Home > Economy, Politics, Trends > By 2019 Deficit Interest Will Equal $1 Trillion

By 2019 Deficit Interest Will Equal $1 Trillion

January 29, 2011

Job creation is the way out of our national debt and deficit problem. Massive, ambitious efforts need to be applied to create millions of jobs. Jobs will create the tax revenue needed to tackle the ‘nasty negative’ of our fiscal house.

As of December 31, 2010, the “Total public debt outstanding” was $14.03 trillion and was 96.5% of fiscal year (FY) 2010’s (the closest comparable yearly range of U.S. measured production to calendar year 2010 known to date) annual gross domestic product (GDP) of $14.5 trillion, with the “Debt held by the Public” at approximately 64.5% of FY 2010 GDP ($9.39 Trillion) and “Intragovernmental holdings” standing at 32.0% of FY 2010 GDP ($4.63 Trillion). Using 2009 figures, the total debt (86.1% of GDP) ranked 12th highest against other nations; using 2010 figures, the component “Debt held by the Public” (58.9% of GDP) ranked 36th.

The national debt should not be confused with the trade deficit, which is the difference between net imports and net exports. State and Local Government Series securities, issued by state and local governments, are not part of the United States government debt.[5] The deficit is presented on a cash rather than an accruals basis, although the accrual deficit provides more information on the longer-term implications of the government’s annual operations.

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