BobinMIZZU
New member
are really dragging the world economy down. It is just unbelievable the amount of public debt they've run up. The worst offenders (Portugal, Italy, Greece, & Spain) have even been labeled the "PIGS" for their reckless spending and their shaky financial condition. One of the most-often used measurements of condition is comparing debt to Gross Domestic Product. Here's how the PIGS stack up:
Portugal - debt is 60% of their GDP
Italy - 119% of GDP
Greece - the worst at 143% of GDP
Spain - 60% of GDP
All of the U.S. News Media is dutifully reporting on the economic crisis in Europe. Strangely, very little is being said about our own situation. The U.S. Federal debt is approx $15 Trillion and our current GDP is approx $15 Trillion. Let's see..............that puts the U.S. debt at 100% of GDP. We're way worse that half the PIGS! Worse yet, because of spending programs already in motion, the U.S. debt ratio will go considerably higher before it can possibly get any better. The worst news of all is that only a few (and I mean very few) of our elected representatives are seriously trying to do anything about it.
The situation has reached crisis proportions in Greece. Their neighbors have been bailing them out or they would have already defaulted on their debt. Italy is following right along in the same track.
Here's the big question........how can it be before the U.S. is in exactly the same position?
Why do I post this? I think most of the people in our country don't understand how bad our situation is (don't have a clue) - and they never will know if it's left to the vast majority of our conventional news media. All of us need to become active in our political process. The political-will to try and solve the U.S. debt problem is a strong criteria for who we support in next year's general election. It may be our last chance, IMHO.
Portugal - debt is 60% of their GDP
Italy - 119% of GDP
Greece - the worst at 143% of GDP
Spain - 60% of GDP
All of the U.S. News Media is dutifully reporting on the economic crisis in Europe. Strangely, very little is being said about our own situation. The U.S. Federal debt is approx $15 Trillion and our current GDP is approx $15 Trillion. Let's see..............that puts the U.S. debt at 100% of GDP. We're way worse that half the PIGS! Worse yet, because of spending programs already in motion, the U.S. debt ratio will go considerably higher before it can possibly get any better. The worst news of all is that only a few (and I mean very few) of our elected representatives are seriously trying to do anything about it.
The situation has reached crisis proportions in Greece. Their neighbors have been bailing them out or they would have already defaulted on their debt. Italy is following right along in the same track.
Here's the big question........how can it be before the U.S. is in exactly the same position?
Why do I post this? I think most of the people in our country don't understand how bad our situation is (don't have a clue) - and they never will know if it's left to the vast majority of our conventional news media. All of us need to become active in our political process. The political-will to try and solve the U.S. debt problem is a strong criteria for who we support in next year's general election. It may be our last chance, IMHO.