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June 07, 2010

Update on Deficits and Debts

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Based on the Monthly Treasury Statement for April 2010 and the Daily Treasury Statements for May, 2010, the CBO (Congressional Budget Office) reports that the federal budget deficit was $941 billion during the first eight months of fiscal year 2010.
The January 2010 budget forecast for 2010-2020 is summarized here.

The proposed 2011 budget would increase deficits and debt.


The budgets and deficit situations are continuing to get worse. Here was a view from 2009

>

CBO analysis to 2019

Debt of Other Countries
Here is a look at each european countries debt situation.

GREECE:
2009 debt: 115.1 percent of GDP.
Deficit: 13.6 percent.
Deficit projection for 2010: 8.1 percent.

ITALY:
2009 debt: 115.8 percent of gross domestic product
Deficit: 5.3 percent of GDP.

FRANCE:
2009 debt: 78.1 percent of GDP.
Deficit: 7.5 percent of GDP.

PORTUGAL:
2009 debt: 76.6 percent of GDP
Deficit: 9.4 percent of GDP
The government predicts the national debt it will peak at 90.1 percent of GDP in 2012 before falling back.

GERMANY:
2009 debt: 73.2 percent of GDP
Deficit: 3.1 percent of GDP

IRELAND: 
2009 debt: 65 percent of GDP.
Deficit: 14.3 percent.

BRITAIN:
2009/10 estimated debt as percentage of GDP: 62 percent.
Deficit: 10.4 percent.

SPAIN: 
2009 debt: 55.2 percent of GDP
Deficit: 11.2 percent of GDP
Unemployment: 20.05 percent.
Japan's debt ratio is approaching 200% of GDP, but it all but 2.5 billion or so of that internally to its own citizens

Japan will see its government debt rise to 250% of gross domestic product in 2015, according to an International Monetary Fund report.
As a group, Japan and 28 other industrialized countries will see an increase from 97.8% this year to 110.2% in 2015 (according to the IMF). The debt-to-GDP ratio for emerging economies, on the other hand, will turn downward in 2011 and fall to 34.2% by 2015. Japan's deficit is forecast at 9.8% for 2010 and 7.3% for 2015. Japan, Greece, Ireland, Spain, the U.K. and the U.S. will be forced to make painful adjustments as part of efforts to achieve debt reduction targets, according to the report.
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