National Debt Soars To Highest Level Since WWII
Posted By thestatedtruth.com on June 30, 2010
U.S. debt has gone from 40% of the economy in 2008 to 62% of the economy by the end of 2010. Yikes!
Jun 30, 2010
The federal debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office.
Republicans, who have been talking a lot about the debt in recent months, pounced on the report. “The driver of this debt is spending,” said New Hampshire Sen. Judd Gregg, the top Republican on the Senate Budget Committee. “Our existing debt will be worsened by the president’s new health care entitlement programs…as well as an explosion in existing health care and retirement entitlement spending as the Baby Boomers retire.”
At the end of 2008, the debt equaled about 40 % of the nation’s annual economic output, according to the CBO.
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