Archive of posts tagged trajectory

Treasury: U.S. Borrowing Over 100% of GDP After Debt Ceiling Increase

The debt ceiling increase has helped raise our borrowing over 100% of GDP for the first time since 1947!
“The last time US debt topped the size of its annual economy was in 1947 just after World War II. By 1981 it had fallen to 32.5 percent.”

We are now borrowing $14.58 trillion, with a GDP of $14.53 trillion, showing that the Obama administration has no useful ideas, no experience, and no clue how to run a Capitalistic Democracy.

US debt shot up $238 billion to reach 100 percent of gross domestic project after the government’s debt ceiling was lifted, Treasury figures showed Wednesday.

Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country’s spending commitments reached a breaking point and it threatened to default on its debt.

The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.

Public debt subject to the official debt limit

…

...Continue Reading Treasury: U.S. Borrowing Over 100% of GDP After Debt Ceiling Increase

Boehner Ends Dead-End Debt Limit Talks With Tax-Hungry Obama

Obama and most of the Democrats are not honestly in favor of lowering the debt. They do want to raise the debt ceiling and jack up taxes to feed their out-of-control spending, impose more and more job-killing regulations to further damage the economy, and increase the size of the government to try and make us more dependent on the free handouts, as many already are.

Obama and the Democrats have had plenty of time to get the majority of our problems figured out, yet they waited until the last second on the debt problem because they wanted the American People to feel as though their backs were against the wall, and that a Democrat plan must be crammed through as soon as possible. They did the same thing with their socialist takeovers of private sector businesses, and the healthcare bill that none of the Democrats even read before passing.

Here is the letter from House Speaker John Boehner (R-Ohio) that explains why he broke off the debt ceiling negotiations with President Obama.

Dear Colleague,

Our economy is not creating enough

…

...Continue Reading Boehner Ends Dead-End Debt Limit Talks With Tax-Hungry Obama