Posted on June 11, 2010 in Images

As of June 1, 2010, the Total Public Debt Outstanding was approximately 88.9% of GDP, and for the first time exceeded $13 trillion. Yes, you read that right: the national debt for the United States is now 90% of the total economic output for a year.



The 2010 Budget proposed by President Barack Obama projects significant debt increases, both in terms of dollars and relative to GDP [Source via GPOAccess]. The debt is projected to nearly double to $20 trillion by 2015, but is expected to increase to nearly 100% of GDP by 2020 and remain at that level thereafter. In March 2009, the Congressional Budget Office (CBO) estimated that gross debt will rise from 70.2% of GDP in 2008 to 100.6% in 2012. Essentially, there will be more debt than economic out by 2012.

Don’t worry, Obama isn’t the only one to blame: Under President George W. Bush, the national debt increased from $5.6 trillion in January 2001 to $10.7 trillion by December 2008, rising from 58% of GDP to 70.2% of GDP.

Even more disconcerting is the countries that own American debt — the foreign ownership of this debt is listed below [via Wikipedia]:

Leading Foreign Owners of US Treasury Securities & Debt Nation Billions of Dollars Percentage People’s Republic of China 877.5 23.4 Japan 768.5 20.5 United Kingdom 233.5 6.2 Oil Exporters 218.8 5.8 Brazil 170.8 4.6 Hong Kong 152.4 4.1 Taiwan 121.4 3.2 Russia 120.2 3.2 Grand Total 3750.5 65.8

See Also: US National Debt 1940-2010, Stimulus Wimps, Pete Peterson Has Won: Americans Rate Federal Debt as Top Threat, Household Net Worth off $11.4 Trillion, Federalizing Your Retirement, Comstock: The Dire Outlook For Housing, Taleb: Debt Problems Are Worse Now Than in 2008, We need a “truce” on social issues to concentrate on our fiscal crisis, The U.S. Total Debt Picture: Still Rising Slowly, and National Debt Now Rated With Terrorism As Top Fear Of Nation’s Voters.

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