Lumpy 1
Diamond Member
- Jun 19, 2009
- 42,976
- 17,419
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Sheesh .. this is hardly a good sign to me but alas Obama/Democrats push for even more national debt..
I'm thinking we are screwed...so Democrats/Obamanomics fans, explain how this is a good thing..
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Fiscal watchdogs and Republican lawmakers are expressing dismay at new figures showing the U.S. debt has now exceeded the nation's economic output, a threshold used by President Obama's fiscal commission in 2010 to warn that massive federal deficit spending would sink the U.S. economy.
According to the Bureau of Economic Analysis, the U.S. gross domestic product reached $15.17 trillion at the end of the third quarter 2011. That number is higher today, though a formal report on fourth quarter 2011 growth still has yet to be released. But with the national debt currently at $15.23 trillion and set to go up with the president's latest debt ceiling increase, the 100 percent GDP-to-debt threshold has been reached.
Republicans Blast Obama After National Debt Surpasses Economic Output | Fox News
I'm thinking we are screwed...so Democrats/Obamanomics fans, explain how this is a good thing..
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Fiscal watchdogs and Republican lawmakers are expressing dismay at new figures showing the U.S. debt has now exceeded the nation's economic output, a threshold used by President Obama's fiscal commission in 2010 to warn that massive federal deficit spending would sink the U.S. economy.
According to the Bureau of Economic Analysis, the U.S. gross domestic product reached $15.17 trillion at the end of the third quarter 2011. That number is higher today, though a formal report on fourth quarter 2011 growth still has yet to be released. But with the national debt currently at $15.23 trillion and set to go up with the president's latest debt ceiling increase, the 100 percent GDP-to-debt threshold has been reached.
Republicans Blast Obama After National Debt Surpasses Economic Output | Fox News
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