Even scarier, from the Economist:
[blockquote]
Ratios of total debt to GDP (including debt owed by households, government, non-financial businesses and the financial industry) vary widely, with America’s, at just under 300%, lower than many others. But with a few exceptions, such as Germany and Japan, most rich countries saw a huge rise over the past decade. Britain and Spain were the most extreme, with an increase in their total-debt ratios of more than 150 percentage points apiece, to 465% and 365% respectively.
[/blockquote]
Found this in regards to Great Britain:
[blockquote] The Office for National Statistics (ONS) reported that public sector net borrowing totalled a record high of 152.84 billion pounds (236.2 billion U.S. dollars) in the last fiscal year ending in March, up from 86.91 billion pounds (134.3 billion dollars) in the 2008/2009 fiscal year. The deficit was equivalent to 10.87 percent of the British gross domestic product(GDP). [/blockquote]
Only Spain, Greece and Ireland have it worse. It is interesting that all the talk is about bailing Greece out. What about Ireland?
What about the U.S.A.? The 2010 budget deficit was 10.64 of GDP. See [url=http://www.usgovernmentspending.com/federal_deficit_chart.html ]here[/url] for a graph and other interesting info.
Sarah, there is also a reinvigorated political marketplace. I think we will see that one work with a fall house cleaning. It will take four more years for a full senate cleaning. Enough people have lost jobs, or have family members who have, that discontent fills the marketplace to the point there will be a correction. The coming change will have the effect of restoring the fiscal market place and that will make things very much better, or worse. The latter is the part that is difficult to predict.
My thanks to John A and Robroy. I had thought that Bart down there in DorothyGaleLand might tune in. The graph linked by robroy (is he Scots, by the way) is fascinating in that it shows that the US war expenditure produced an unprecented spike in deficit financing of the national economy. Yet we all know that the 1950s were golden years. Is this proof of Keynsian economics?
All the talk in this article may be about Greece, but if you read the economics blogs (particularly Austrian school), you will see the acronym [b]PIIGS[/b], representing Portugal, Ireland, Italy, Greece and Spain. This is because those are the EU nations with the most overspent (and overly indebted) economies at the present.
What happened to the UK? Or is our economy now smaller than that of Cyprus?
What are the comparable figures for the USA?
Even scarier, from the Economist:
[blockquote]
Ratios of total debt to GDP (including debt owed by households, government, non-financial businesses and the financial industry) vary widely, with America’s, at just under 300%, lower than many others. But with a few exceptions, such as Germany and Japan, most rich countries saw a huge rise over the past decade. Britain and Spain were the most extreme, with an increase in their total-debt ratios of more than 150 percentage points apiece, to 465% and 365% respectively.
[/blockquote]
Found this in regards to Great Britain:
[blockquote] The Office for National Statistics (ONS) reported that public sector net borrowing totalled a record high of 152.84 billion pounds (236.2 billion U.S. dollars) in the last fiscal year ending in March, up from 86.91 billion pounds (134.3 billion dollars) in the 2008/2009 fiscal year. The deficit was equivalent to 10.87 percent of the British gross domestic product(GDP). [/blockquote]
Only Spain, Greece and Ireland have it worse. It is interesting that all the talk is about bailing Greece out. What about Ireland?
What about the U.S.A.? The 2010 budget deficit was 10.64 of GDP. See [url=http://www.usgovernmentspending.com/federal_deficit_chart.html ]here[/url] for a graph and other interesting info.
why are we worried? The market is king!
RE: “The market is king!”
Such a pity that it’s not allowed to work by the States in question.
Sarah, there is also a reinvigorated political marketplace. I think we will see that one work with a fall house cleaning. It will take four more years for a full senate cleaning. Enough people have lost jobs, or have family members who have, that discontent fills the marketplace to the point there will be a correction. The coming change will have the effect of restoring the fiscal market place and that will make things very much better, or worse. The latter is the part that is difficult to predict.
My thanks to John A and Robroy. I had thought that Bart down there in DorothyGaleLand might tune in. The graph linked by robroy (is he Scots, by the way) is fascinating in that it shows that the US war expenditure produced an unprecented spike in deficit financing of the national economy. Yet we all know that the 1950s were golden years. Is this proof of Keynsian economics?
Addendum: by US war spending I meant the period 1940 thru 1948.
[b]4. robroy[/b],
All the talk in this article may be about Greece, but if you read the economics blogs (particularly Austrian school), you will see the acronym [b]PIIGS[/b], representing Portugal, Ireland, Italy, Greece and Spain. This is because those are the EU nations with the most overspent (and overly indebted) economies at the present.
Pax et bonum,
Keith Töpfer