This Feb. 1, 2010, file photo shows the National Debt Clock in New York. National debt is set to increase to 80 percent of GDP by 2014 according to the current projection by the Congressional Budget Office.
Mark Lennihan, AP
The accelerating growth of the national debt has outpaced Congressional Budget Office predictions up to 10 years, according to George Mason University.
U.S. debt was half of the country’s total revenue in 2009, 10 years ahead of the 2019 prediction set by the CBO in 2007.
National debt is set to increase to 80 percent of GDP by 2014 according to the current projection by the CBO. This is set for five years before the projection given in 2009 and 13 years before the projection in 2007.
Analysis of over 200 years of data indicates that once a nation’s national debt climbs higher than 90 percent of GDP, growth slows. While growth only slowed by 1 percent in some places, others fell by 50 percent, according to the study "Growth in a Time of Debt" by Carmen Reinhart and Kenneth Rogoff.
The national debt currently grows at levels higher than $16 trillion, according to U.S. Debt Clock.
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For Fabian socialists this is a planned event and not a subject of concern. Obama only criticized Bush for using the Chinese credit card as irresponsible and unpatriotic when he was campaigning in 2008. That was quickly forgotten when he came to More..
With the debt under BO spiraling out of control, is it any wonder BO focuses on Big Bird?
Shaun,
I suspect a significant reduction in private debt the past couple years has been due to bankruptcy. Some has been paid down, but a lot More..
It would be interesting to know what the outstanding debt held privately by Americans is. I am almost positive it has gone down in the last four or five years which is the reason why government spending has risen.
Until people understand More..