by Eileen Goulding, U.S. Chamber: Happy Halloween from Friends of the U.S. Chamber. An article out last week shows that as of today, the average American's share of government debt is more than the average American makes in a year. Talk about scary.
As the Daily Caller says: As children across America costume themselves as ghouls, ghosts, goblins and former North African dictators Monday night, they may have missed the most spine-chilling scare of the day. According to calculations based on the International Monetary Fund’s World Economic Outlook, on All Hallows’ Eve the United States’ total debt will surpass its Gross Domestic Product for the first time since World War II.
That means the average American’s share of government debt is more than an average American makes in a year. Spooky!
On October 19 Bloomberg released a chart showing that per capita gross government debt would to exceed per capita GDP in the very near future.
As Bloomberg put it, “America’s bills are about to exceed its paycheck.
The Bloomberg calculations, based on IMF data from the September World Economic Outlook, showed that by 2016, debt will exceed per capita production by $8,000.
Read more online.
Rob Engstrom, U.S. Chamber of Commerce: But for many small businesses, the ghoulishness won't end tonight. Each day they deal with taxes, regulations and rulings coming from our federal government that are downright scary. And, as our recent survey showed, the only thing they really want is for government to get out of the way.
Tags: Halloween, U.S Chamber of Commerce, Taxes, Small Business, Regulatory Reform, Labor, Jobs, Health care, Energy, Economy, 112th Congress To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
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