US Debt Ceiling Raised to 101% of GDP

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Congratulations, America!
Like a cancer that’s metastasized, the U.S. debt ceiling has just been raised to 101% of our GDP (gross domestic product).
A Senate resolution by Republican Mitch McConnell to disapprove increasing the U.S. Treasury’s debt ceiling was voted down 45 to 52.
Under the debt-ceiling agreement reached between Obama and Congressional Republicans early last month, the Obama administration was authorized to immediately raise the debt ceiling by $400 billion.
Now, because of the failure of McConnell’s resolution, another $500 billion increase was authorized.
This effectively greenlights the increase of the US debt ceiling from the current $14.694 trillion to $15.194 trillion, or roughly 101% of America’s GDP.
Source: ZeroHedge, 9/8/11
According to a recent study by the Bank for International Settlements, national debt becomes a metastasized cancer, choking off economic growth, when it reaches 80% to 100% of GDP.
The United States of America is now officially a debt-ridden third world country.
~Eowyn

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0 responses to “US Debt Ceiling Raised to 101% of GDP

  1. Hope and change baby! And thanks for nothing RINOs…

     
  2. If I recall correctly, it was former Chancellor Gerhard Schroeder who remarked that if the US continued as it was going [he said this twenty years ago], it will be the first nation in history to go from First World status to Third World w/o an intervening stage. Looks to have happened….

     
  3. Looks as if I put the “Us” into “US”. Sorry for the typo,
    “Two fingers Louie”

     
  4. Another achievement for the Demo-rats!

     
  5. My theory is that there are an awful lot of repubs in the current congress that actually support Obama’s increasing of the size and scope of the federal government.
    They have made no effort whatsoever, other than lip service, to try and stop him.
    You know what they say about power.
    -Dave

     
  6. You won’t believe this… just in.
    “Obama Says Americans Reject Tea Party Ideas,” AFP via Yahoo! News, 12 Sep 2011
    http://news.yahoo.com/obama-says-americans-reject-tea-party-ideas-143312532.html

     
  7. Here is the only solution to this dilemma:
    Pass HR 1489 THE RETURN TO PRUDENT BANKING ACT introduced by Marcy Kaptur D Ohio, which would reinstate the Glass Steagall standard.
    Once this has happened, the too big to fail banks will be placed under Bankruptcy Protection, this includes the FED, why? Because G.S. would separate the gambling debt of the Banksters from the legitimate debt of the commercial banking institutions, which would render the illegitimate toxic derivative debt apart from the debts which are the legitimate responsibility of the US Government and the US Taxpayers. Thus all the doom and gloom expressed in your article is moot. Obama would not stick around once this bill has been passed because his backers would be out of business with any luck, owing to the fact that the monetary system of the oligarchs would be officially dead. Then the Congress of the US could open a new Federal National Bank and start uttering credit as per Article 1 Section 8 of the US Constitution, which mandates that credit should be uttered by Congress.
    We gave the right to the FED a while back and have been paying interest on the loans they have given out, even though they are issuing loans to anyone they think will further the cause of the oligarchs and the notorious Inter Alpha Group of Banks. Meanwhile, even the UN has issued a report stating that the austerity policy of the US and Europe will violate the Universal Declaration of Human Rights, and deprive our youth of a future.
    In fact now I see that a US Congresswomen a Ms. Ros…Lin….someone or other, has introduced an emergency bill that would have the US stop funding the UN because of the vote on a separate Palestinian State being held on Sept. 20th, and asks for all US funding for Human Rights to be suspended in the case of Palestine, which is totally ironic when the UN is saying that the US is violating the Human Rights of it’s own citizens. We are not being properly represented in Congress or in the UN because there is a double standard. The people in power are psychopaths, they are criminally insane, they are so bloodthirsty it is obscene. The violence that we see everywhere, from Libya to Pakistan to the US Mexican border etc is not worthy of our creators intented purpose for us, he created us in his image.
    It is blasphemy and the Bible tells us that God will not be mocked, and there is an unforgivable sin. We had better invoke the 25th Amendment Section 4 of the Constitution and inform the Administration that their leader has been identified as a criminally violent killer, and that we are losing our republic’s sovreignty because of his blatent disregard for our Constitution and his abuse of power. We have more than a leg to stand on, we have the US Constitution and we have to cherish it for dear life.

     
    • A very fine response, for which I thank you. The pragmatic ideas you suggest are desperately need to free the nation from “Hamilton’s Triumph”, wherein the country was delivered into the hands of his moneyed backers. Nothing has changed in more than 200 years!

       
    • So many of the big budget items are tied to compliance with Agenda 21.
      If they just red-lined every bit of funding tied to “sustainability” it would make a sizeable dent in spending and eliminate whole departments and committees that were created after the first Rio Summit in 1992.
      They could just pull up the budget as a pdf document, do a search for the word “sustainable” and delete every section and associated funding. They could do it in a single meeting and be out on the golf course by lunch time.

       

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