by / on October 31, 2010 at 9:25 pm / in Business, Congress, Content, Domestic, Issue

The Debt Offensive: Focusing on Austerity

The United States’ national deficit exceeds $13 trillion—over $42,000 per US resident. With U.S. gross domestic product (GDP) at $14 trillion in 2009, our debt-to-GDP ratio is 93 percent and growing. Japan enjoyed 90 percent debt-to-GDP levels in 1995. Following two decades of stagnant growth, Japan now risks exceeding 190 percent. 15 years from now, America’s Debt-to-GDP ratio may double as well.

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