MADE IN DC: Under Obama, National Debt Grows as Big as Entire US Economy
January 9, 2012
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Under Obama, National Debt Grows as Big as Entire U.S. Economy
Economy Stagnant while National Debt Shows No Sign of Slowing Down DC DEMOCRATS STILL DON’T GET IT: DNC Chairman Debbie Wasserman Schultz outrageously claimed that under Democrat leadership the economy is on a path to recovery:
“And I think anyone who looks at the economy knows we have come a long way.” (Craig Bannister, “‘Anyone’ Can See Economy’s Improving, DNC Chair Insists,” CNS News, 10/5/11)
MADE IN WASHINGTON, DC: As Wasserman Schultz plays ignorant to her party’s fiscal irresponsibility that has crippled economic growth, Americans watch the national debt become the same size as the economy, soon to surpass it:
“The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion.“That’s roughly equal to the value of all goods and services the U.S. economy produces in one year: $15.17 trillion as of September, the latest estimate. Private projections show the economy likely grew to about $15.3 trillion by December — a level the debt is likely to surpass this month.
“Long-term projections suggest the debt will continue to grow faster than the economy, which would have to expand by at least 6% a year to keep pace.” (Wolf, “U.S. debt is now equal to economy,” USA Today, 1/8/2012) ###
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