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Posted by Beal on 03/23/07 18:29
On Mar 23, 5:03 am, "Useful Info" <useful_...@yahoo.com> wrote:
> Congress Sets New Federal Debt Limit: $9 Trillion
>
> Full story here:
> http://muvy.org/
As a percentage of GDP, which is the only reasonable way to measure
its burden, our debt hit a peak in 2005 (peaking much lower than it
had following previous recessions) and fell in 2006 to 37%, a very
"average" debt load, considering the high levels we saw in the early
1990s approaching 50%, as well as the astronomical levels we saw
during WWII. Compared with various European and Asian countries, our
debt is in fact quite low.
Big nominal numbers are useless. If you don't put the numbers in the
context of a growing economy, growing population, inflation, or any
number of other mitigating circumstances, then our debt will almost
always be the highest is has ever been.
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