A First: On Halloween, Nat'l Debt Exceeds Gross Domestic Product

By:  Bob Adelmann
11/02/2011
       
A First: On Halloween, Nat'l Debt Exceeds Gross Domestic Product

A little-noticed event occurred at approximately midnight on Monday, October 31, 2011: The national debt of the United States exceeded, for the first time in history, the country’s gross domestic product. The website USDebtClock.org showed the gross domestic product crossing the $15 trillion mark for the first time on Monday, while earlier in the day the numbers from TreasuryDirect showed the total public debt outstanding at $14.993 trillion and growing by more than seven billion dollars a day.

Presidential candidate Ron Paul’s campaign manager, John Tate, noted the passing of the milestone:

We can no longer afford politicians who play games with America’s future. As President, Ron Paul will treat the American people with the respect they deserve by being honest about our nation’s situation and implementing fundamental reforms to return America to prosperity.

A closer look at the USDebtClock.org website reveals the size of the problem facing Paul if he wins the White House: U.S. federal revenues are running at $2.3 trillion while government spending is at $3.6 trillion, leaving a deficit just for the fiscal year 2011 at $1.3 trillion. If those levels hold for the next 12 months, the national debt will be at $16.3 trillion, and counting. But this is far from the entire picture. Unfunded liabilities facing the government in Social Security alone amount to $15.3 trillion while Medicare and the prescription drug programs’ liabilities exceed $100 trillion.

A little-noticed event occurred at approximately midnight on Monday, October 31, 2011: The national debt of the United States exceeded, for the first time in history, the country’s gross domestic product. The website USDebtClock.org showed the gross domestic product crossing the $15 trillion mark for the first time on Monday, while earlier in the day the numbers from TreasuryDirect showed the total public debt outstanding at $14.993 trillion and growing by more than seven billion dollars a day.

Presidential candidate Ron Paul’s campaign manager, John Tate, noted the passing of the milestone:

We can no longer afford politicians who play games with America’s future. As President, Ron Paul will treat the American people with the respect they deserve by being honest about our nation’s situation and implementing fundamental reforms to return America to prosperity.

A closer look at the USDebtClock.org website reveals the size of the problem facing Paul if he wins the White House: U.S. federal revenues are running at $2.3 trillion while government spending is at $3.6 trillion, leaving a deficit just for the fiscal year 2011 at $1.3 trillion. If those levels hold for the next 12 months, the national debt will be at $16.3 trillion, and counting. But this is far from the entire picture. Unfunded liabilities facing the government in Social Security alone amount to $15.3 trillion while Medicare and the prescription drug programs’ liabilities exceed $100 trillion.

Click here to read the entire article.

Photo of so-called Supercommittee: AP Images

The JBS Weekly Member Update offers activism tips, new educational tools, upcoming events, and JBS perspective. Every Monday this e-newsletter will keep you informed on current action projects and offer insight into news events you won't hear from the mainstream media.
JBS Facebook JBS Twitter JBS YouTube JBS RSS Feed