Budget freefall...

Discussion in 'Current Events' started by Bullypulpit, Jan 25, 2004.

  1. Bullypulpit
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    Bullypulpit Senior Member

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    <center><IMG src=http://www.mind.net/basile/deficitW.jpg></center>
     
  2. jimnyc
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    jimnyc ...

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    And what's your point? Or was it just to show us the mentality of the websites you frequent?
     
  3. MtnBiker
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    MtnBiker Senior Member

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    What percentage is the deficit comparied to GDP?
     
  4. jimnyc
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    jimnyc ...

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    Now why did you have to go and confuse him? :laugh:
     
  5. Bullypulpit
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    Bullypulpit Senior Member

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    Approximately 4.3% wtih an estimated $6,791, 411, 645, 292 in total Federal debt outstanding. That's about $23,000 in debt for every man, woman and child in the country. Also about 60% of GDP.

    These estimates are, in all likelihood, grossly understated as the Federal Government does not adhere to generally accepted accounting practices and proceedures.
     
  6. eric
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    People should not comment on subjects which they have no knowledge about !

    Since you seem to know so much kindly explain to me how the federal deficit to GDP ratio effects the economy ?

    Please don't post links I want your opinion, keep in mind you are now playing in my ballfield !
     
  7. MtnBiker
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    MtnBiker Senior Member

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    Good question Eric, also Bullypulpit I'm confused is it 4.3% or 60%.

    And what kind of accounting pratices and procedures does the government adhere to?
     
  8. Bullypulpit
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    Bullypulpit Senior Member

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    As far as I understand, the federal deficit to GDP ratio can influence interest rates and thus influence the ability of corporataions and individuals to borrow and spend. The higher the ratio is, the less money is available for lending to private institutions and individuals. This is reflected in higher interest rates.

    Yet the Federal Reserve has yet to drastically raise interest rates, although Alan Greenspan has expressed some reservations about the size of the current deficit and the possibility of it becoming a structural deficit.

    If I have failed Thee, O great One, Please...Set me upon the path of righteousness!

    And jim, the 4.3% is the current percentage of the GDP represented by the 2003 budget deficit. the $6,791,411,645,292 is the total outsanding Federal Debt...It's ALL the money owed by the US to ALL of its creditors, roughly 60% of the 2003 GDP.
     
  9. Moi
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    Moi Active Member

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    How much of that "debt" is actually that, debt for things we've purchased, as opposed to foreign aid. Also, please tell me what the ratio of debt vs. assets is in this country. For it is not debt alone which bespeaks of the financial health of an entity. If I am not mistaken, the US is owed an awful lot of money by our allies and other borrowers and also how much of the money we've loaned has been written off?
     
  10. MtnBiker
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    MtnBiker Senior Member

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    I'll second that, what is your point?
     

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