Saturday, June 12, 2010

US Debt to Hit $19.6 Trillion by 2015

These are staggering numbers and just the latest indication that something must be done to stem the unsustainable debt we are burdening the country with.

"The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.

"The president's economic experts say a 1 percent increase in GDP can create almost 1 million jobs, and that 1 percent is what experts think we are losing because of the debt's massive drag on our economy," said Republican Representative Dave Camp, who publicized the report.

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