US borrowing tops 100% of GDP

Discussion in 'Politics' started by carpro, Aug 3, 2011.

  1. carpro

    carpro
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    http://news.yahoo.com/us-aaa-rating-still-under-threat-204040123.html

    US borrowing tops 100% of GDP: Treasury

    US debt shot up $238 billion to reach 100 percent of gross domestic project after the government's debt ceiling was lifted, Treasury figures showed Wednesday.

    Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country's spending commitments reached a breaking point and it threatened to default on its debt.

    The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.
     
  2. freeatlast

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    Like I have been saying we are going to default at some point and lose just about everything we have. There is no way to fix the problem, not now or before the debt ceiling was raised. people need to wake up and be ready when it hits so there is no surprise.
     
  3. blackbird

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    Be ready??? How?? 330 million people gotta be ready---for what??
     
  4. freeatlast

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    There are not 330 million Christians and actually I was speaking to the Christian audience. If you do not want to be of the mind to get ready then that is fine, enjoy the ride.
    As to how I stated that, but to further explain take the money and make sure you have a paid in full place to live and be ready to raise your own food and share it with those who have none.
     
  5. billwald

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    On the other hand, most people who are making mortgage payments have borrowed over 100% of their personal GDP.
     
  6. blackbird

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    I didn't mean to be smart elieky----but your statement of being ready was open ended---I took it to mean---all citizens of the US--not just Christians

    I live on a 250 acre cattle farm here in Alabama--house paid for-still we'd have to go a long way to be ready---ex.---we have a total of 6 large tractors---but they are useless without diesel----I wouldn't mind having about 3-4 plow mules and learning to work with them----is this what you have in mind, FAL???
     
  7. targus

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    Apples and oranges.

    A truer comparison would be borrowing 100% of your personal GDP on credit cards without having anything to show for it.
     
  8. freeatlast

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    First I apologize for coming back too strong.
    To your question, Yes in a sort. I am just aware that so many of us are complacent and when this thing hits we will not be as ready as we could have been. We are the United States of America and we can do anything and overcome anything is how we live, but I am sad to say, not this. Our debt is going to bring us down. In fact it already has in part. I think many of us have gotten caught up in the word's ways, credit, living tomorrow today, the good life, and just not taking stock of what is really happening. So a warning for us to sort of wake up and prepare at least in some sort so as not to be out in the cold.
    I am not suggesting for us to live in fear as tomorrow does not belong to us, but we do need to understand the signs of the times and prepare and not expect the Lord to bail us out for our slothfulness or passivity.

     
    #8 freeatlast, Aug 5, 2011
    Last edited by a moderator: Aug 5, 2011
  9. TomVols

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    Yes, though you and Billwald are close here.

    Americans are generally in deficit. Average savings rates before the recession were negative numbers, with the average American having no net worth. We have become a society of borrowers.
     
  10. billwald

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    "without anything to show" is very subjective. Thousands of people are personally MUCH richer because the US borrowed the money - the military industrial complex, for example. Whoever got the missing half billion in cash is very pleased.
     

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