Depressing Chart of the Day: The U.S. Is Racking up Debt Faster Than the EU
- Posted on June 14, 2012 at 6:00pm by
Becket Adams
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For all the bad things that can be said about the eurozone, at least the 17-nation union doesn’t rack up debt as quickly as the U.S.
Yes, you read that right.
America is currently on track “to add three times more debt than [the] eurozone over [the next] 5 years,” according to a new chart released the Senate Budget Committee Republican staff under Ranking Member Jeff Sessions (R-AL):
“Already, as the chart shows, America‘s debt exceeds the eurozone’s, roughly $16.6 trillion to $13.3 trillion,” The Weekly Standard’s Daniel Halper writes.
“But by 2017, that gap is projected to widen, and America’s debt is expected to be $22.3 trillion, while the eurozone’s debt will be $15.2 trillion,” he adds.
This means that if things go unchanged, America will tack on $5.7 trillion to its national debt while the EU will only add $1.9 trillion.
Of course, we say “only” $1.9 trillion as if it’s no big deal. It is a big deal. It’s a big absurd deal.
“[W]hile the eurozone crisis is by no means just about debt,” Halper writes, “this new chart suggests that America must also look at its own fiscal problems as it tries to solve the great financial troubles it currently faces.”
Indeed, if significant changes aren’t made to the U.S.’ spending habits, America will be in a far more dangerous place than the eurozone in the long run. But then again, as the economist John Maynard Keynes liked to say, the only thing we know about the long run is that we’re all dead.
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Comments (58)
rickc34
Posted on June 14, 2012 at 8:51pmOn the highway to hell. And he could even pick up the lunch tab for four vets
Report Post »lukerw
Posted on June 15, 2012 at 6:56amTHE OBAMA PLAN: 1) Bankrupt the Nation via Redistribution of Wealth; 2) Slow down Buiness & Energy via Regulation; 3) Support the EU, and allow their failure to affect the US; 4) Cause Chaos & Revolt; 5) Transform Government to a Socialist Dictatorship; 6) Seek to be Chairman of the New World Order of Government over All Nations!
Report Post »conservativejon
Posted on June 15, 2012 at 9:44amthis is how barry makes america number 1. at least we are topping the charts with something. can we please stop the insanity. i mean really, it stopped being funny 3 years ago.
Report Post »wbedding
Posted on June 15, 2012 at 10:30amGod knows we’ll never be #1 in education as long as the socialists are in charge of it all! at least Barry has achieved something in his “presidency”…
Report Post »VoteBushIn12
Posted on June 15, 2012 at 6:56pm@WBEDDING
We’ll never be #1 in education as long as the Politically Right and Religiously Conservative Americans think we should be teaching scripture in the classroom.
Report Post »Tigress1
Posted on June 14, 2012 at 8:46pmIn November, Congress will be running around like chickens with their heads cut off screaming “We must raise the debt ceiling or the gov. will shut down!” Obama won’t give a flip then because the election will be over and he will be on the way out. Congress needs to address this issue NOW!!!!!!!!!!!!!!!!!!
Report Post »darkknight91
Posted on June 15, 2012 at 1:06amObama doesn‘t give a flip whether he’s president or not.
Report Post »Brother Winston Smith
Posted on June 14, 2012 at 8:38pmThank you, leftist, Central Government Planning, Constitution-shredding, chickenhawking democrats.
Report Post »Thank you, leftist, Central Government Planning, Constitution-shredding, chickenhawking republicans.
Plan B
Posted on June 14, 2012 at 9:36pmAmen
Report Post »hallkbrdz
Posted on June 15, 2012 at 4:28amExactly.
And thanks to you fools we now get to (once more) pick between a Goldman Sachs candidate… and a Goldman Sachs candidate who want more of the same.
Report Post »wbedding
Posted on June 15, 2012 at 10:37amhallkbrdz – i agree. it’s the difference between do we want to take one spoonful of castor oil (Romney) or two (Obama)…however, we need to make sure that we also turn the Senate Red with more conservatives who want fiscal responsibility, and vote in more conservatives in the House who will make sure the Repub. “leadership” is held accountable. that will force Romney to hold to fiscal principles. if not, we are screwed. we are royally screwed if Obama is re-elected. so with Romney at least we have a chance. With Obama, the chances are NIL.
The lesser of two evils…
Report Post »Netsurfer2
Posted on June 14, 2012 at 8:10pmJust wait until they finally start reviewing America’s debt situation! It will be like an upside down cake by the time it is analyzed! We cannot afford healthcare and all these other programs that are sucking us dry! You can put lipstick on a pig, but it’s still a pig! Not like this will go away anytime soon! American’s have been greedy for a long time, now they can learn to live within their means just like me (I’m an American)!
Just click your heels and say “there’s no place like home!”, wake up America!
Report Post »KeithOlberdink
Posted on June 14, 2012 at 7:52pmIt ain’t cheap buying votes, right Barry?
