What happens what national debt outweighs a country's GDP?
It's projected to happen again next year, and recent spending by the Obama administration to step up Mexican boarders and increase in military presence in Iran among other places - I see that projection to come rather quickly than expected. Are we going to go into great depression 2, are jobs going to be scarce, will the draft be reinstated, will social security be cut? I haven't studied economics that extensively so I was just curious what the current state of affairs will be like.
Asked By: i like cereal - 5/25/2010
Best Answer - Chosen by Asker
Unfortunately, a lot of the arguments heard in the debate about the national debt are inspired more by politics than by economics. Or, in the words of a prominent economist: 'The point is that what passes for “sound” economics these days (and maybe most days) isn’t actually sound economics — it’s economic analysis... More
Answered By: I didn't do it! - 5/25/2010
Additional Answers (1)
It will mean that all our productivity in one year is worth less than our debt to ourselves or other countries. Is it dangerous? Yes, as we have never been in that precarious position before. Can we get out of this mess? Yes, if we do the right things but Obama and his people are not either smart enough or simply... More
Answered By: email@example.com - 5/25/2010
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