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Re: Obama and his new budget: Debt will surpass total US Economy
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Originally Posted by Schneed10
This really is the best chart to look at because it expresses the debt as a % of GDP. The limitation is that the graph doesn't show what will happen in 2011 and beyond; Obama's budget is projecting the blue to spike above the 100 line, the only other time that happened was the 1940s and WW2.
Shortly following that time our economy boomed in the 1950s, but that was a different world. Economies are globalized now, the US has a great deal more competition than in the 1950s.
We won't be able to grow our way out of debt, we're going to have to do it through very hard spending cuts.
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It most certainly won't. Cuts in spending alone won't cut it, the rich will have to cough up some dough too.
Going above 100% GDP is definitely going to be problematic. The wealth of a nation can't be spent on paying your debt.
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