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U.S. Debt Is Now More Than GDP of U.K., China & India Combined

Discussion in 'International Politics' started by vigour, Nov 18, 2011.

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  1. vigour

    vigour FULL MEMBER

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    NEW YORK (MainStreet) — Break out the streamers and confetti, but make sure it’s the cheap kind because we are broke. Really, really broke.

    The U.S. hit a new milestone this week, passing $15 trillion in debt for the first time in our country’s history, according to data from the U.S. Bureau of the Public Debt. Right now, as I write this, the total debt is $15,026,993,847,879.10, which is more money than most of us will ever dream to make in our entire lives.
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    The total public debt first passed $14 trillion in the beginning of January, then hit the country’s debt limit of $14.3 trillion five months later and has only continued to go up since. The debt ceiling deal brokered in August allows the debt to increase by as much as $2.4 trillion, or a maximum total debt of roughly $16.7 trillion.

    As daunting as the $15 trillion number is, it’s even greater than the country’s total output in 2010 as measured by gross domestic product, which was estimated to be about $14.58 trillion, according to data from the World Bank.

    Just to put all that into perspective, our national debt is now greater than the GDP of each of the follow countries in 2010 put together:

    Algeria ($159 billion)

    Australia ($925 billion)

    Austria ($376 billion)

    Canada ($1.57 trillion)

    China ($5.88 trillion)

    Croatia ($60 billion)

    Ghana ($31 billion)

    Greece ($305 billion)

    Greenland ($1.3 billion)

    India ($1.73 trillion)

    Lebanon ($39 billion)

    Mexico ($1.04 trillion)

    The United Kingdom ($1.6 trillion)

    Add all that up and you get roughly $15.01 trillion, or about $10 billion less than the total U.S. national debt at this moment

    U.S. Debt Is Now More Than GDP of U.K., China & India Combined | News | Money/Investing | Mainstreet
     
  2. Nick 779

    Nick 779 Captain SENIOR MEMBER

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    The main malady of the US and European nations is that they do not save, wheras it is more than 30% of GDP in both India and China.
     
  3. G777

    G777 Lt. Colonel ELITE MEMBER

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  4. Himanshu Pandey

    Himanshu Pandey Don't get mad, get even. STAR MEMBER

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    if they get bankrupt we will get technologies for giving them monetary help... it is good for us as we are a domestic economy so we can generate growth and support them
     
  5. vigour

    vigour FULL MEMBER

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    If they got bankrupt, we would not know what will be the impact on the global economy. It is hard to predict and we will not be able to estimate how long it will take to recover form the setback. The direct impact will be on our IT industry as most of the clients are from Europe and North American Region. Though, it will directly lead to drop in the oil prices as the demand will shoot down on the news of economic downturn. It will help in reducing the inflation as the export demand of the goods will go down, but will also hit the manufacturing industry as the export channels on which the growth is based will be impacted. So, in short term there will be a great set back, but in long term it will directly help the emerging markets especially India and China. Brazil and Russia are more fossil fuel export oriented so will be impacted.

    It will be messy and lot will depends on the foreign investors, where they will head to.

    People are welcome to scrutinize my reasoning, if they want to :whistle:
     
  6. Manmohan Yadav

    Manmohan Yadav Brigadier STAR MEMBER

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    Its just a mad dash for debt in US atm.
     
  7. uptotrix

    uptotrix Captain SENIOR MEMBER

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    India's debt isn't a big concern. Fast growing economies, will always have moderate levels of debt. But the case of United States is rather different, their debt reduction plan involves cutting $1.3 trillion by 2025 by which time the total debt would have reached $25 trillion so they want to subtract $1.3 trillion from it. Obviously it isn't going to help much, it's a novel idea by the politicians to keep people calm, they want to look as though they are doing something to reduce the debt. The problem here is the people's mindset- many of them think working hard doesn't sync with the American dream, which makes them very selective. Finding professionals and scientist would be hard as well, because as you know education in US is appallingly expensive- so basically rich people would get better education, they become "job creators" so that the average middle class and dumb-asses can keep shelling their money on ipads and smart phones etc.
     
  8. Shikari

    Shikari 2nd Lieutant FULL MEMBER

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    The pic shows USA with $8.68Trillion debt.. The first article (along with the media) puts the amount at around $14Trillion. Also, I was under the impression that the debt as a percentage of the GDP would be higher than 60.8%. Isn't it close to 100%? Why do you think this is? The data doesn't seem to be outdated... Is it just incorrect data or is it measuring a certain type of debt and not the total debt?
     
  9. uptotrix

    uptotrix Captain SENIOR MEMBER

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    ^^ National debt is Government Debt.
     
