wrote in message
...
On Aug 10, 1:41 pm, "PrecisionmachinisT"
wrote:

Current federal tax revenues are appx 16% of gross gdp and the interest
on
the federal debt is about 1.5% of it.


But federal spending is appx 25% of gdp.

Wrong--you are high, and I was low.

But it really hasn't changed much at all since the early 50's

http://nationalpriorities.org/resour...2015-perc-gdp/

In fact, I'm a little bewildered as to why so many people all of a sudden
seem to view public debt as a huge problem for the US

http://en.wikipedia.org/wiki/List_of...by_public_debt

As to the actual defecit amount, the world currency supply ( M1 M2 M3 ) has
expanded exponentially since then.

Exonomic growth ( wealth creation ) absolutely depends upon the continued
issuance of debt via the fractional reserve system ----( something I've
been trying to get you to understand for some time )

The current political situation is similar to having the bank president
(
Boehner et al ) instruct it's loan officers to turn down loan apps for
new
refrigerators and washing machines from anyone who lives on an
even-numbered-street even though they might make 180K per year and have
no
other creditors to speak of.

More like the having the bank president instruct it's load officers to
turn down loan apps where it looks like the loan will never be paid
off.

What in the world makes you think that a bank officer would EVER want a loan
to be fully paid off ?

Something that should have been done in the mortgage business.

Why ?

--a banker's interest lies solely in maintaining a positive income stream.