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U.S. Warned on Debt Load
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Standard and Poor's changed its rating of U.S. Treasury securities from stable to negative. U.S. Treasury securites are still rated AAA. Moody's made no change in the rating. U.S gross debt as a percentage of GDP is 91.6%, with the comparable number for Germany at 80%, France 82%, Canada 84%, the UK at 77%, Japan 221%. The U.S. budget deficit as a percentage of GDP is 10.6%, the comparable number for Germany is 3.3%, France 7%, Canada 5.5%, the UK 10.4%. John Chambers, the head of the sovereign ratings committee at Standard & Poor's stated that "the sign of political gridlock was a key determinant in our outlook change." The budget deficit will go up to $1.5-$1.65 trillion, or over 10% of America's GDP in 2011. The gross debt for the U.S. is at $14.219 trillion, just short of the $14.294 trillion cap. With rising entitlement costs and the interest on debt this is expected to go over the debt ceiling as early as July 8, 2011. Again political gridlock and the divide between Republicans and Democrats about deficit reduction is causing concern about the delay in raising the debt ceiling.
The credit ratings on U.S. Treasury Securities
04/19/2011
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S&P's Account of An Irate Treasury Secretary
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For Treasury Bulls, It's All Good
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S&P Says July Downgrade Possible
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Wall Street Journal 07/15/2011
On debt, Obama team pleaded with credit rating firms before downgrade warnings - The Washington Post
Washington Post 07/16/2011
Raising the U.S. Debt Limit Ceiling in 2011
04/19/2011
Deficit reduction negotiations between the White House and the Republicans in July 2011.
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Budget Shell Games Are Contrary to Law
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GOP Hopefuls Betting Voters Want Deep Cuts
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New York Times 10/20/2013
No Plan B if Debt Ceiling Not Raised
Wall Street Journal 05/18/2011
House rejects proposal to raise debt ceiling - The Washington Post
Washington Post 06/01/2011
New York Times 06/01/2011
The U.S. political system, politics and the U.S. Deficit in 2010-2013
12/30/2010
Republican positions that do not require offsets for tax reduction, and Democratic positions that go along with the status quo. The politics behind the debt ceiling talks as President Obama seeks re-election and advantage going into the election, and the conservative Republicans oppose any tax increases.
Grouped Articles
Budget Shell Games Are Contrary to Law
Wall Street Journal 07/14/2011
GOP Hopefuls Betting Voters Want Deep Cuts
Wall Street Journal 07/18/2011
Why we need a third party - The Washington Post
Washington Post 09/26/2011
Bob Woodward: The inside story of how Obama and Boehner negotiate - The Washington Post
Washington Post 09/07/2013
Wall Street Journal 10/10/2013
Why Democrats Are Dug in on Shutdown Impasse
Wall Street Journal 10/14/2013
Deficit spending and the U.S. economy
01/04/2010
Grouped Articles
Wall Street Journal 06/24/2011
Why the Old Jobs Aren't Coming Back
Wall Street Journal 06/24/2011
Wall Street Journal 07/12/2011
President's Focus: $4 Trillion
Wall Street Journal 07/12/2011
Stimulus and the Depression: The Untold Story
Wall Street Journal 09/26/2011
Our advice to the debt supercommittee: Go big, be bold, be smart - The Washington Post
Washington Post 10/01/2011
What Krugman makes of the one trillion dollar U.S. deficit in 2012 and the alternate view of John Taylor on the U.S. deficit
08/22/2010
Krugman says $1.089 trillion to be exact for the fiscal year ending in Sept. 2012. He gives the 400-450-150 formula to understand what this means in simple terms. The debt would still be stable or declining as a ratio of GDP at $400 billion because of steady GDP growth. He cites the example of the period when debt to GDP declined from 49% to 33% because of steady growth during the Clinton years (1992-2000) even though Clinton started out in 2000 with a deficit. The $450 billion is from lower tax payments because of the 2008 economic crisis followed by recession which would be reversed with restored GDP growth. The $150 billion is from payments such as unemployment insurance, food stamps, to cushion the effects of that crisis and the recession, which would be reversed with restored economic growth.
Grouped Articles
New York Times 09/06/2011
New York Times 09/08/2013
Bush Tax Cuts: Now That's Rich
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New York Times 10/10/2010
Strong Dollar Stands in Manufacturing Sector’s Way
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Dollar’s Rise Poses Risk for Fed Plans
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The U.S. Debt Ceiling and Deficit Reduction Deal of August 2, 2011
01/16/2009
The deal finally put together by Vice President Biden and Senate minority leader Mitch McConnell on August 2, 2011. The deal requires the setting up of a debt panel to come up with additional savings.
Grouped Articles
Wall Street Journal 07/13/2011
Budget Shell Games Are Contrary to Law
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New York Times 10/20/2013
From Big Spending to Big Cuts, as Economy Stalls
New York Times 07/31/2011
Could this Deal Raise Budget Deficits
New York Times 08/01/2011
The President Surrenders on Debt Ceiling
New York Times 07/31/2011
The U.S. economy and difficult choices in 2012-2013 as seen in Congressional Budget Office (CBO) projections
01/16/2009
The U.S. faces difficult choices in 2012-2013- efforts to close the deficit by letting the Bush tax cuts and payroll tax cuts expire and making spending reductions will lead to low growth. Not doing this will lead to growth with much higher deficits and unsustainable debt levels.
Grouped Articles
Four Deficit Myths and a Frightening Fact
Wall Street Journal 01/19/2012
CBO | The Budget and Economic Outlook: 2014 to 2024
Unknown 02/05/2014
Budget Deficit Returns to Prerecession Levels
Wall Street Journal 10/16/2014
U.S. Racks Up Smallest Deficit Since 2007
Wall Street Journal 01/14/2015
U.S. Annual Budget Deficit Smallest in Nearly Seven Years
Wall Street Journal 06/11/2015
Deficit Is Again Set to Top $1 Trillion
Wall Street Journal 02/01/2012
U.S. Budget Deficit: 2010-2012
06/01/2010
Increasing concern about the deficit and efforts to cut the deficit.
Grouped Articles
Budget Deficit Returns to Prerecession Levels
Wall Street Journal 10/16/2014
U.S. Annual Budget Deficit Smallest in Nearly Seven Years
Wall Street Journal 06/11/2015
Jobs Bill vs. Deficit, a Showdown in the Senate
New York Times 06/01/2010
The Wisdom and Folly of the Bush Tax Cuts
BusinessWeek 08/05/2010
Bush Tax Cuts: Now That's Rich
New York Times 08/22/2010
Alice Rivlin's Bid to Cut the Deficit
BusinessWeek 10/21/2010
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