rjchilia123

Debt to GDP about to moon

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We’re about to be right up with Japan. According to Debt clock www.usdebtclock.org/, we have 23.8 trillion in debt. We are currently spending 5.1 trillion per year. I mentioned that Goldman Sachs estimates a 34% drop in gdp to around 14 trillion so I would expect tax revenue to be similar to 2007 or 2009, say 2009 cause we were in recession. Tax revenue in 2009 was a bit over 2 trillion, tax revenue now is 3.5 trillion, assuming it falls to 2 trillion. That over a 3 trillion dollar deficit which would put the debt at around 27 trillion but remember gdp dropped to 14 trillion so that is roughly a 193% debt to gdp ratio. Something tells me that we will be passing more spending soon though we could easily see 200%+ in the next year. www.thebalance.com/c...-tax-revenue-3305762
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