9.2 trillion dollar deficit for U.S., the dollar?
Friday, March 20, 2009
The U.S. government, the next 10 years no less than 9.2 trillion dollar deficit (9,200,000,000,000 dollars). Nearly 1,000 billion dollars per year. The debt of the U.S. government doubled from 70% to 140% of GNP.
This is evident from a report published Friday by the Congress, the American representative.
Each year huge deficits
The U.S. budget deficit in 2009 will reach 1.8 trillion dollars (1.33 trillion euros). The deficit for 2009 is approximately 13.1 percent of the U.S. national income.
Other the next 10 years remains above 4%
The report for 2010 a deficit of 1.4 trillion dollars, almost 10 percent of national income in the U.S.. In subsequent years the deficit will gradually decline to about 4 percent of national income in 2012. In the period to 2019, the deficit Congress never below 4% true. An almost untenable situation.
Debt to 150% of GNP
The U.S. economy, the Gross National Product is about 13 trillion dollars in size. The deficit for the next 10 years on average, with 1 trillion. The debt of the government is now about 70% of GNP. In 10 years, the debt, without changed policies, increased to 140% of GNP. In 2019, the debt of the U.S. government on some 18 trillion dollars, or 60,000 dollars per American.
Fall of the dollar?
Americas, the deficit financed by loans to businesses, citizens and especially from abroad. But China has, for example, for 1.2 trillion dollars of U.S. bonds held. The land of the rising sun is already quite often. China unsure on further debt funding of America.
Central bank held by commercial banks
The Fed, the system of Central Banks in the hands of large commercial banks in America, may the only institution in the world of dollars printing (creating). The Fed, the new cash deficits of the government to finance, as it is currently even with a value of 300 billion dollars. It is waiting for a fall of the dollar. The currency will decline in value.