Posted by Congressman John Campbell at 12:00 am on May 14, 2010 Comments Off on The Debt, Deficit, and YouCut!
Greek Tragedy: There has been much publicity as
of late, particularly among the financial community, about the
fiscal problems in Greece. The Greek government has spent far more
money than it has taken in and done it for enough years that they
now have a huge deficit and an even bigger debt. There are fears
that Spain, Portugal, Italy, and Ireland could be next. Stock
markets around the world lurched downward out of fear that these
systemic debts and deficits may not be able to be repaid and that
these countries may need to default on their debt.
But they are not alone. Here are the current year deficits
(2010) and outstanding national debt as a percentage of that
country’s Gross Domestic Product (GDP) for Greece, the largest
European countries and the U.S.:
Country
Deficit as % of GDP
Public Debt as % of GDP
United States
…
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