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US debt hits 89%- dems spend more

Discussion in 'Financial Cents' started by Quigley_Sharps, May 27, 2010.


  1. Quigley_Sharps

    Quigley_Sharps The Badministrator Administrator Founding Member

    US debt hits 89%- dems spend more
    <HR style="COLOR: #8c735a; BACKGROUND-COLOR: #8c735a" SIZE=1><!-- / icon and title --><!-- message --><!-- BEGIN TEMPLATE: ad_showthread_firstpost_start --><!-- END TEMPLATE: ad_showthread_firstpost_start -->http://thehill.com/blogs/on-the-mone...begins-to-slow

    <!-- BEGIN TEMPLATE: bbcode_quote -->Quote:
    <TABLE cellSpacing=0 cellPadding=6 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">The gross U.S. debt is approaching a level equivalent to 90 percent of the country's gross domestic product, the level at which growth has historically declined, said Carmen Reinhart, a University of Maryland economist.

    When gross debt hits 90 percent of GDP, Reinhart told the commission during a hearing in the Capitol, growth "deteriorates markedly." Median growth rates fall by 1 percent, and average growth rates fall "considerably more," she said.

    Reinhart said the commission shouldn't wait to put in place a plan to rein in deficits.

    "I have no positive news to give," she said. "Fiscal austerity is something nobody wants, but it is a fact.

    Gross debt is at 89 percent and will reach 90 percent by the end of the year, said Sen. Kent Conrad (D-N.D.), a member of the commission. </TD></TR></TBODY></TABLE>
    <!-- END TEMPLATE: bbcode_quote -->Meanwhile from Fox News
    <!-- BEGIN TEMPLATE: bbcode_quote -->Quote:
    <TABLE cellSpacing=0 cellPadding=6 width="100%" border=0><TBODY><TR><TD class=alt2 style="BORDER-RIGHT: 1px inset; BORDER-TOP: 1px inset; BORDER-LEFT: 1px inset; BORDER-BOTTOM: 1px inset">the Democratic-led U.S. Congress is trying to find a way to pass about $300 billion more in unfunded spending before Memorial Day </TD></TR></TBODY></TABLE>
    <!-- END TEMPLATE: bbcode_quote -->Folks we can't hold out much longer. Better shore up your supplies.
     
  2. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

    Well if you can't fix the real problem (the usury system itself) -might as well enjoy the ride, right?

    Creating more debt is the only stability this system has left. Ironic, isn't it?
     
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