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U.S. debt is now equal to economy
Akwaaba (Welcome) G&G Readers,
How much of a warning do you need. When the mainstream bank and government controlled media tells you to look out, it's actually worse than it is.
Wake up folks, if you haven't already started looking into other areas of the world to invest your money, what are you waiting on?
This is an article from todays USA Today newspaper. Take heed …
WASHINGTON – The soaring national debt has reached a symbolic tipping point: It's now as big as the entire U.S. economy.
The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion.
That's roughly equal to the value of all goods and services the U.S. economy produces in one year: $15.17 trillion as of September, the latest estimate. Private projections show the economy likely grew to about $15.3 trillion by December — a level the debt is likely to surpass this month.
"The 100% mark means that your entire debt is as big as everything you're producing in your country," says Steve Bell of the Bipartisan Policy Center, which has proposed cutting nearly $6 trillion in red ink over 10 years. "Clearly, that can't continue."
Long-term projections suggest the debt will continue to grow faster than the economy, which would have to expand by at least 6% a year to keep pace.
President Obama's 2012 budget shows the debt soaring past $26 trillion a decade from now. Last summer's deficit reduction deal could reduce that to $24 trillion.
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Many economists, such as the Brookings Institution's William Gale, say a better measure of the nation's debt is how much the government owes creditors, not counting $4.7 trillion owed to future Social Security recipients and other government beneficiaries. By that measure, the debt is roughly a third less: $10.5 trillion, or nearly 70% the size of the economy.
That is still high by historic standards. The total national debt topped the size of the economy for three years during and after World War II. It dropped to 32.5% of the economy by 1981, then began a steady climb under President Reagan, doubling over the next 12 years. The combination of recession and stimulus spending caused it to soar again under Obama.
Among advanced economies, only Greece, Iceland, Ireland, Italy, Japan and Portugal have debts larger than their economies. Greece, Ireland, Portugal and Italy are at the root of the European debt crisis. The first three needed bailouts from European central banks; Italy's books are monitored by the International Monetary Fund.
The White House and Congress agreed in August to cut about $1 trillion from federal agencies over 10 years. An additional $1.2 trillion in automatic spending cuts looms beginning next year if lawmakers can't agree on a better way to do it.
Why the US and European economies are sputtering, other emerging markets are buzzing with loads of opportunities. As a matter of fact, check out this article from the Ghana times:
http://media.ft.com/cms/cd5824f0-2521-11e1-8bf9-00144feabdc0.pdf
Ghana, Africa was the fastest growing economy in the "WORLD" last year at 13.6%, while in comparison the US economy creept along with a makeshift 1% growth rate in 2011, and that's if you believe the fuzzy math the government puts out there.
Is this what Brother Malcolm meant when he said "The Chickens are finally coming home to Roost?"
With Ghana's vast growth opportunities, they still need the infrastructure and technology to catch up with the wealth and growth occurring over in West Africa. All this to mean … why aren't you over there looking for opportunities to grow your money?
I know why … plane old lack of knowledge.
Well…at G&G Associates we can help you increase that knowledge by being a GGIS Subscriber so that you can tap in to these vast opportunities as I bring them to our members.
So…if you aren't already a GGIS portfolio subscriber, you need to sign up today so you can be ready to pull the trigger on these opportunities when I bring them forth. Trust me … they are coming to a soon.
Again, if you want to sign up for the GGIS portfolio, visit our website at www.gngassociates.net.
As always, if you want to educate yourself on some of the terms I'm using in my e-newsletters, check out this site: http://www.investopedia.com/ . Also, a good place to learn more about reading and looking up charts is www.stockcharts.com.
Remember, "The more you learn the more you earn, the less you know the more you owe."
If you need a one-on-one consultation to learn how to implement these investments or any other on the GGIS portfolio, feel free to contact me to setup an appointment.
Until the next time!
Ankh Uja Snb (Life, Health & Strength)
Asar Maa Ra Gray
Tax & Financial Consultant, RFC
G&G Associates
757-251-3757 office
866-361-3872 toll free fax
www.gngassociates.net
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J. Carter
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LEGAL NOTICE: This work is based on SEC filings, current events, interviews, corporate press releases and what I've learned as a financial consultant. Nothing herein should be considered personalized investment advice. It may contain errors and you shouldn't make any investment decision based solely on what you read here. It's your money and your responsibility.
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