US Federal Deficit

[YourSupremeExcellency]

For those of you who like to invoke the US debt into every single arguement regardless of how related it is here is a chart listing the debt of all countries in the world. As you can see the majority of the world, including virtually all major countries, have much much more debt.

https://www.cia.gov/library/publicat.../2186rank.html

Rank Country Public debt
(% of GDP) Date of Information
1 Zimbabwe 189.90 2007 est.
2 Lebanon 188.00 2007 est.
3 Japan 182.40 2007 est.
4 Seychelles 143.30 2007 est.
5 Jamaica 134.30 2007 est.
6 Italy 105.60 2007 est.
7 Egypt 105.10 2007 est.
8 Sudan 96.90 2007 est.
9 Singapore 95.30 2007 est.
10 Belgium 86.10 2007 est.
11 Sri Lanka 85.90 2007 est.
12 Israel 82.70 2007 est.
13 Greece 81.70 2007 est.
14 Bhutan 81.40 2004
15 Cote d'Ivoire 81.00 2007 est.
16 Hungary 70.20 2007 est.
17 Jordan 67.20 2007 est.
18 France 66.60 2007 est.
19 Portugal 65.80 2007 est.
20 Germany 65.30 2007 est.
21 Canada 64.00 2007 est.
22 Morocco 63.60 2007 est.
23 Philippines 62.30 2007 est.
24 Cyprus 61.50 2007 est.
25 Cyprus 61.50 2007 est.
26 Austria 61.00 2007 est.
27 Uruguay 60.30 2007 est.
28 Mauritius 59.90 2007 est.
29 Ghana 59.60 2007 est.
30 Argentina 59.00 June 2007 est.
31 India 58.80 2007 est.
32 Turkey 58.20 2007 est.
33 Nicaragua 56.20 2007 est.
34 Ethiopia 54.50 2007 est.
35 Tunisia 54.50 2007 est.
36 Colombia 53.90 2007 est.
37 Pakistan 53.80 2007 est.
38 Albania 53.70 2007 est.
39 Panama 53.60 2007 est.
40 Kenya 50.80 2007 est.
41 Switzerland 50.20 2007 est.
42 Netherlands 47.70 2007 est.
43 Costa Rica 47.40 2007 est.
44 Aruba 46.30 2005
45 Bolivia 46.20 2007 est.
46 Croatia 45.60 2007 est.
47 Poland 44.50 2007 est.
48 Brazil 43.90 2007 est.
49 Papua New Guinea 43.70 2007 est.
50 United Kingdom 43.30 2007 est.
51 Vietnam 43.30 2007 est.
52 Malawi 42.20 2007 est.
53 Sweden 41.90 2007 est.
54 Malaysia 41.00 2007 est.
55 Dominican Republic 40.40 2007 est.
56 Serbia 40.00 2007 est.
57 Norway 39.10 2007 est.
58 Bosnia and Herzegovina 39.00 2007 est.
59 El Salvador 38.30 2007 est.
60 Montenegro 38.00 2006
61 Bangladesh 37.90 2007 est.
62 Gabon 37.90 2007 est.
63 Thailand 37.60 2007 est.
64 Syria 37.30 2007 est.
65 Cuba 37.20 2007 est.
66 United States 36.80 2007 est.
67 Spain 35.70 2007 est.
68 Indonesia 35.40 2007 est.
69 Slovakia 34.80 2007 est.
70 Finland 32.90 2007 est.
71 Yemen 32.90 2007 est.
72 Zambia 31.90 2007 est.
73 Czech Republic 31.10 2007 est.
74 Taiwan 31.10 2007 est.
75 South Africa 30.50 2007 est.
76 Ecuador 30.40 2007 est.
77 Honduras 29.30 2007 est.
78 Peru 29.30 2007 est.
79 Bahrain 28.20 2007 est.
80 Iceland 27.70 2007 est.
81 Venezuela 27.00 2007 est.
82 Trinidad and Tobago 26.50 2007 est.
83 Denmark 26.10 2007 est.
84 Macedonia 26.10 2007 est.
85 Slovenia 25.70 2007 est.
86 Moldova 24.60 2007 est.
87 Paraguay 24.60 2007 est.
88 Uzbekistan 24.10 2007 est.
89 Namibia 23.90 2007 est.
90 Korea, South 23.80 2007 est.
91 Tanzania 23.60 2007 est.
92 Guatemala 23.30 2007 est.
93 Iran 23.20 2007 est.
94 Qatar 23.20 2007 est.
95 Mexico 23.10 2007 est.
96 Saudi Arabia 22.60 2007 est.
97 Mozambique 22.20 2007 est.
98 Ireland 21.10 2007 est.
99 Uganda 20.60 2007 est.
100 China 18.90 2007 est.
101 Romania 18.70 2007 est.
102 New Zealand 18.30 2007 est.
103 Bulgaria 18.20 2007 est.
104 Senegal 16.10 2007 est.
105 Gibraltar 15.70 2005 est.
106 Lithuania 15.70 2007 est.
107 Australia 15.20 2007 est.
108 United Arab Emirates 14.80 2007 est.
109 Nigeria 14.80 2007 est.
110 Angola 14.70 2007 est.
111 Cameroon 13.80 2007 est.
112 Hong Kong 12.80 2007 est.
113 Ukraine 12.40 2007 est.
114 Kazakhstan 11.80 2007 est.
115 Algeria 9.70 2007 est.
116 Latvia 8.80 2007 est.
117 Kuwait 7.80 2007 est.
118 Russia 7.00 2007 est.
119 Botswana 6.40 2007 est.
120 Wallis and Futuna 5.60 2004 est.
121 Azerbaijan 5.40 2007 est.
122 Libya 4.80 2007 est.
123 Estonia 3.80 2007 est.
124 Chile 3.60 2007 est.
125 Oman 2.80 2007 est.
126 Equatorial Guinea 2.70 2007 est.
127 Luxembourg 2.60 2007 est.

