The Unbearable Costs of Empire: "the U.S. simply can't afford the role of global cop
... For fiscal 2005, which begins in October, the U.S. gross federal debt is projected to be $8.1 trillion, or 67.5% of GDP. By the time 100,000 U.S. troops were in Vietnam in 1965, it was 46.9% and falling.
One technical point that's vitally important here: It's the gross federal debt and deficits that matter, not the smaller 'debt held by the public' and 'unified budget deficit' that are generally cited in the press. For example, the most commonly reported estimate of the annual federal budget deficit is $478 billion for 2004. But this number is misleading, ... The annual federal budget deficit is, therefore, $639 billion, according to the numbers from the Congressional Budget Office. This is 5.6% of GDP, a near-record level for the post-World War II era. "
- posted by geoff @ #