"The federal public debt, which was $6.3 trillion ($56,000 per household) when Mr. Obama entered office amid an economic crisis, totals $8.2 trillion ($72,000 per household) today, and it's headed toward $20.3 trillion (more than $170,000 per household) in 2020, according to CBO's deficit estimates.
That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year."
CBO report: Debt will rise to 90% of GDP
That figure would equal 90 percent of the estimated gross domestic product in 2020, up from 40 percent at the end of fiscal 2008. By comparison, America's debt-to-GDP ratio peaked at 109 percent at the end of World War II, while the ratio for economically troubled Greece hit 115 percent last year."
CBO report: Debt will rise to 90% of GDP
So real life example... Say you and your spouse make a combined amount of $100,000 a year. First of all, your in pretty good shape income-wise compared to many. Can you imagine supporting your home while you give $90,000 of that to credit cards and paying bills with $10,000 a year? What advice would you give if you were a financial advisor to this home? Perhaps "stop buying things on credit and spending what you don't have!" Would you explain the concepts of interest and inflation? The country is in the same state as this home, but the morons in congress and our Presidents (yes, that's plural) keep saying "eh, we'll get more credit - we're good for it!" Unfortunately, our "banks", primarily China and Japan, are catching on.
Most people can barely live with the income they keep after the current taxes. I can't imagine living on %10 of my income, so why is it ok for our governmnet to?
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