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America’s Under Water: Debt Equals 103 Percent of GDP

Posted By admin On September 12, 2012 @ 2:25 am In Money Watch | Comments Disabled

Terence P. Jeffrey
CNS News [1]
Sept 12, 2012

According to the most recent official estimate [2] by the federal Bureau of Economic Analysis, the Gross Domestic Product for 2012 will be $15.6061 trillion–or about $440.5 billion less than the $16.0466 in debt that the federal government had accumulated as of the close of business on Monday.

In other words, the debt is now approximately 103 percent of GDP.

The BEA, which is part of the Department of Commerce and which officially calculates GDP, based its current estimate of this year’s GDP, published on Aug. 29, on economic data available through the end of the second quarter of this calender year.

If that current estimate [3] is correct, the debt of the United States government eclipsed the value of the Gross Domestic Product of the United States on April 2 of this year.

Full article here [1]

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URL to article: http://www.prisonplanet.com/americas-under-water-debt-equals-103-percent-of-gdp.html

URLs in this post:

[1] CNS News: http://cnsnews.com/news/article/americas-under-water-debt-equals-103-percent-gdp

[2] official estimate: http://www.bea.gov/national/index.htm#gdp

[3] current estimate: http://cnsnews.com/sites/default/files/documents/current%20estimate.xls

[4] US debt headed toward 200 percent of GDP even after ‘fiscal cliff’ deal: http://www.prisonplanet.com/us-debt-headed-toward-200-percent-of-gdp-even-after-fiscal-cliff-deal.html

[5] CBO: Obama’s Policies to Increase National Debt 47 Percent to $21.7 Trillion by 2022: http://www.prisonplanet.com/cbo-obama%e2%80%99s-policies-to-increase-national-debt-47-percent-to-21-7-trillion-by-2022.html

[6] Fed Is Buying 61 Percent of U.S. Government Debt: http://www.prisonplanet.com/fed-is-buying-61-percent-of-u-s-government-debt.html

[7] U.S. Debt Held by Public Tops $10T for 1st Time—Up 59 Percent Under Obama: http://www.prisonplanet.com/u-s-debt-held-by-public-tops-10t-for-1st-time%e2%80%94up-59-percent-under-obama.html

[8] Geithner: Bailouts cost less than 1 percent of US gross domestic product: http://www.prisonplanet.com/geithner-bailouts-cost-less-than-1-percent-of-us-gross-domestic-product.html

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