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Disasters Can Happen

The Next President’s Debt Burden

by MN Gordon

Economic Prism

The Next President’s Debt Burden

According to the Department of Commerce, U.S. gross domestic product increased at an annual rate of 1.2 percent in the second quarter of 2016.  This, unfortunately, isn’t indicative of the sort of robust economic activity that will grow the economy out of debt.  In fact, as growth is stagnating, deficits are increasing.

The U.S. fiscal year 2015 budget deficit was about $439 billion.  For fiscal year 2016, the federal government is projected to run a deficit of $616 billion.  The upsurge, of roughly $177 billion, amounts to about a 40 percent deficit increase from 2015 to 2016.

Presently, the federal debt is well over 100 percent of GDP.  Obviously, 1.2 percent GDP growth is wholly inadequate to shrink the debt.  To the contrary, 1.2 percent GDP growth in the face of a (Read More....)

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How to Fix America’s Debt

by MN Gordon, Economic Prism

Third quarter Gross Domestic Product increased at a 2 percent annual rate, reported the Commerce Department last Friday.  That’s up from the second quarter’s 1.3 percent growth rate.  But don’t get too excited…

Picture Credit- US Debt Clock

According to Lucia Mutikani at Reuters, the economy needs to have sustained growth above 2.5 percent over several quarters to make any real progress cutting the jobless rate.  Moreover, the growth isn’t attributed to real wealth creation…like the kind that comes from savings and investment.  Rather it’s the kind of phony growth that shows up in the GDP numbers when capital is drawn down and wealth is burned up.  Here’s what
we mean…

Consumer spending, which makes up about 70 percent of the (Read More....)

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