growth-crisis.
http://www.huffingtonpost.com/robert-reich/why-this-is-exactly-the-t_b_981535.html
http://www.youtube.com/watch?v=NyjuvfAkznY
Right we need 20 million jobs. Heres my cookbook to create 20 million jobs. http://anoncentral.tumblr.com/post/12064319904/cookbook-for-creating-21-million-jobs-in-the-us-by
Great post.
Thank you.
6 years of blogging has sharpened my writing skills to the point where I can actually effectively communicate. I do economics and energy mostly
But I'll try to do better..... :~ )
yeah too bad, this is a very different world and a very different USA (when compared to post WWII). We don't manufacture anything. And the world doesn't demand our products either. Our economy has been gutted, stripped, and shipped overseas to oppressive countries that outlaw unions.
http://www.marchandmeffre.com/detroit/
Welcome to Detroit, welcome to the USA.... decaying infrastructure and forgotten factories (that are not coming back), while goldman exec's line their pockets with billions and strip the USA of any remaining wealth; while the USA gov. [both repubs and democrats via zero financial regulations prop up toxic zombie banks], while we all suffer...
Welcome to the USA... welcome to corporate decay, just like the pyramids in Egypt, and the coliseums in Rome... Welcome to America the abandoned...
http://www.marchandmeffre.com/detroit/
Actually manufacturing is 8-9% of GDP, and the US has significant exports. But basically you're right.
allot of that is spun (those numbers)... there is some (manufacturing)... understand post WWII we were shipping to the world... now we import more than we export; i.e. consumption culture vs. production culture cannot be sustained by debt manipulation alone. Eventually we will pay the piper (and it's coming soon) in one of three ways, with each one ending with the USA --becoming a 3rd world country. Either we print and ruin ourselves with inflation, maybe we don't and the banks die and we suffer deflation and a liquidity crises, or three, war...Or the first two and war... Road to no where... the same old song since the beginning of time. Now back to more X-factor and celeb gossip... Those celebrities are an inspiration for the world...signing and acting are soooo important...
When it is suggested on this forum, that our manufacturing base is gone and very few today truly do not produce, or know how to produce, tangible and durable goods, which are absolutely necessary to any nation of civilized greatness, well it seems the majority here regards that as malarkey.
After all, our nation should be great if we are all carefree artists, musicians, and paper hustlers, allowing the rest of the world produce tangible necessities and durable goods. They can damned sure do it cheaper if we refuse try.
However, it's not that simple yet none of DC ever discusses tariffs or excise taxes on imports they have encouraged and insisted upon, so as to force factory doors here, back open, and give our nation a chance at recovering.
We have trade deficits with just about every industrialized modern nation.
I guess if we can't produce durable goods, we'll have to work on the marketing pitch to sell the rest of the world insurance policies, stock options, alarm monitoring agreements, and other forms of lucrative paper magic. I kinda like that idea, getting dirty and work sucks.
I should know, I've done it my whole life.
or we sell IPOs (like you say) that market things like social media to online for people via free use and then sell marketing and goldman underwrites the IPOs; and we call get rich... paper rich... my IPO is worth billions via market cap... because we market...
i.e. the last gasps of a dying empire...
I found it interesting to observe when congress passed laws prohibiting American Machine Manufacturers from selling equipment to China, while out the back door handing out incentives for their pet businesses to build factories (that receive free electricity from Three Georges, epa and osha exempt, laborers at less than $5 a day) in China, send engineers over to train their working forces, manufacture their products for Walmart, Home Depot, Lowes and many others for the cost of dirt and then as our nation lost 50,000 manufacturing jobs per month, they still refuse to address why this is happening and will not as long as congress and the senate are rife with multi and dual nationalists corporate wealth extractors, clearly on the take.
Our military has been outsourcing, and even BLATANTLY rebadging (to say Made in America) machining and even defensive equipment since the mid-1970's.
It's all a farce and a sham devised solely to extract wealth from our nation while lowering our standard of living, as well as that of all other once prospering countries, so to make one power over all, much easier to implement.
I do recall... “At GM, you form a committee on snakes, then hire a consultant…” (Ross Perot)
Ross Perot did not like the practices at General Motors, the company that bought Perot’s Electronic Data Systems. GM, Perot said, bogs things down with a committee system.
An EDS employee who sees a snake kills it, Perot graphically said. At GM, they form a committee on snakes, hire a consultant who knows about snakes, talk about it for a year…
~what a good analgy for our crappy out of touch overly paid politicans. Love it how they continue to vote wage increases for themselves, while workers wages' remain sragnate vs. Inflation. Sham.
