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Recommend Arun Gupta: The 6 Biggest Lies About the U.S. Debt (Email)

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By Arun Gupta, AlterNet
Posted on July 28, 2011, Printed on July 31, 2011
http://www.alternet.org/story/151827/the_6_biggest_lies_about_the_u.s._debt

Editor's Note: This article has been corrected to reflect more accurate calculations. 

There is one simple truth about the discussion of the looming U.S. debt crisis: it is largely a compendium of half-truths, distortions, myths and outright lies.

For example, is it true that the U.S. debt is unsustainable, which is spurring the budget-cutting fever? Far from it. While U.S. debt is at one of its highest levels ever in terms of gross domestic product, the estimated interest payments for all of 2011 on the  $14.3 trillion public debt will be a mere $430 billion. This is only 18 percent more than the $364 billion paid way back in 1998, while the U.S. economy has grown nearly 30 percent since then. Rock-bottom interest rates on U.S. government debt account for the low payments today, but the practical effect is that servicing the debt as a percentage of GDP is near the lowest it’s been in decades.


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