MADE IN DC: Under Obama, National Debt Grows as Big as Entire US Economy

January 9, 2012

Under Obama, National Debt Grows as Big as Entire U.S. Economy
Economy Stagnant while National Debt Shows No Sign of Slowing Down
DC DEMOCRATS STILL DON’T GET IT: DNC Chairman Debbie Wasserman Schultz outrageously claimed that under Democrat leadership the economy is on a path to recovery:
“And I think anyone who looks at the economy knows we have come a long way.” (Craig Bannister, “‘Anyone’ Can See Economy’s Improving, DNC Chair Insists,” CNS News, 10/5/11)
MADE IN WASHINGTON, DC: As Wasserman Schultz plays ignorant to her party’s fiscal irresponsibility that has crippled economic growth, Americans watch the national debt become the same size as the economy, soon to surpass it:
“The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion.“That’s roughly equal to the value of all goods and services the U.S. economy produces in one year: $15.17 trillion as of September, the latest estimate. Private projections show the economy likely grew to about $15.3 trillion by December — a level the debt is likely to surpass this month.

“Long-term projections suggest the debt will continue to grow faster than the economy, which would have to expand by at least 6% a year to keep pace.”

(Wolf, “U.S. debt is now equal to economy,” USA Today, 1/8/2012)