You are right. How can we fix it? I think you and I differ a little in views; however, America needs jobs. The service economy is a shell. And outsourcing gov. Crap payments is expensive beyond beliefs...
"I hope a return to the sort of mentality that existed just after the Great Depression and the Second World War when the emphasis was on the income status of the general population rather than promoting the wealth of the very few at the top. We've gone down the elite road - the Macquarie bank vision of the world, promoting the speculators and the spivs rather than the working people. I give my students a quote from the white paper on employment that came out in 1945 to show what the mindset was like after the last great crisis. That whitepaper had the following statement, "The object of economic policy is to maintain such a pressure on employment as as to guarantee a shortage of jobs, rather than a shortage of men." ---- Steve Keen
The other side of that sword is, that so many everyday people have a significant amount of their savings, wealth, and future invested in the very same wealth extraction casinos, run by known thieves and confidence persons..... with many enjoying the returns and dividends while callously devoid of any empathy to the fact that they too are guilty of the very wealth extraction without added value wars that have benefited ONLY the wealthy to any useful degree while making the gains received by everyday working people, null and void due to the cost of living increases that follow and lower paying jobs at the other end to keep the shareholders and fat CEO's content.
To this end, I think wall street, publicly owned businesses, and all other means of wealth extraction should be left alone and not of any concern or involvement with our government, at least to no more extent than casinos.
The masses will learn soon that if you gamble with Ivy League thieves, you'll end up losing.
It's morally and ethically wrong and quite counter-productive to our nation ever recovering.
Have you ever reviewed, or do you recall, the presidential race between Clinton, Perot and Bush?
Perot told American in 1992 where and why all our jobs had gone and would continue to go. People were doing not as poorly then and many thought he was a bit of a kook.
They thought his idea of disassembling Congress and the Senate, allowing Americans to vote via Electronic Town halls on all legislation, just wasn't necessary.
I bet many wished they had been more open minded and less greedy back then.
good stuff plus one... I haven't read him before. thanks !!!
“You can always count on Americans to do the right thing - after they've tried everything else.”
~Winston Churchill (lets hope old Winston Churchy was right)
Yep, let's hope we still have a little greatness left in us.
let's hope
Getting it, doesn't fit the agenda of continuing the crash as long as possible.
That would be the "conservapublitairianbagger" way.
They are a confused lot.
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ok now congress really really really really promises to take it seriously
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I'd like to thank the global bank cartel and the politicians and central banks they own; and a shout out to the military-industrial complex as well. Of course special thanks to China for empowering us to achieve this level of debt burden.
Finally, a special thanks to the 50% of Americans on the government teat and the sub-par educational system that creates them. Well done everybody! Now go watch some more reality television... and celeb gossip... and bash OWS for being dirty hippies...
USA is straight Ballin' !!!
The crooks in DC are giving it a 110% effort in keeping this zombie alive [aka the US banks with tax payer bail outs]...
Amerika is Debt Nation...
man, 2011 has been a great year for celebration. Not only did we receive an AA+ on credit mid-term paper. we received a 100% on our debt end of year power point project! USA USA USA USA!
If you look at debt to income like buying a house, it appears that we're subprime!!
Given government receipts vs debt service, we were below subprime a long time ago. Excluding ridiculous "stated" or "no income" subprime loans, the worst allowed DTI I ever saw allowable was 65%
Subprime is contained!
Whoo Hoo! Happy New Year!
The point is, taxes are now almost irrelevant. They can tax all they want, literally take everything you earn. It doesn't make a blind bit of difference. The budget is still too large.
Team America...!!
what debt ceiling? Ponzi milestone, THANKS Federal Reserve, took less than 100 years...
nice to be part of something bigger than myself, you know?
How long until we pass 200% GDP? 6 years? 8 years? 10 years?
Do we get bonus miles?
Drinks for everyone... Ben and Timmy are buying... Have you heard of taxes and inflation?
and they are fighting over payroll taxes - ha
If you taxed all income taxpayers at 100% of income. You still couldn't pay the US Government budget.
Ahem, thats really not the way to do it. Tax the rich, take the money invest in jobs stimulus, GDP grows, Deficit goes down. Like Clinton did.
Raising taxes to pay the deficit will only lower GDP. And doesnt invest in anything.
like I said if we taxed everybody 100 percent we still couldn't do it; Clinton deregulated the banks and sold out the liberals... it doesn't matter.. we're screwed...
team america yeah