National Debt Headed To 200% of GDP


The Wall Street Journal’s Steve Moore appeared on Fox News this morning after the news of the decline in GDP last quarter came out. Moore said the numbers are troubling for the economy and “While Wall Street is doing great, Main Street isn’t doing so well.” He believes cutting government spending is good for the economy to free up resources for the private sector, but wants to see more cuts to domestic spending rather than defense. He said compared to past recoveries we’re growing at about of 1/3 of what we should be. Also, although things may be looking up slightly, he said the national debt is frightening. Currently it’s at about 100% of GDP and if we stay on this pace it will be up to 200%! Soon we’re going to be like Greece, or worse.

Update – Big Pulpit linked – thanks!