Mind the gap!

[pwcmba]

"As a share of GDP, our borrowing will be 11.9 per cent of GDP next year":eek:

http://www.guardian.co.uk/uk/2009/ap...darling-speech

[Rajiv]

Re: Mind the gap!

Way too low -- See Nathan Martin's Death By Numbers

This is the number that is NOT based on GAAP accounting standards. You know, Generally Accepted Accounting Principles… the ones that your government requires you to adhere to but refuse to use themselves? Yep, that’s that one. GAAP accounting includes ACCOUNTS PAYABLE. For the U.S. that would include little things like Social Security and Medicare, but we’ll get to that in a minute. Here’s the latest from the debt clock site:

U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 25 Nov 2008 at 08:12:50 PM GMT is:



The estimated population of the United States is 305,160,294
so each citizen's share of this debt is $34,968.08.

Uh, huh. Count the digits, there’s twelve of them following that 10! And, as you can see, the CURRENT account deficit is now up to basically $35,000 per man, woman, and child. When you add that debt to the debt that was just produced by all the alphabet soup programs (yes, a little of it is already in this number, but not much), the total is now up to $62,822 per man, woman, and child, or $251,288 for my family of four.

If you prefer to see the debt in chart form, here it is in all its beauty directly from the Fed:



Can you say, “parabolic?” Yes, I thought you could!