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Debt numbers are frightening

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Some people like the (Bob and Ginny) Mocks who recently wrote in support of (Barack) Obama just do not understand that the leadership provided by the president has very nearly bankrupted this nation. University of Miami professor of finance, Gennaro Bernile has written: “ ... the United States has joined the rogues’ gallery of nations whose debt has exceeded its annual economic output, or gross domestic product (GDP).” A website, usdebtclock.org, quoting government data, shows that the U.S. national debt has passed $15.033 trillion, higher than the $15.032 trillion GDP. The country’s debts are higher than its annual output. These numbers are frightening. When debt exceeds GDP due to structural reasons, such as not matching spending with revenue, the situation is very much out of control. That is exactly where we are now. When I read material like this, I am troubled by the lack of tangible action by that so-called supercommittee or Congress itself to deal with these job-killing problems. We are suffering through the humiliating experience of U.S. Treasury bonds downgraded for the first time ever. Capitol Hill and the Oval Office only play the blame game. What a mess. We need to clean house next November, but it will be a year too late. Dale Smith, Auburn