"The history of accounting is as old as civilization, key to important phases of history, among the most important professions in economics and business, and fascinating. Accountants participated in the development of cities, trade, and the concepts of wealth and numbers. Accountants invented writing, participated in the development of money and banking, invented double entry bookkeeping that fueled the Italian Renaissance, saved many Industrial Revolution inventors and entrepreneurs from bankruptcy, helped develop the confidence in capital markets necessary for western capitalism, and are central to the information revolution that is transforming the global economy."
--Gary Giroux

Stimulating Conversation Blog

National Debt

The U.S. has a huge public debt, but how big? Various pundits claim it’s a modest 50% or gigantic, well over 100% of GDP. Which is it? The Treasury Department is the obvious place to start, because Treasury manages the debt. On May 7, 2010, the total public debt was $12.9 trillion, 88.4% of first quarter 2010 GDP ($14.6 trillion). However, only $8.4 trillion was held by the public (57.5% of GDP), with the remaining $4.5 representing intra-government holdings such as the Social Security Trust Fund.

So, these are the obvious alternatives, 57.5% for national debt held by the public, or 88.4%, total public debt. To really hyperventilate about the debt, one must forecast future debt. The national debt is estimated to be $18.4 trillion for 2014, almost 100% of GDP (and rising).

Author: Gary Giroux

Date Added: 05/11/2010 14:40 tags National Debt