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U.S. Budget Deficit vs. GDP

by Rory Cripps | May 14, 2011 at 03:28 am

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The budget deficit is approximately $1.6 trillion. The debt (amount of money owed by the government) is almost 10 times that amount. The budget deficit rose dramatically during the height of the financial meltdown which occurred only a few years ago under Bush's presidency. The meltdown occurred in no small part because of the "free market" policies and actions of those in the banking and finance industries compounded by the government's failure to enact proper policy and the proper oversight. Those politicians and people that are calling for a return to the "free market", subsidies to corporations, tax breaks, relaxing of business regulations, etc. possess the very same mindset that got America into the economic and financial mess to begin with.

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YankeeJim

at 04:14 on May 14th, 2011

Thanks for that factual report, Rory.

René

at 07:25 on May 14th, 2011

do ya think the guys in Congress, in D.C., get them mixed up?

Rory Cripps

at 06:29 on May 15th, 2011

Rene: Mixed up is an understatement! JEEZ! The sad thing is that millions of Americans continue to believe all the lies and the myths re the economy. The Repubs blame Obama entirely for the lousy economy and the high unemployment rates. NO doubt that Obama is not helping things. But if the president is responsible for the lousy economy as the Republicans claim, then, by their own logic, Bush was responsible for the recession and the financial meltdown. .I've said it before and I'll continue saying it: There's no shortage of hypocrisy in American politics.

Rory Cripps

at 06:45 on May 15th, 2011

One of my main points all along has been that Americans need to start looking at the facts for themselves instead of taking the decision to vote for a particular politician with no more thought than if they were deciding which brand of toothpaste to buy off a supermarket shelf . . . .