A List We Should Not Be On

Russ Steele

The 24/7 Wall Street Blog publishes lists that help readers under economic issues. The latest is the Top Ten Countries Deepest in Debt.  The US is #7 between the European Socialist countries of France (#8) and Belgium (#6). Japan is the most it debut at #1.

7. United States
> Debt as a pct. of GDP: 85.5%
> General government debt: $12.8 trillion
> GDP per capita (PPP): $47,184
> Nominal GDP: $15.13 trillion
> Unemployment rate: 8.3%
> Credit rating: Aaa

U.S. government debt in 2001 was estimated at 45.6% of total GDP. By 2011, after a decade of increased government spending, U.S. debt was 85.5% of GDP. In 2001, U.S. government expenditure as a percent of GDP was 33.1%. By 2010, is was 39.1%. In 2005, U.S. debt was $6.4 trillion. By 2011, U.S. debt has doubled to $12.8 trillion, according to Moody’s estimates. While Moody’s still rates the U.S. at a perfect Aaa, last August Standard & Poor’s downgraded the country from AAA to AA+.

HERE is the list with more details. If we keep spending at the rate we are the US will continue up the list, until we are #1. Not the list we should be on.

 

 

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About Russ Steele
Freelance writer and climate change blogger. Russ spent twenty years in the Air Force as a navigator specializing in electronics warfare and digital systems. After his service he was employed for sixteen years as concept developer for TRW, an aerospace and automotive company, and then was CEO of a non-profit Internet provider for 18 months. Russ's articles have appeared in Comstock's Business, Capitol Journal, Trailer Life, Monitoring Times, and Idaho Magazine.

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