The US Government’s debt will be 102.6% of the GDP this year, according to Obama’s budget. To put this in perspective, you must know that he aims for the government to spend 25% of the US GDP while taking in about15% in revenues. This is like you buying a million dollar house on a yearly budget of $250K while only earning $150K. How long do you think that will last before it collapses?
Mr. Obama‘s budget projects that 2011 will see the biggest one-year debt jump in history, or nearly $2 trillion, to reach $15.476 trillion by Sept. 30, the end of the fiscal year. That would be 102.6 percent of GDP — the first time since World War II that dubious figure has been reached.