Yesterday, Sen. Judd Gregg gave a scary-yet-accurate picture of what America’s fiscal outlook will look like if President Obama gets his budget adopted. The president’s plan means:
Seventeen trillion dollars worth of debt at the end of 10 years, $11 trillion at the end of five years. This translates into a debt-to-GDP ratio which we have not seen in this country since the end of World War II when we were trying to pay off the war debt. Basically, you take national debt up to about 80 percent of gross national product. That's the public debt. Historically, it's been about 40 percent.
Gregg explains the implications: “When you get up to an 80 percent ratio, where your public debt is 80 percent of your gross national product, and you maintain that ratio for years to come, you're basically running your country into the ground.”
Folks, this is from the guy Obama first nominated to be our Treasury Secretary.
Does the end of that sentence, "running your country into the ground," scare anyone??? Helloooo!!! Anyone out there??????
Tuesday, March 24, 2009
Posted by RightwingSparkle at 1:10 PM