Saturday, August 06, 2011

Bankrupt in 136 Words

Recent History in 136 Words

On spending, it is important to recall how extraordinary the blowout of the last three years has been. We've seen nothing like it since World War II. Nothing close. The nearby chart tracks federal outlays as a share of GDP since 1960. The early peaks coincide with the rise of the Great Society, the recession of 1974-75, and then a high of 23.5% with the recession of 1982 and the Reagan defense buildup.
Obama Pelosi Blowout

From there, spending declines, most rapidly during the 1990s as defense outlays fell to 3% of GDP in 2000 from its Reagan peak of 6.2% in 1986. The early George W. Bush years saw spending bounce up to a plateau of roughly 20% of GDP, but no more than 20.7% as recently as 2008.

Then came the Obama blowout, in league with Nancy Pelosi's Congress. [Full]

But Wait!  27 more words.  My Treat.
As of the end of the second quarter of 2011, the US GDP was 15.003 trillion.[6] Total Public Debt Outstanding as a percentage of GDP was 100% [Source- United States public debt]


Hodja said...

Eat the rich:

Anonymous said...

QE1 and 2 have been the largest theft in history. I bought a large amount of silver 2 years ago, it has gone up 250% since then. Gold has gone up 500% in ten years and is up about 90% in two years. I would recommend anyone to buy precious metals or commodities--make sure to take physical possession, as letting a second party hold it may be much riskier in the future. The dollar has lost 25% of it's value in the last year, and looks to lose more when QE3 is announced. Buy something of value with your fiat money, as it will be worth less in the future.

--Sapo Mal

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