Report Post »hwyllie
Posted on June 14, 2012 at 7:44pmWE DON’T LIVE IN A TRUE CAPITALIST SYSTEM ANYMORE. BUT WHEN THE ECONOMY COLLAPSES THESE SOCIALISTS WILL BLAME CAPITALISM. sorry about the caps. an economic collapse is far worse then some on this page think. it’s not a peaceful transition into a new system. it will be chaotic, there won’t be any food or medicine. people aren‘t going to just go to work when they’re not getting paid. we aren‘t seeing everything that’s going on in Greece. all I can say is : if you can get out of high population areas, do so. be prepared for little or no electricity for an indeterminate amount of time. have weapons to hunt and protect yourselves. when this happens it will happen quickly. election or not, there is no way we can pay off our debt, especially when interest rates go up. sooner or later they will have to go up and that effects the interest on the national debt.
Report Post »lukerw
Posted on June 15, 2012 at 7:37amTHE DIFFERENCE IS; We are 200+ years old… and we have the Knowledge & WhereWithAll to Start over again… but Europe evolved over Thousands of Years, and they do not know how they did it… as they simply Warred upon each other… coming up with the result that currently exists!
Report Post »progressiveslayer
Posted on June 14, 2012 at 7:39pmThere‘s 144 trillion reasons why we won’t get out of this and depression part two is just around the corner because Europe will fall first then us. I hear people all the time say we‘ll be fine and we’ll get out of it,these people are idiots because that‘s too much debt and congress isn’t slashing spending,they should be slashing trillions ans I know they can‘t with the Marxist POS in the white house but he’ll be fired come November and congress can finally cut spending,if they have the spine to do it.
Report Post »subic
Posted on June 14, 2012 at 7:45pmYet another scheme may being planned by the regime to fix the election. By keeping it close with manipulation they can cheat >———,> Read and pass along
STAY VIGILANT FOLKS!
http://godfatherpolitics.com/5653/how-the-election-is-being-rigged-before-you-vote/
Report Post »cemerius
Posted on June 14, 2012 at 7:28pmWho gives a sheep? Let the European Union dissolve and NEVER play a fool’s game again!!!! America still has a LARGER GDP than this crappy EU!!! Throw the “man-child” out of office and let the REAL Americans do our jobs!!!! I am still in SHOCK that the EU is STILL worth more than a US Dollar!!!!
Report Post »affinity
Posted on June 14, 2012 at 7:28pmAll currency is based on debt and if you paid off all of the debts in the world there would be no currency. Government debt and taxes are not sustainable. The government services and social programs are being paid for by borrowing circulating dollars (from bank deposits) and taking more quarterly tax dollars (from bank deposits).
The U.S. government needs to be charging the banks for the honor printing and distributing U.S. currency. Taxes are not necessary and poverty is not necessary.
Rest assured that both the Democrat Party and Republican Party work for the same bankers and international financiers and we the people are being ripped off.
Report Post »NOBALONEY
Posted on June 14, 2012 at 7:27pmJust a higher cliff to fall from.
Report Post »michael48
Posted on June 14, 2012 at 7:17pmchairman ocommies plan=lib-nomics 101…we‘re broke sooooo let’s spend it…btw ..who’s the oblamo person of the day…Ike???JFK???? the ex governor of the 57th state???
Report Post »jakartaman
Posted on June 14, 2012 at 7:07pmMost of you have never smelt napalm in the morning – well it smells like victory
Report Post »The Euro zone is just playing for time.
We are on the cusp of a world wide depression of historic and unchartered direction.
How or when we come out of this horrific time is important but of much more relevance is what we will be when we emerge.
AUsername
Posted on June 14, 2012 at 7:14pmThat is what Paul supporters are preparing for and attempting to offer a way out of it when it happens.
Report Post »subic
Posted on June 14, 2012 at 7:20pmAnd all the while the bankers & politicians are getting filthy rich, buying themselves underground bunkers, private islands to get away from the carnage thats coming.
Obama may kick it off with a fake disaster/crisis right here. I heard a new name for him yesterday, I’ll try to look it up. Obama is working for the Russians & he has another name now. I read it on The Wall Street Insider from the Ulsterman Report.
Report Post »MEANS2RESIST
Posted on June 14, 2012 at 7:05pmI would like to know the tally on the 1st Mooches vacations funded by us. You can bet a dollar to doughnut she will try and squeeze in a few more befor they are given the boot.
Report Post »BOMUSTGO
Posted on June 14, 2012 at 6:57pmThis is all part of the plan to get us all into the New World Order. The old sysem must be desroyed before the new is to be employed.
Report Post »MrButcher
Posted on June 14, 2012 at 7:04pmit won’t be that simple.
Report Post »barber2
Posted on June 14, 2012 at 7:12pmAgree. This out-of-control over-spending is all aimed at destroying our capitalist system . Remember the video of Bill Ayers saying exactly that ? He gets up each day dedicated to “destroying capitalism !“ These guys are dedicated and the ” change“ they have planned for America is really ” destruction.” Destruction of the capitalist economy. The stupid voters who believe that you can spend your way to prosperity are just the tools to make this “ change” happen ! Welcome to the Marxist Heaven our merry band of “redistributes” have planned. From Bill Ayers lips to your easy ! Beck needs to run that video DAILY.
