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Griechenland ist überall … Auszug von The Privateer

The 2011 Obama Budget
Along with Mr Obama’s proposed fiscal 2011 budget totalling $US 3.8 TRILLION, the White House
recently released a prediction that US debt levels would reach 77 percent of US annual GDP – by 2020.
The US Treasury’s funded debt as of February 16 was $US 12.385 TRILLION. According to the US
government’s Bureau of Economic Analysis, the advance estimate of real 2009 GDP showed a growth of
0.1 percent from the equivalent period in 2008. US real GDP in 2008 decreased by 1.9 percent. There is
as yet no precise figure for US GDP in 2009, but the CIA fact book estimates it at $US 14.270 Billion.
Two facts not in the CIA’s book should stand out in bold relief. First, if the CIA is right, the new
Treasury debt limit of $US 14.294 TRILLION is now HIGHER than US GDP. Second, current US
Treasury funded debt at $US 12.385 TRILLION (see above) is the equivalent of 86.8 percent of the CIA’s
estimate of US GDP in 2009.
So where did the White House get its estimate that US debt levels will reach 77 percent of US annual
GDP ten years from now? The same place it gets all its economic projections from: Wishful thinking.
For decades, that has been good enough. But it won’t be good enough for much longer, as the Treasury’s
TIC report makes perfectly clear.

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