Bummed Bernake?David M. Dickson’s "CBO report: Debt will rise to 90% of GDP" from the Washington Times:
President Obama’s fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation’s economic output by 2020, the Congressional Budget Office reported Thursday.
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Gross Domestic Product. This means everything we produce as workers in America. Your blood, sweat and tears. And everything you sacrifice — your marriages, spending time with your children, having children, owning a dog, buying a better car to go to work, you name it.
90% of GDP. This means for every $1 dollar we produce in products and services, 90 cents will go toward federal debt, debt owned by China and whatever other country has the courage to purchase our debt as our national credit rating declines. read more »