National Debt Of United States Hitting New Highs
United States
The United States is the largest economy in the world.
In 2007 the GDP of the United States reached $ 13.970 billion. Although being the number 1 economy in the world, the country also faces many problems in the economy.
The National Debt of the United States is over $ 9.200 billion. The dept has grown with over $ 500 billion for five years in a row.
Real GDP growth in 2007 only was 2.2% while the dept grew with over $ 500 billion again.
Hitting recession in 2008?
The Economy of the US only grew 0.6% in Q1 2008, and could have a negative growth during Q2. At the same time the national dept will continue to increase. The dept in ratio to GDP could become highest in 50 years. The national debt will increase with between 400-500 bn also in 2008 and 2009, while the economy will grow very slowly. The dept in ratio to GDP will continue to increase for some time.
Paying interest to other countries
The United States has borrowed hundreds of billions of dollars from China and other countries. When the dept increases, so does also the interest that the US has to pay to these countries. A large amount of the tax is used to pay interest on the dept to countries overseas
High Trade Deficit as well
Not only the debt is high, but also the trade deficit of the US. The trade deficit could reach $ 700 billion in 2008 - further increasing the amount of money owned to countries overseas.
National Debt could go over 10.000 billion!
The National Debt of the US could rise over $ 10.000 billion some time during 2009.
To read more about the National Debt and its effect on the US economy, visit
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