I was asked a question about the size of the deficit and the debt in the United States. It is large and larger.
The total debt, according to the U.S. National Debt Clock, stands at $10.6 trillion. 13 zeros. Roughly seven times the size of Canada’s annual GDP.
Annual GDP for the U.S. economy is roughly $14 trillion and the budget deficit could reach $1 trillion. Under the Bush administration, the U.S. debt has grown by more than $4 trillion. Their federal entitlement programs — Social Security and Medicare — have unfunded liabilities of about $53 trillion.
Obama’s message to America: Yes we can.
With that amount of debt, I’m not so sure.