We might think we know the extent to which our country is indebted but we might be wrong. Some critics of the spending that the government ends up doing believe that the government owes more than the total GDP or the gross domestic product of the country; approximately 103 percent. The same measurement is employed by the people who are responsible for the running of the debt clock of the country and is also present on the House financial Services committee website that’s run by the Republicans.
US government indebted more than you know:
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The Federal Reserve Bank of Chicago recently made an analysis which indicated that people regardless of their school of thoughts need to be worried about the way the government is continually spending more than it generates. They have released reports that indicate that there is gloom. A final result from their findings after taking into account different debts including the Medicare and pension funds, we get a staggering 288 percent of GDP.
While these figures are really eye-openers for every American dweller, as concerned citizens all we can really do is hope that the government realizes that this continuous overspending is not going to bode well for the economy in the longer run and serious steps need to be taken in this regard.
