Debt > GDP

Bloomberg: U.S.’s $13 Trillion Debt Poised to Overtake GDP: Chart of Day

We’ve all known this day was coming, but hopefully articles like this will start to permeate deeply into the consciousness of the American people:

President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.”

The CHART OF THE DAY tracks U.S. gross domestic product and the government’s total debt, which rose past $13 trillion for the first time this month. The amount owed will surpass GDP in 2012, based on forecasts by the International Monetary Fund.

Just to be clear: this means that if every American worked as usual for an entire year and we all didn’t buy anything – no food, no clothes, no electricity, nothing – we still wouldn’t be able to pay off our debts.  And that’s just our public debt, not credit cards and mortgages.  We are quite literally selling our nation and especially our children into indentured servitude.

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Comments

  1. Hip Hip Hooray says:

    Give me a C
    Give me an L
    Give me an O, W, A
    Give me an R
    Give me a D

    and

    Gooooooo PIVEN

  2. Lock and,.. Load??? says:

    This is totally crazy and it should make you want to slap the hell out of the idiots in Washington DC from Obama all the way down.

    Georgia Arms is the 5th largest retailer of .223 Ammo in America . They sell 9mm, .45, .223 ammunition. They normally buy spent brass from the US Department of Defense. Spent brass is “one time used” shell cases used by our Military for training purposes.

    They buy the brass, recondition it, and then reload the brass for resale to Law Enforcement, Gun Clubs, Gun Shops, and stores like Wal-Mart. They normally buy 30,000 lbs of spent brass at a time.

    This week the DoD wrote a letter to the owner of Georgia Arms and informed him that from now on the DoD will be destroying the spent brass, shredding it. It will no longer be available to the ammo makers, unless they buy it in a scrap shredded condition (which they have no use for).

    The shredded brass is now going to be sold by the DoD to China as scrap metal, after the DoD pays for it to be shredded. The DoD is selling the brass to China for less money than the ammo makers have been paying, plus the DoD has to pay to have the brass shredded and do the accounting paperwork.

    This sure helps the economy now doesn’t it? Sell cheaper to China , and do not sell at all to a proven US business. Any hidden agenda working here? Obama going after the Firearms Industry and our ammunition!!
    The Georgia Arms owner even related a story that one of his competitors had already purchased a load of brass last week. The DoD contacted him this week and said they were sending someone over to make sure it was destroyed. Shell cases he had already bought!

    The brass has no value to the ammo maker if it is destroyed/shredded/melted. The ammo manufacturer only uses the empty brass cases to reload different calibers, mainly .223 bullets.

    The owner of Georgia Arms says that he will have to lay off at least half of his 60 workers, within 2-3 months if the DoD will no longer sell spent brass cases to the industry. Georgia Arms has 2-3 months of inventory to use, by summer they’re out.

    If the Reloading Industry has to purchase new manufacture brass cases, then the cost of ammunition will double or even triple, plus Obama wants to add a 500% tax on each shell.

    You can read the information and see the DoD letter to Georgia Arms here:
    The Shootist Site

    http://www.theshootist.net/2009/03/dod-ends-sale-of-expended-military.html

    If you’re not outraged at what this administration is doing you should be! Be Afraid! Be Very Very Afraid! Get involved! It’s Your Freedom and Our Country They’re Stealing! If You Fail to Act Now, there may not be a Free United States tomorrow!

    We all need to get involved and forward this to as many people we can. Contact your legislators and put them on notice, We’re fed up with what’s going on! This is a call to action… Act now while you still can, or stay silent, roll over, and watch our country die!

  3. William A. Rose says:

    Lock and Load, have you read that article? It appears that DOD decision was rescinded.

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