CBO Reports USA Debt Headed to 103% of GDP

[jamesbond]

Testifying in the U.S Senate yesterday, Congressional Budget Office Director Keith Hall warned that the publicly held debt of the U.S. government, when measured as a percentage of Gross Domestic Product, is headed toward a level the United States has seen only once in its history—at the end of World War II.

To simply contain the debt at the high historical level where it currently sits—74 percent of GDP--would require either significant increases in federal tax revenue or decreases in non-interest federal spending (or a combination of the two).

Historically, U.S. government debt held by the public, measured as a percentage of GDP, hit its peak in 1945 and 1946, when it was 104 percent and 106 percent of GDP respectively.

In 2015, the CBO estimates that the U.S. government debt held by the public will be 74 percent of GDP. That is higher than the 69-percent-of-GDP debt the U.S. government had in 1943—the second year after Pearl Harbor.

By 2039, CBO projects, the debt held by the public will increase to 101 percent of GDP and by 2040 to 103 percent GDP. At that point, Hall told the Senate Homeland Security and Governmental Affairs Committee, the “debt would still be on an upward path relative to the size of the economy.”

While the run up in debt held by the public as a percentage of GDP in the 1940s financed a global war against Nazi Germany and Japan that ended with an allied victory, the current run toward unprecedented debt is based on projected increases in mandatory federal spending for entitlement programs. These include Social Security, Medicare, Medicaid and Obamacare subsidies.

http://cnsnews.com/news/article/terence ... ct-whether

[Moretorque]

So what does it mean ?

[Ghost]

.

[Teal Lantern]

So what does it mean ?

... that a few more reports like and Mr. Hall may wake up next to a deceased hooker or a decapitated horse's head?

[Moretorque]

Just like Dr. Paul said, the bond holders who invested in this con should get it when it implodes as it was designed too. More than likely when it goes it will take a chunk of humanity with it and here in the US we are on ground 0.

Texas is making a move to try and set up a new monetary system outside the federal government.

[Ghost]

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[Moretorque]

There demanding the gold they bought back from the NYC criminals and are setting up a gold bank along with other alternatives on the table to facilitate trade.

Texas actually has a little balls, more so than I can say for most of the rest of the country.