Originally Posted by Nouvellecosse
^ I don't think that's accurate. I the US's debt is 9 trillion that makes up only 37% of its GDP, then its GDP must be around $24 trillion, but the most recent estimates I've seen are around $14 trillion. The same thing with Canada; its national debt is under $1/2 a trillion and its GDP is about $1.25 trillion, so its debt makes up less than 40% of its GDP.
Is the CIA World Factbook known to have accuracy issues? I haven't had much experience with it...
I think he is referring to the current annual national budget deficit- which contributes to the national debt.
We also should point out that China currently owns well over a trillion dollars of our national debt. If there was any country or entity on the planet that could afford to buy the debt from China, China could buy out any of the following (assuming a 19% premium to stockholders, where applicable):
-All of our top 20 Financial Institutions (Citi, BofA, JPM, Wells Fargo, etc)
-All of our top 20 Retail Chains (Wal-Mart, Target, etc)
-The top 8 Fortune 500 companies.
-Over 5 million average family homes in the U.S.
I am sure there are resources out there stating a million other things you could buy with a trillion dollars. My point it, it is crazy how much power we are handing to China with our crazy deficits and war spending. I am not a big proponent of raising taxes, but we need to eat some of this burden ourselves if we are going to continue to vote for people that support unjustified spending, whether it be for wars or welfare.