Debt to Surpass Entire Economy

Here’s a troubling forecast courtesy of House Minority Leader John Boehner (R-OH):

… our national debt ($12.7 trillion today) is on track to exceed the size of our entire economy (about $15 trillion) in just two more years.

At first it may seem to be hyperbole, but PolitiFact has confirmed it:

Still, we consider Boehner’s statistics valid. While he underestimates the size of the projected debt in 2010 and 2012, his assertion that “our national debt … is on track to exceed the size of our entire economy … in just two more years” is on target, according to the president’s own Office of Management and Budget. So we rate his statement True.

Here is a running total of our debt right now. Depressed yet?

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One Response to Debt to Surpass Entire Economy

  1. patriotsnow says:

    Quotes from Thomas Jefferson, founder of the Democratic Party:

    “The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”

    “The same prudence which in private life would forbid our paying our money for unexplained projects forbids it in the disposition of the public moneys.”

    “I place economy among the first and most important virtues, and public debt as the greatest of dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt.”

    http://tinyurl.com/teapartypatriot

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