Like many of the issues that arise in Congress, one side tells me that a course of action will destroy America, while the other tells me it will save it. Someone has to be lying to me. As much as I like to cozy up with the letter that appears on my Voter’s ID card and believe that party’s stance, I know too much now to feel comfortable doing that. In fact, I’ve come up with a theory that half of everything they tell us a lie, so the job becomes not to find out which party is lying to me, but to find out what part of any given message is the lie, and what is closest to truth. Same with media; what part of this story is the fabrication, exaggeration or mistake? Makes it fun, eh?
According to the CIA in 2010 the US Debt as a percentage of GDP was 58.90. Now, one year later it is 97.3%. Wow!
Highest – Japan: 225.8
US: 97.3% GDP: (Same as earning $100,000 per year and have a credit card debt of $97,300)
Lowest: Libya: 3.3
Check out the most recent (2010) list of all the countries of the world by the CIA:
The U.S. has had a national debt since its inception, and only has been able to pay it off once, in 1835. In 1791, following the American Revolutionary Way, the U.S held a national debt of about $75.4 million. By 1812, the U.S. had paid off nearly all of it. After the Civil War, the debt was about $2.7 billion. After World War I, it increased to $25.5 billion, and later dropped again. Thanks to the Great Depression the debt went from $16 billion in 1930 to $260 billion by 1950. Much of that increase was due to World War II and the enactment of social programs. By 1980, the national debt had ballooned to a whopping $909 billion, by 1992 it was $3 trillion, and by 2000 it was $3.4 trillion. From 2001 to 2008, the national debt went from $5.7 trillion to $10.7 trillion, which brings us to the present day number, $14.2 trillion. Good luck.