Debt accumulation for the past 2 years higher than GDP
I’d like to say this is astonishing, and it would be if a Republican was in the White House because our press would make it so. But with Obama? Meh:
“President Obama said that increasing the debt limit does not increase the debt,” the minority side of the Senate Budget Committee says in a statement. “But when the Treasury department started using so-called extraordinary measures to avoid a breach of the debt ceiling in May, 2011, the debt limit stood at $14,294 billion.
“Today it stands at $16,699 billion, which was reached when Treasury started using extraordinary measures in May of this year. That’s a $2,405 billion increase in 2 years.
“Meanwhile, the economy, as measured by GDP only increased by $1,199 billion between the second quarter of 2011 and the second quarter of this year.
“So the debt increased twice as much as the economy over the last two years, the very definition of unsustainable. The growth of a nation’s debt cannot for long exceed the growth of its economy – which is precisely what is happening now.”
If you need a picture, try this:
And, of course, they’re asking for more. So here’s the question: If we give them more, what will they want next? Answer: Why more, of course.
So at some point, you have to say “no” don’t you?
Well common sense says you do, but apparently for this crowd, that sense isn’t at all that common.
So we do the circus thing, year after year after year and we build charts like this?
Hell, that’s the chart of a 3rd world country.
And the word that should be plaster across the top of it is “unsustainable”.
Meanwhile, in DC, they continue to wrangle over more debt.