woo hoo the debt ceiling has been raised! We are going to hit $17 trillion any day now, up from $10 trillion when Obama took office. (That's only up 60% right?) Let's all celebrate that our grandchildren will get to pay this money back because we are too weak to stop spending it.
I read an article the other day on the 'debt ceiling'. I'm going to try to find it and see what you guys think of it, as Americans.
U.S. government shutdown: Is the debt ceiling a 'stupid' idea? - CBC News - Latest Canada, World, Entertainment and Business News
I think of a debt ceiling as like a credit card limit. It is very foolish, IMO, to have no limit on borrowing. In my personal finances if I just spent whatever I wanted to without having the money to back it up that would be very irresponsible. Same as the US. If they do not have the money to fund their projects, those projects should be cut.
Well, only the US and Denmark actually have a debt ceiling, and looking at debt alone without looking at GDP and their ratio to each other is short sighted. Sure the US has 17 trillion in debt, but you're also the largest economy in the world. Why do you think the rest of the world holds its breath with the US has a financial crisis/recession/bailout/shutdown/etc? Because it directly impacts just about every other economy. The US probably produces annually what it's in debt for. No other country has a GDP like the US.
The U.S. national debt is now about 73% of gross domestic product, the Congressional Budget Office said Tuesday. The percentage of debt is higher than any point since around World War II, and twice the percentage it was at the end of 2007, the nonpartisan agency said in its long-term budget outlook. If current laws stay in place, debt will decline "slightly" relative to GDP over the next few years, the agency said. But it warned that growing future deficits will push the debt to 100% of GDP 25 years from now.
U.S. debt now about 73% of GDP, CBO says - MarketWatch
Gloria, it is the same for many countries after 2008. It is not an Obama thing, it is a recession thing.
Sorry I don't think creating a massive new entitlement program is going to help us out of it.