The work of Professor James Hamilton of
the University of Economics, California who analyzed the size of the
public debt of the United States particularly stands out. According to
official data since 2008, when the global economic crisis commenced, the
U.S. national debt has increased from 5 to 16.4 trillion dollars. The
debt is repaid by ordinary taxpayers who pay approximately $220 billion
annually in interest alone.
http://english.pravda.ru/business/finance/22-08-2013/125468-usa_national_debt-0/
This huge sum emerged due to the fact
that in an effort to get out of the crisis, the Federal Reserve in
coordination with the U.S. authorities pumped money into the economy and
bought a lot of assets. Accordingly, the amount of state debt increased
every year, and the interest on the debt service alone by 2021 will
exceed the costs of defense spending.
Given these figures, Professor Hamilton
has calculated the value of the U.S. government debt that consists of
the debts of individual states, corporations, individuals, government
welfare payments and other obligations of the federal U.S. government to
its creditors. The resulting figure is a staggering 70 trillion
dollars. The U.S. lawmakers allowed debt ceiling of 16.4 trillion
dollars that has been reached late last year, then U.S. Treasury
Secretary Timothy Geithner informed Congress about the beginning of the
suspension of debt repayments and emergency measures to avoid a default.
If this research is only half true, it means that the U.S. is in a
state of a default.http://english.pravda.ru/business/finance/22-08-2013/125468-usa_national_debt-0/
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