The mantra on the Right these days is that if we keep on the path we are on, we will end up in the same financial situation that Europe is in. Today, I saw this Debt to GDP Ratio information from the IMF (International Monetary Fund):
- United States, 89%
- Denmark, 10.3%
- Australia, 12.7%
- New Zealand, 28.8%
- Holland, 35.5%
- Canada, 35.9%
- Germany, 56.2%
- France, 86.5%
It looks like we are already passing up a number of countries quite quickly, considering that our Debt to GDP ratio was about 35% just 5 years ago, which means that we’ve more than doubled our this ratio in 5 years!
I we repeat this trend, we will be above Greece’s debt ration now, which is expected to be 157% this year according to www.tradingeconomics.com.
It is up to us to make sure this does not happen!!
Mike Van Schoiack