[gg8983]

Dude, how bored are you today?

[MrZach]

[PNWbrit]

Wow! Azerbaijan are kicking shit out the U.S.

How long 'til the playoffs?

Vibes.

[ak_powder_monkey]

thats as %GDP and doesn't tell you anything, because of the supreme court in 2000 you, me, and everyone in the US owes china $30000

[YourSupremeExcellency]

thats as %GDP and doesn't tell you anything, because of the supreme court in 2000 you, me, and everyone in the US owes china $30000

Wtf are you talking about?? As a % of GDP means everything. Being in debt $1 when you are only worth 50 cents is a little different then being in debt $1 when you are worth $1 million. You think the economies of Zimbawe and the US should be on the same scale when comparing debt???? You're a fucking moron.

[Adolf Allerbush]

What are you getting at with this arguement? That since there are countries that have bigger debts as % of GDP that we should therefore not worry? I'm not really down with that whole thought process. Lets work on not having debt.

[summit]

DEBT is NOT the same as DEFICIT

FEDERAL DEBT = how much money the government owes all its creditors
This number only grows (in a dollar sense and barring a miracle).

FEDERAL DEFICIT= how much more money the government spends in a year than it takes in
This number varies by year. Sometimes there is no deficit. When this happens it is called a surplus.

Last years DEBT - Last years payments + last years interest + this years DEFICIT = this years DEBT

Goddamnit you are all arguing economics but I'm starting to think that not one of you even took Macro Economics 101! Stop using the terms interchangeably. It makes you look dumb.

[YourSupremeExcellency]

Perhaps I should delete this entire post for you and relist it under the more appropriate name???.... Oh and by the way Summit I got a business degree what do you got? (besides herpes).

[enlosandes]

Perhaps you should rub one out and get rid of that obvious Toxic Sperm Buildup that is clouding your thought process!

[skibuminwyo]

Orrrr, maybe she-male should just pray to the baby Jesus. That is the only thing that can save the she-male now.

[DougW]

I thought that didn't make sense as Canada has had surpluses for about 8 years and paying down the debt. You guys had surpluses during the Clinton years didn't you?

An interesting graph would be the debt over time , 20 years, to GDP. thar might be a bit scary for you guys.

[YourSupremeExcellency]

I thought that didn't make sense as Canada has had surpluses for about 8 years and paying down the debt. You guys had surpluses during the Clinton years didn't you?

Surplus yes but a few billion surplus doesn't do much against a 9 trillion debt. As was pointed out, debt is the correct term, deficits and surpluses that chart speaks nothing of. The only debt that threw me off was Russia with virtually none. I know they've been paying that off with their oil and gas the last few years but how the heck can a half century of banruptcy ending in 91 followed by an extreme currency crisis in 98 just all of a suddenly go away by 2007???

