We are spending $1bn dollars an hour, which has either been borrowed or printed. Tax revenues were down 30% last month alone.
National Debt To GDP:
As of May 25, 2009, the total U.S. federal debt was $11,305,673,498,034.18, or about $37,095 per capita. Of this amount, debt held by the public was roughly $6.999 trillion. In 2007, the public debt was 36.8 percent of GDP, with a total debt of 65.5 percent of GDP. As of 2007, the debt of the United States ranked as the 22nd-largest in the world as a percentage of GDP. As of May 2009 the debt was 82.0 percent of GDP based on current GDP. This level of debt has not been seen since 1951, with the nominal value the largest in recorded history. The President's 2010 budget estimates that total debt relative to GDP will rise to 97% by 2010 and stabilize at approximately 100% thereafter.
THAT IS RIGHT. DEBT RELATIVE TO GDP WILL RISE TO 97% IN 2010 AND 100% IN 2011 ON OUT.
See our national debt to GDP compared to other countries here:
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