Tuesday, October 19, 2010
U.S. Deficit as % of GDP? "Fagetaboutit!"
We hear so much B.S. from our politicians and other pundits about our scandalous deficit spending, - how we are putting future generations in hock for centuries to come, that I finally checked the CIAWorld Factbook and discovered that the U.S. ranks 47th among 129 nations of the world in terms of public debt (i.e. "deficit") as a percent of our GDP (Gross National Product). Among the really big spenders in the list, Japan is no. 2 with 189% of GDP in Public Debt, Italy and Greece running almost neck and neck in 6th and 7th places with around 114% and France - in 16th place with 77.5%, Canada -75%, Germany 72%, UK -68% and way down, close to the bottom of the list in the 109th place, those inscrutable Chinese.