As of June 1, 2010, the Total Public Debt Outstanding was approximately 88.9% of GDP, and for the first time exceeded $13 trillion. Yes, you read that right: the national debt for the United States is now 90% of the total economic output for a year.
The 2010 Budget proposed by President Barack Obama projects significant debt increases, both in terms of dollars and relative to GDP [Source via GPOAccess]. The debt is projected to nearly double to $20 trillion by 2015, but is expected to increase to nearly 100% of GDP by 2020 and remain at that level thereafter. In March 2009, the Congressional Budget Office (CBO) estimated that gross debt will rise from 70.2% of GDP in 2008 to 100.6% in 2012. Essentially, there will be more debt than economic out by 2012.
Don’t worry, Obama isn’t the only one to blame: Under President George W. Bush, the national debt increased from $5.6 trillion in January 2001 to $10.7 trillion by December 2008, rising from 58% of GDP to 70.2% of GDP.
Even more disconcerting is the countries that own American debt — the foreign ownership of this debt is listed below [via Wikipedia]:
| Leading Foreign Owners of US Treasury Securities & Debt | ||
|---|---|---|
| Nation | Billions of Dollars | Percentage |
| People’s Republic of China | 877.5 | 23.4 |
| Japan | 768.5 | 20.5 |
| United Kingdom | 233.5 | 6.2 |
| Oil Exporters | 218.8 | 5.8 |
| Brazil | 170.8 | 4.6 |
| Hong Kong | 152.4 | 4.1 |
| Taiwan | 121.4 | 3.2 |
| Russia | 120.2 | 3.2 |
| Grand Total | 3750.5 | 65.8 |
See Also: US National Debt 1940-2010, Stimulus Wimps, Pete Peterson Has Won: Americans Rate Federal Debt as Top Threat, Household Net Worth off $11.4 Trillion, Federalizing Your Retirement, Comstock: The Dire Outlook For Housing, Taleb: Debt Problems Are Worse Now Than in 2008, We need a “truce” on social issues to concentrate on our fiscal crisis, The U.S. Total Debt Picture: Still Rising Slowly, and National Debt Now Rated With Terrorism As Top Fear Of Nation’s Voters.
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