Because this kind of debt isn’t the very definition of insanity…does any seriously still believe it’s only a revenue problem?
Originally posted on Newnan Bull:
- Children born today will inherit a per capita share of the national debt exceeding $1.5 million, a new study reveals. Republican analysts on the Senate Budget Committee used figures from the Congressional Budget Office to calculate the relative share of the national debt–currently $16 trillion and counting–among different age groups.
The office of Senator Jeff Sessions, ranking member on the Senate Budget Committee, sends along this chart, showing that ‘America’s Per Capita Government Debt is Worse Than Greece,’ as well as Ireland, Italy, France, Portugal, and Spain.
Without much fanfare, US debt to GDP hit 101% with the latest issuance of $32 billion in 2 Year Bonds. If the moment when this ratio went from double to triple digits is still fresh in readers minds, is because it is: total debt hit and surpassed the most recently revised Q4 GDP on January 30, or just three weeks ago. Said otherwise, it has taken the US 21 days to add a full percentage point to this most critical of debt sustainability ratios.
Given the current level of debt, this deficit forecast, and the normal monthly pattern of federal receipts and outlays, rather than hitting the debt limit sometime in early 2013, as expected when the Budget Control Act was signed, the federal government is likely to max out its credit card on or about Election Day, which should make for an especially entertaining spectacle.
A message for those of you who continue to support Obama and plan to vote for him…