HERE'S the truth, and why it's so scary...any fool should know this...
The 2010 Budget proposed by President Barack Obama projects significant debt increases, both in terms of dollars and relative to GDP. The debt was projected to nearly double to $20 trillion by 2015, but was expected to increase to nearly 100% of GDP by 2020 and remain at that level thereafter. The estimates assumed real GDP growth (after inflation) ranging from 2.6% to 4.6% annually from 2010 through 2019, which exceeds Blue Chip consensus estimates. These 2009 projections were subject to revision as the debt had in fact reached about 96.5% of GDP by FY2011, much earlier than 2020.
During FY 2008, approximately 76.6% of federal spending was in the following categories: Departments of Health and Human Services (19.8%), Defense (20.3%) and Veterans Affairs (11.8%); Social Security Administration (18.2%); interest on the public debt (6.6%).
The Office of Management and Budget forecasts that, by the end of fiscal year 2012, gross federal debt will total $16.3 trillion. Thus, the projected debt will equal 101% of projected gross domestic product, which represents a milestone in the U.S. economy. Public debt alone, which excludes amounts that the government owes its citizens via various trust funds, will be 67% of GDP by the end of fiscal 2012.