  10. Averageamerican

    Averageamerican Colonel ELITE MEMBER

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    I am concerned about US debt, I hope they can work it out, right now they are playing poltics with the debt, I doubt if the republicans are going to do any thing because it would help the democrats. Think it was Churchhill that once said American allways does the right thing, when they have exhausted all other alternatives. Figure it will work this way this time. I dont think any one really knows what would happen to the world and the US if they US defaulted on its debt. Its not like an individual, you really cant forclose on the USA. Argentina might be a good example. The USA might just print enought money to pay the debt, it would reduce the value of the dollar but would also have the desired goal of reduceing imports and increaseing exports.
     
  11. lucifer

    lucifer Lieutenant SENIOR MEMBER

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    the US debt may be more than that of UK, China & India.... but so is their military power!
    And now with US returning its interest to the Asia Pacific region, lets see how China does with US breathing down its neck everywhere...
    But the sour fact is, US is in such a state because of its people..... people who do not want to work, who want US to turn into a socialist welfare state like a European country...
     
  12. Averageamerican

    Averageamerican Colonel ELITE MEMBER

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    Well the the sour fact is you are wrong "on average, work 350 hours more each year than Europeans. That's 9 weeks of labor." thats actually went up since the 70s. Do Americans work too much? - Oct. 9, 2003

    Now would americans like to work less and have more, like the Europeans, who wouldnt.

    Another site Hours worked statistics - Countries compared - NationMaster

    Legal working hours and real working hours are different! « A wide angle view of India

    Another factor is US workers are among the most productive in the world.
    http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)_per_hour_worked

    Countries like Luxenberg are not really that productive because most of the people working there dont live in the country but commute and it screws up the satistics. Did not look at the satistics but would estimate USA with 1/4 the population of India produces what 5 times as much, its a little hard to argue that americans are lazy.

    Think a little, do a little research.
     
    Last edited: Nov 19, 2011
  13. Shikari

    Shikari 2nd Lieutant FULL MEMBER

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    I agree with AA on this. USA is VERY productive and efficient. And the people there, on average, work a lot more than people in other developed countries. The main reason for this is that US firms are totally happy firing a United states citizen and employing a Chinese or an Indian instead - and the salary there is simply incredible. This means that for a person in USA to keep his/her job, they have to compete with the best brains of the world. And they seem to be doing it pretty well. So, productivity isn't the reason that USA is failing.

    The reason, in my opinion, is that Americans save too little money. They spend the month's salary on the 30th of the month - some families regularly spend more than they make even though they have a decent salary thanks to a convenient invention called the credit card. This obviously led to a lot of problems 3 years ago and I won't go into that now. The problem right now is that America has a dilemma. They can do two things:

    1) They could start saving and stop living beyond their means - The problem with this is that the US economy is very dependant on their consumers to drive it's growth/businesses. If the consumers stop buying as much, their economy and businesses will take a huge hit in the short run. We're experiencing some of these problems as we speak - namely slow growth and high unemployment.

    2) They could continue the way they are going. The effects in the short-run won't be significant but people will start losing confidence in the economy and as alternatives like China appear, they might move their businesses there. And no amount of bailout money can stop this - just prolong the inevitable at huge costs. Bottom line, this is by far the worse descision in my opinion and I am somewhat releived that USA seems not to be following this path even though it's the easier path to take.

    So, all in all, I see a bleak decade ahead for the United States but hopefully they will make it to the other side a better nation.
     
  14. lucifer

    lucifer Lieutenant SENIOR MEMBER

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    okay... I dont think I came across as coherently as I wanted.
    The US is not as productive as it should be. Its got the people who want to work and are working, and being productive but US also has a lot of people who want to pass all the burden onto the rest, overtax the rich. These are the people who dont want to get up and work. (I know Im generalizing but such is a majority)

    And yes, anyone would like to work less and get more, but not everyone can, but you still got people actively working towards achieving such a state. OWS protests are an example.

    And I wont really compare US with India or China, I dont doubt that US workers would be more productive (but infrastructure plays a huge role in that, something irrelevant here), but they are not so much as US once was, they are on a downward spiral because of such people.

    As for Europe, look at Norway, Denmark, Belgium and even France to a certain extent... they are all much ahead to be welfare socialist states.

    Take for example, how so many people in US are just happy getting the food stamps and not work and just work with drugs, but responsible governance in Fl, ordered drug tests for all the people getting the food stamps. Now getting the prescriptions isn't that difficult, we all know, but its a step in the right direction.
     
  15. Skull and Bones

    Skull and Bones Doctor Death Staff Member MODERATOR

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    Does India's debt stands at $2.55 trillion?
     
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