More On The Debt

Various folks are mentioning that the US Debt has now effectively reached 100% of our GDP. That, of course, is not good.

But in fact it is far worse, because remember Dear Readers that our “official” debt does not include the liabilities on Fannie Mae and Freddie Mac, adding another $5 trillion or so to bring our debt to over $19 trillion dollars.

Which is approximately 135% of our GDP, not 100%.

Like Greece.

As an aside, I’m trying to figure out how I can keep 35% of my liabilities off my books, too.

19 Responses to “More On The Debt”

  1. Ave says:

    Don’t forget to add the $18.5 myn cost to American taxpayers in interest payable on bonds issued while incompetent Congress was dithering over whether to pay bills we had ALREADY incurred. Their selfishly incompetent grandstanding cost Americans $18.5 myn bucks and they still didn’t do anything about entitlements or tax code reform. God please help our nation.

  2. Syd B. says:

    Time to put a big tarmac over the Statue of Liberty before the Chinese debt collectors start repossession procedures. They’ll never find it.

  3. JeffS says:

    As an aside, I’m trying to figure out how I can keep 35% of my liabilities off my books, too.

    Invest in gold, dried food, and ammunition.

  4. Syd B. says:

    As another aside, since we can’t do a damn thing about the woes of America, at least until Nov/12, we might as well drink. Tried this last night and for $20, its a great wine.

    Napa Cellars, 2007 Cabernet Sauvignon. Classic, fruity and has lots of years to get better, but it was damn good last night.

  5. major dad says:

    Don’t forget the Vienna Sausages Jeff, got to have those. Something insidious happens to people when they get elected. It’s like they get injected with a serum that makes them spend money and more money and are blind to the cliff they are about to go off.

  6. JeffS says:

    Yep, don’t forget the Vienna Sausage, Major Dad. I must note that Spam adds a little variety, in terms of taste and texture.

  7. Yojimbo says:

    They care more about re-election than doing what is right.

    This will change when they get the idea that their re-election depends on them NOT spending money and we revoke baseline budgeting.

    We also need to get rid of the power centers like the tax code.

  8. MikeT says:

    Please dont bash Spam. Spam can and should be enjoyed even during the best of times. In the coming zombie apocalypse, I plan on Spam being brought out for Christmas, Easter, Thanksgiving and my birthday as a treat.

    Spam pancakes….yummmmmmm

  9. Kate P says:

    Y’know, they looked to make all our laws like Europe’s, and now they’re trying to make us financially like them. It sucks. If I wanted to be in the mess Europe’s in, I would have moved there.

  10. tree hugging sister says:


  11. JeffS says:

    I merely suggested Spam as a means of providing some variety in the bland diet we’ll be forced to eat during the upcoming economic disaster, Sis. Variety is indeed the spice of life.

    But if you want to gnaw on Vienna Sausage every day for a few years, feel free. How you survive the impending apocalypse is your business; I’m sure Major Dad is capable of locating alternate sources of protein.

    But if you ever knock on my door, asking to borrow a can of Spam, I’ll bear this in mind. It’ll be a sellers market by then.

  12. Yojimbo says:

    Don’t mind THS today, she just learned of the new 1500-calorie Donut Burger unveiled at the NY State Fair, and they don’t deliver!

  13. Mr. Bingley says:

    Thanks for the tip on that, Syd; I’ll see if I can find a bottle!

    I’d like one right now…

  14. Mr. Bingley says:

    Daughter had some canned Spam last night. It falls far short of the lofty standard established by Underwood’s Deviled Ham.

  15. major dad says:

    Fried Spam sandwich is heaven despite the vile looks and comments from THS.

  16. JeffS says:

    Spam is edible straight out of the can, Mr. B, but not necessarily, ummmmm, desirable. Some preparation is necessary for it to be even minimally acceptable for consumption. Lots of mayonnaise and/or mustard, for example. Perhaps this is the problem for THS?

    In which case, I suggest a good cook book.

  17. JeffS says:

    Mmmmmmm……fried spam!

  18. JeffS says:

    Oh, and there’ll be a discount on Spam for Major Dad, Sis.

  19. aelfheld says:

    Ave, the debt limit ‘dithering’, as you put it, had nothing to do with paying or not paying debts already incurred nor did the delay incur any interest that wasn’t going to be incurred without the ‘deal’.

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