Money Myths
Some interesting observations on Money from
AMCGLTD:
bq. Myth: The deficit is ballooning out of control, and will undermine the economy.
bq. Fact: The current deficit is equal to or smaller than those recorded in previous recession years, as a percentage of the gross domestic product (
citation).
bq. Myth: The current deficit is a gigantic weight on the country's economy.
bq. Fact: The current deficit is impressively large at 521 billion dollars, but this represents just 5% of the gross domestic product of the United States economy (
citation).
bq. Myth: The national debt is titanic, growing larger, and will eventually crush our children.
bq. Fact: The national debt currently stands at an admittedly staggering 7.1 trillion dollars. However, this represents just 16% of the currently estimated total household wealth in the United States (
citation). Further, more than half this debt is owned by US citizens in the form of various kinds of government bonds (
citation).
These are just the first three, check the link for the rest of them. Interesting reading and there is no fault with the choice of citations...
Posted by DaveH at March 17, 2004 11:19 AM