{"id":5331,"date":"2010-06-11T03:49:48","date_gmt":"2010-06-11T07:49:48","guid":{"rendered":"http:\/\/www.prosebeforehos.com\/?p=5331"},"modified":"2012-12-26T16:40:18","modified_gmt":"2012-12-26T21:40:18","slug":"the-growth-of-american-national-debt","status":"publish","type":"post","link":"https:\/\/www.prosebeforehos.com\/progressive-economics\/06\/11\/the-growth-of-american-national-debt\/","title":{"rendered":"The Growth Of American National Debt"},"content":{"rendered":"

\"American<\/a><\/p>\n

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.
\n
\nThe 2010 Budget proposed by President Barack Obama projects significant debt increases, both in terms of dollars and relative to GDP [Source via GPOAccess<\/a>]. 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.<\/p>\n

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.<\/p>\n

Even more disconcerting is the countries that own American debt — the foreign ownership of this debt is listed below [via Wikipedia<\/a>]:<\/p>\n

<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Leading Foreign Owners of US Treasury Securities & Debt<\/strong><\/th>\n<\/tr>\n
Nation<\/td>\nBillions of Dollars<\/td>\nPercentage<\/td>\n<\/tr>\n
People’s Republic of China<\/td>\n877.5<\/td>\n23.4<\/td>\n<\/tr>\n
Japan<\/td>\n768.5<\/td>\n20.5<\/td>\n<\/tr>\n
United Kingdom<\/td>\n233.5<\/td>\n6.2<\/td>\n<\/tr>\n
Oil Exporters<\/td>\n218.8<\/td>\n5.8<\/td>\n<\/tr>\n
Brazil<\/td>\n170.8<\/td>\n4.6<\/td>\n<\/tr>\n
Hong Kong<\/td>\n152.4<\/td>\n4.1<\/td>\n<\/tr>\n
Taiwan<\/td>\n121.4<\/td>\n3.2<\/td>\n<\/tr>\n
Russia<\/td>\n120.2<\/td>\n3.2<\/td>\n<\/tr>\n
Grand Total<\/strong><\/td>\n3750.5<\/strong><\/td>\n65.8<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/center><\/p>\n

See Also:<\/strong> US National Debt 1940-2010<\/a>, Stimulus Wimps<\/a>, Pete Peterson Has Won: Americans Rate Federal Debt as Top Threat<\/a>, Household Net Worth off $11.4 Trillion<\/a>, Federalizing Your Retirement<\/a>, Comstock: The Dire Outlook For Housing<\/a>, Taleb: Debt Problems Are Worse Now Than in 2008<\/a>, We need a \u201ctruce\u201d on social issues to concentrate on our fiscal crisis<\/a>, The U.S. Total Debt Picture: Still Rising Slowly<\/a>, and National Debt Now Rated With Terrorism As Top Fear Of Nation\u2019s Voters<\/a>.<\/p>\n

[tags]national debt, graphs, graph of national debt, debt as a percent of gdp, debt as a percentage of gdp, american debt, american national debt, total debt, pictures, photographs, pics, united states debt, economics american total debt[\/tags]<\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":531,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[220],"tags":[],"yoast_head":"\nThe Growth Of American National Debt - Prose Before Hos<\/title>\n<meta name=\"description\" content=\"As of June 1, 2010, the Total Public Debt Outstanding was approximately 88.9% of GDP, and for the first time exceeded $13 trillion. 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