Report Post »subic
Posted on June 14, 2012 at 7:14pmYep…and this too, Soetoro/obama getting ready to spend more by allowing NATO to coax us into another illegal war….why isn’t BLAZE reporting on it?
http://www.debka.com/article/22073/Obama-speeds-up-limited-air-strike-no-fly-zones-preparations-for-Syria
Report Post »BOMUSTGO
Posted on June 14, 2012 at 7:21pm-Obama primed to create ‘New World Order’-Kissinger (videonetdaily)
Report Post »- “The main obstacle to a stable and just world order is the United States,” he (George Soros) wrote in The Age of Fallibility: Consequences of the War on Terror.
“We are on the verge of a global transformation. All we need is the right major crisis and the nations will accept the New World Order.”
David Rockefeller.
Wake up sheeple!!!!
BOMUSTGO
Posted on June 14, 2012 at 6:44pmThe Socialist Obama has out spent all presidents combined.
Report Post »SpankDaMonkey
Posted on June 14, 2012 at 6:44pm.
Report Post »C’mon, All we need is one more Social Program to save us…………
Individualism
Posted on June 14, 2012 at 6:43pmkeep adding more debt and let the system collapse it cannot be saved and i would rather have the spending be domestic instead of military and overseas war spending. lets have some socialized medicine and free education and enjoy it until the system collapses and than start over and get things right.
Report Post »barber2
Posted on June 14, 2012 at 6:52pmcollapsing the system. Now where have I heard that ? Oh, those crazy Far Lefties like Piven. Guess that’s why Obama and the jerks in Europe refuse to stop spending ! They want to destroy/ change/ collapse the capitalist system! Nothing like some chaos . Nothing like a little anarchy . Evil leaders playing with stupid voters.
Report Post »Individualism
Posted on June 14, 2012 at 6:56pma financial collapse doesn’t end the country, its just ends an economic system and puts limitations on goverment, many countries have gone through collapse and came back up and American can to, lets just do things right and have a sound currency and no central banks it shouldn’t happen again.
Report Post »jakartaman
Posted on June 14, 2012 at 6:57pmWe are going to start that November 6th
Report Post »saranda
Posted on June 14, 2012 at 6:41pmMore than 20% of the federal budget is spent on defense. Terrorists have been saying “bleed them to bankruptcy” and we keep spending more every time they peek around a corner. We are so stupid.
Report Post »Individualism
Posted on June 14, 2012 at 6:50pmNeo Cons and Neo Libs are a terrorists best friend.
Report Post »barber2
Posted on June 14, 2012 at 6:34pmThe fact that the Democrats refuse to learn from the mess in Europe makes one wonder if there isn’t either some world wide plan to destroy capitalism OR just a world wide bunch of economically suicidal idiots running these countries and America.
Report Post »KMM
Posted on June 14, 2012 at 6:42pmOr just people with mental disorders that cannot connect A, to B, to C.
Report Post »3monkeysmomma
Posted on June 14, 2012 at 6:48pmWell if that isn’t a RINO Romney supporter calling the kettle black!
Did you check out Mitt’s budget plan yet, Barber? Looks a lot like Obama‘s doesn’t it?
Well, a least we didn’t get stuck with that derranged Ron Paul guy who wanted to cut 5 government departments, all foreign aid and balance the budget in 4 years!
Report Post »Individualism
Posted on June 14, 2012 at 6:49pmRepublicans do the same but on military and overseas spending, they both spend mad.
Report Post »ColoradoMaverick
Posted on June 14, 2012 at 6:24pmObama is good at one thing…spending money. he won’t be outdone by the EU.
Report Post »Mutiny
Posted on June 14, 2012 at 6:19pmOh and this chart isnt even covering the unfunded liabilities.
Report Post »Mutiny
Posted on June 14, 2012 at 6:18pmEven under Paul Ryan’s budget we have more debt 10 years from now and we do. This is never going to end until people either wake up and go with a complete reversal in direction( Ron Paul) or bankruptcy and civil war.
Report Post »TROLLMONGER
Posted on June 14, 2012 at 6:10pmThanks former POTUS Bush!
Report Post »barber2
Posted on June 14, 2012 at 6:29pmBigger thanks to the Robin Hoods in the White House and their merry band of ” re-distributors.” They have exploded our deficit and there’s no end in sight.
Report Post »jbosch90
Posted on June 14, 2012 at 6:38pmyes, Bush was not fiscally responsible but Obama is 3-4 spending at 3-4 times teh rate of the Bush administration and congress. If you are going to condem Bush make damm sure you also condem this administraion and congress!
Report Post »Baddoggy
Posted on June 14, 2012 at 6:09pmWhen does the pitchfork brigade start towards Washngton?
Oh never mind…go back to watching America Has Talent you miserable sheeple!
One day it will all implode and you fools will be wondering what hit you…
Report Post »OklahomaBound
Posted on June 14, 2012 at 6:02pmEasily explained; We are stuck with Obama and they’re not.
Report Post »rpp
Posted on June 14, 2012 at 6:20pmTrue! The Europeans are actually trying to stay afloat, albeit in a misguided way. Obama is trying to destroy the world economically so it can be remade in a Marxist image.
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