The U.S. national debt surpassed $32 trillion for the first time on Thursday, according to Treasury Department data released today. The milestone comes less than two weeks after President Joe Biden signed into law the Fiscal Responsibility Act of 2023, his compromise with Republicans led by House Speaker Kevin McCarthy to trim spending by a projected $1.5 trillion over a decade and suspend the nation’s debt limit until January 2025. Total public debt outstanding — which includes debt held by the
Using GDP as a measure is completely meaningless because much of US GDP is fictitious. For example, healthcare insurance industry accounts for a large chunk of GDP in US employing tons of people while providing net negative value.
The reality is that US spends more on military than the next 10 countries combined. It’s over 800 billion at this point, and this only accounts for direct military spending, and the real number is much higher.
For context, overall manufacturing output of US is only around $1.9 trillion.
Not really
Using GDP as a measure is completely meaningless because much of US GDP is fictitious. For example, healthcare insurance industry accounts for a large chunk of GDP in US employing tons of people while providing net negative value.
The reality is that US spends more on military than the next 10 countries combined. It’s over 800 billion at this point, and this only accounts for direct military spending, and the real number is much higher.
For context, overall manufacturing output of US is only around $1.9 trillion.
Unless we’re going to start paying soldiers $1,000/yr (roughly what China does), that’s going to be the reality.
And New York City’s manufacturing output is almost nothing. Manufacturing isn’t GDP.
You seem to be ignoring the concept of purchasing power here.
My point was that GDP is not a useful metric, and I even gave you a concrete example of why.