U.S National Debt Statistics
As experts warn of another dip further into the pool of recession, taking the look at the U.S national debt statistics may cause a person to throw themselves head first into the deep end. The figures are sobering, to say the least, and extremely depressing to be totally honest. They have gotten incrementally much worse over the past decade and there is no sign of improvement.
The national debt represents the direct liabilities of our federal government. Sometimes, different concepts are used when referring to the term “national debt.” The public debt is the amount of public debt securities that the U.S. Treasury issues. Treasury securities include savings bonds, securities issued to local and state governments, and public debt securities, such as treasury bills, bonds, and notes. The debt held by the public is non-inclusive of the debt held in government accounts. The gross federal debt is the amount of public debt securities plus a fraction of the securities that are issued by government agencies.
The debt held by the public is the most useful figure because it represents the amount that the government borrows to finance its deficits. As of August 20, 2010, the amount of debt held by the public was an astounding $8.83 trillion dollars. The Bureau of Public Debt publishes updated public dept figures daily on its Web site.
The gross domestic product rose during the first quarter of 2010 at an annualized rate of 3.2 percent. This was less than the 5.6 percent gain experienced in the fourth quarter of 2009 but greater than the third quarter 2009 gain of 2.2 percent. The change between the end of 2009 and beginning of 2010 was attributed to a smaller change regarding inventory management. Inventories were building for the first time in two years but only contributed 1.6 percentage points to the GDP growth.
According to the May 10, 2010, Profile of the Economy report by the Office of Macroeconomic Analysis, the first three months in 2010 saw the economy grow for the third straight quarter. This good news comes on the heels of a year and a half of economic contraction. Fluctuations occur daily as the economy continues to struggle and we can only cross our fingers and hope for the best.
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If you want to get out of debt, but aren't sure what your plan should be, then click here and read the debt consolidation plan.
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