In response to
Barackracy, Part 1: Breaking the Back of Free Enterprise
TJS
Thursday, July 8, 2010 at 11:18 AM
In response to
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Policy and Analysis
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The national debt is $13.2 trillion. GDP is $14.4 trillion. Therefore the debt as percent of GDP is 91.7%. See http://www.usdebtclock.org/It is a pity that so many commentators, even conservatives, express the national debt as a percent of "public debt" and thus omit the debt owed to social security. Things are far, far worse than is expressed above. Even Obama admits the path is unsustainable. Government is about 45% of GDP (federal, state, local) plus another 10-15% of GDP in the cost of complying with regulations. The business of the US is now big government. The federal government is borrowing 43% of its spending every year. It is clearly bankrupt already. It is time for massive cuts in spending and taxes. We need a constitutional amendment to limit the federal government. I suggest 15% of GDP maximum, except for direct costs of declared wars. That means eliminating 40% of federal spending.