[skibuminwyo]

Because their government says so. C'mon man, I thought you were in the know.

[YourSupremeExcellency]

Because their government says so. C'mon man, I thought you were in the know.

You have 1,165 posts. Has a single one them actually contributed anything worth while or hinted of anything intelligent, or have they pretty much all been useless and contributed nothing whatsoever like the one above?

[powpig]

For those of you who like to invoke the US debt into every single arguement regardless of how related it is here is a chart listing the debt of all countries in the world. As you can see the majority of the world, including virtually all major countries, have much much more debt.

The "they do it too" argument. Brilliant!

[The Suit]

thats as %GDP and doesn't tell you anything, because of the supreme court in 2000 you, me, and everyone in the US owes china $30000

Can you please elaborate on this please? The dearth of information you've provided makes it very difficult to figure out what grain of truth got twisted into that statement.

US federal debt is about $9 trillion, which is pretty close to your $30K per US citizen. I think it's unlikely that all US federal debt is held by China. In fact, I hold some of that debt myself, and I suspect that quite a few of my fellow US citizens do, too.

[Spats]

You have 1,165 posts. Has a single one them actually contributed anything worth while or hinted of anything intelligent, or have they pretty much all been useless and contributed nothing whatsoever like the one above?

Sorry to spoil your rant, but skibuminwyo is essentially correct. Russia defaulted on a whole bunch of debt in the 1998 crisis, which is why they have very little of it now.

http://en.wikipedia.org/wiki/Russian_financial_crisis

Anyone, including David Witherspoon, who thinks this is an easy path to solving our budget problems needs to check out what actually happens when a government defaults on debt and its currency collapses.

"Prices for almost all Russian food items have gone up by almost 100%, while imports have quadrupled in price. Many citizens were stocking up for bad times and throughout the country shop shelves were being emptied, leaving a shortage of even the most basic items, such as vegetable oil, sugar or washing powder. The crisis also increased social tension; The middle class that was already forming by that time, and had some hope for stability, ceased to exist as millions of people lost their bank savings."

Also note that Russia was able to recover relatively quickly due to being a net exporter (massive oil and mineral reserves). The USA is a net importer, so once the dollar collapses, that's it for America, because there's no reason for anyone to invest in us.

[splat]

thats as %GDP and doesn't tell you anything, because of the supreme court in 2000 you, me, and everyone in the US owes china $30000

[summit]

Surplus yes but a few billion surplus doesn't do much against a 9 trillion debt. As was pointed out, debt is the correct term, deficits and surpluses that chart speaks nothing of. The only debt that threw me off was Russia with virtually none. I know they've been paying that off with their oil and gas the last few years but how the heck can a half century of banruptcy ending in 91 followed by an extreme currency crisis in 98 just all of a suddenly go away by 2007???

I'd assume that they used the tactic mentioned in the other thread. Repudiate debt...

USSR debts are null and void because there is no USSR anymore. Any former creditor who has a problem will get their payment in megatons.

[skibuminwyo]

Thanks, Spats. I kinda felt like I was beating my head up against the wall for a bit.

[dirtybryan]

Oh and by the way Summit I got a business degree what do you got? (besides herpes).

Wow a business degree! You must be brilliant, those are really competitive degrees!

[Rush Limbaugh]

Perhaps you should rub one out and get rid of that obvious Toxic Sperm Buildup that is clouding your thought process!

I have a little place in the Dominican Republic for just that purpose! I just keep the lights dim so I have plausible deniability when asked how old they are.

[Tippster]

You have 1,165 posts. Has a single one them actually contributed anything worth while or hinted of anything intelligent, or have they pretty much all been useless and contributed nothing whatsoever like the one above?

You start.

[DougW]

Surplus yes but a few billion surplus doesn't do much against a 9 trillion debt. ???

Your math is off, GDP is 1.144 trillion so 64% of that is 732 billion. And that is total public debt so cities and provinces or in your case States.

the actual Canadian Federal debt is 467 Billion, as you can see its going down nicely. Thank you again for buying our oil.

1998 559,922
1999 554,143
2000 539,885
2001 519,994
2002 511,946
2003 505,325
2004 496,180
2005 494,717
2006 481,499
2007 467,268