US Government’s Plan (1999) to Cut Down Public Debt
US Public Debt Data: Wikipedia file
I have found an interesting news article from 1999 about how US government was trying to cut down its public debts.
US government was planning to cut down public debts by paying the debts. The US government expected to decrease its debt of $3,700 billion to $1,200 billion by 2009. However, as you can see from the actual data collected over 11 years, this plan wasn’t well executed.
The Actual Data of US Public Debt (1997-2008)
Instead of decreasing its debt to $1,200 billion, the debt increased to $10,000 billion. This suggests that the US government’s ‘plan’ to cut down its public debt was a poorly planned/executed policy.
According to U.S National Debt Clock, the US public debt is $13,621 billion or $13.6 trillion (Data Retrieved: 18 Oct 2010 at 12:38:23 PM GMT). I think that this increase in US public debt will someday have a detrimental effect not just on the US economy but on the economies around the world.
This blog post is an ‘add-on’ to the original blog post: Debt Time Bomb, Is It an Impending Death of Pax Americana?