Quote:
Originally Posted by pocketkangaroo
This rhetoric has been around for nearly a century. Everyday there is someone coming out pronouncing the collapse of the US and its economy. Heck, if you go back 5 years on this board, you'll find similar posts claiming the US is doomed any day now.
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No country or empire ever maintains their prominence. They all fail sooner or later. It's not rhetoric, it's historical fact.
Quote:
Originally Posted by pocketkangaroo
But the funniest part about this is the talk of the dollar amount that we are in debt. Yes it's a lot, but our GDP is huge. When comparing it to the GDP, our national debt is small compared to countries like Japan. Heck, Canada has a higher public debt compared to the US.
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External debt - total public and private debt owed to nonresidents repayable in foreign currency, goods, or services
US - 80% debt to GDP
Canada - 60% debt to GDP
Japan - 34% debt to GDP