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IMF: US Debt Nearing 100 Percent of GDP

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posted on May, 17 2010 @ 09:35 PM
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www.moneynews.com...


I didnt think we were this close, I was under the impression that it was like 13% of GDP. not a 100% but it wouldnt surprise me neither... they lie about everything.


Monday, 17 May 2010 09:10 AM Article Font Size
By: Frank McGuire

The United States’ national debt will soon reach 100 percent of gross domestic product, the International Monetary Fund predicts in a new report.

The sharp rise in U.S. debt started in 2006 and by 2015, the IMF suggests, debt could reach more than 100 percent of GDP.

At the end of first quarter of 2010, the gross debt was 87.3 percent of GDP, of which about 56 percent was held by the public, and about 44 percent was intragovernmental, U.S. officials have said.

Special: If the Euro and the Dollar Collapse, What Happens to Your Wealth

The IMF predicts that the U.S. would need to reduce its structural deficit by the equivalent of 12 percent of GDP, a much larger portion than any other country analyzed except Japan.

Greece, in the midst of a financial crisis, needs to reduce its structural deficit by just 9 percent of GDP, according to the IMF's analysis.

The IMF also encouraged rich countries including the U.K. to eliminate value- added-tax loopholes to help cut their budget deficits, the Financial Times reported.

The IMF said the United Kingdom could raise an amount equivalent to 3.3 percent of GDP, or a third of its estimated deficit, by removing exemptions and improving collection of the sales tax, according to Bloomberg. As the global economy recovers, governments’ fiscal balances are on average continuing to deteriorate, the IMF said.

Meanwhile, the IMF also waded into the debate over healthcare reform, questioning the CBO's analysis that healthcare reform would reduce the U.S. deficit, according to thehill.com.

"There are some risks to the CBO estimates, however, including that the substantial decrease in Medicare payment rates to healthcare providers may prove difficult to implement," the report reads.

President Barack Obama has established a fiscal commission to make recommendations on addressing the nation's fiscal woes.




posted on May, 17 2010 @ 09:39 PM
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no doubt it is going to happen..

It will take ALL, in America, to work ourselves outta this..


That is what concerns me the most. ALL AMERICANS, working as a team..
As much as it sounds foul, we need to take care of all within out taxes, without falling deeply into the Socialistic Philosophy.. Need to work on our making things, farming, and managing better..

*holds his breath*


thats almost like making a wish....



posted on May, 17 2010 @ 09:58 PM
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we're already over 100%
if you include the Freddie
and Fannie debt. Obama doesn't
include those in his budget numbers
as it makes it look too bad for ratings.

Already over 100%, sorry

we can never repay.
And yet we take more IMF
bailout funds to prop up
a dying dollar.

But hey we can print more


[edit on 17-5-2010 by boondock-saint]



posted on May, 17 2010 @ 10:05 PM
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Ok, so stupid question probably. Just who is this IMF? How do they
control all of this money? And where the heck do they get THEIR money?
And why do they have all of this power? Lot's of questions I know, but I
have nothing constructive to add to this thread except questions.



posted on May, 17 2010 @ 10:10 PM
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Originally posted by endtimer
Ok, so stupid question probably. Just who is this IMF? How do they
control all of this money? And where the heck do they get THEIR money?
And why do they have all of this power? Lot's of questions I know, but I
have nothing constructive to add to this thread except questions.


en.wikipedia.org...

thats a pretty good start



posted on May, 17 2010 @ 10:18 PM
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www.usdebtclock.org...

It is already out of control for a long time...



posted on May, 17 2010 @ 10:32 PM
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Originally posted by boondock-saint

Originally posted by endtimer
Ok, so stupid question probably. Just who is this IMF? How do they
control all of this money? And where the heck do they get THEIR money?
And why do they have all of this power? Lot's of questions I know, but I
have nothing constructive to add to this thread except questions.


en.wikipedia.org...

thats a pretty good start


Thanks for the info. I should have known. It's located in Wash. DC. I see
now. Crank up the printing presses and make a few trillion more to loan
to 3rd world countries. I get it now. A never ending supply of cash.
Nothing to it.



posted on May, 18 2010 @ 12:43 AM
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I'm no economist but the best way to solve the worlds problems (apart from arresting every banker) would be to set a maximum rate on ALL interest charged. Make it say 4%.

That would mean countries and people could start paying off thier princible instaead of being stuck in the BANKSTERS INVENTION of COMPOUND INTEREST...

And lets remember according to many religions charging interest is a sin anyway so the people would go for it....



posted on May, 18 2010 @ 12:49 AM
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reply to post by boondock-saint
 



Yep you nailed and it has been over for years. And it's not just adding in entitlements the numbers they use are BS.

These people are perpetual liars.

Yeah and unemployment is only 7-10% LOL!

I hope it all crashes soon I am sick of it! Bring it down, bring it down, bring it down...


[edit on 18-5-2010 by hawkiye]



posted on May, 18 2010 @ 01:18 AM
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Originally posted by hawkiye
I hope it all crashes soon I am sick of it! Bring it down, bring it down, bring it down...

I'm with ya on that
this prolonging going on
is just more agonizing
than it has to be



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