Wed, 14 Jan 2004 16:55:12 GMT
National Debt. More on the U.S. national debt, from Al Martin Raw, the article “Scoreboard 2003”. Seems to be in the member area, but somebody sent me an e-mail copy.
The total national debt of the United States on a fully realized basis, inclusive of federal, state, county and local debt stood at a record $20.613 trillion (83.73% of said debt having been created from 1981-92 and from 2001 to present.) The total public and private indebtedness of the United States ended the year 2003 at $39.384 trillion. The total public and private assets of the United States ended the year 2003 at $26.134 trillion. Thus, the United States by the end of 2003 has a negative net worth of approximately $13 trillion. The total debt service of the United States ended the year 2003 at 309.4% of GDP (Gross Domestic Product). These are numbers never before seen. This is a higher debt to gross domestic product ratio than any other country on earth, which still services its debt.
Doesn't sound good. I'd like to see some other sources on that, of course. The periods he's mentioning, 81-92 and 2001 to the present, where 83.73% of the debt were generated is when Reagan and the two Bushes have been presidents. [Ming the Mechanic]
Caveat Lector: Uninformed commentary follows…
If these figures are anywhere near true then we should all be worried. Worse still American spending is going to be painfully hard to decrease with President Bush continuing to borrowing to fund his pet projects like The Global War on Terror.