The U.S. national debt surpassed $32 trillion for the first time on Thursday, according to Treasury Department data released today. The milestone comes less than two weeks after President Joe Biden signed into law the Fiscal Responsibility Act of 2023, his compromise with Republicans led by House Speaker Kevin McCarthy to trim spending by a projected $1.5 trillion over a decade and suspend the nation’s debt limit until January 2025. Total public debt outstanding — which includes debt held by the
PPP is purchasing power people have within their country. So, yes, PPP adjusted GDP makes sense and it means measuring GDP while adjusting for the actual purchasing power it represents. Stop using sophistry to pretend like you’re saying something meaningful here.
As you finally admit, regardless how you measure, US spends a far higher portion of its GDP on the military than China does. However, the whole picture is that China is far more industrialized than US is, and has far more productive GDP. On the other hand, a lot of US GDP is fictitious, such as health insurance industry. This industry creates a ton of jobs that bump up GDP on paper, but produces no actual value for the people of the country. Hence why looking at US industrial portion of the GDP for comparison makes far more sense. That’s the actual productive GDP in the country.
I’m also not sure what the budget deficit has to do with any of this.
PPP is purchasing power people have within their country. So, yes, PPP adjusted GDP makes sense and it means measuring GDP while adjusting for the actual purchasing power it represents. Stop using sophistry to pretend like you’re saying something meaningful here.
As you finally admit, regardless how you measure, US spends a far higher portion of its GDP on the military than China does. However, the whole picture is that China is far more industrialized than US is, and has far more productive GDP. On the other hand, a lot of US GDP is fictitious, such as health insurance industry. This industry creates a ton of jobs that bump up GDP on paper, but produces no actual value for the people of the country. Hence why looking at US industrial portion of the GDP for comparison makes far more sense. That’s the actual productive GDP in the country.
I’m also not sure what the budget deficit has to do with any of this.
You must be lost.
Amazing counter point there.