A List We Should Not Be On
02/14/2012 Leave a comment
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.