Check out this chart below, it shows the National Debt as a percentage of GDP. It doesn’t matter which presidents you like or don’t like, but data doesn’t lie. Many critics assume that deficits were created on January 20th, 2009!

Source:  zFacts.com

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Press Release from the Department of Commerce;
The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, and nonresidential fixed investment that were partly offset by decreases in state and local government spending and in residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP in the first quarter primarily reflected decelerations in private inventory investment and in exports, a downturn in residential fixed investment, and a larger decrease in state and local government spending that were partly offset by an acceleration in PCE and a deceleration in imports

Source:
Gross Domestic Product: First Quarter 2010 (Advance Estimate)
Commerce Department APRIL 30, 2010

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

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Bureau of Economic Analysis; Press Release

Real gross domestic product — the output of goods and services produced by labor and property
located in the United States — increased at an annual rate of 5.6 percent in the fourth quarter of 2009,
(that is, from the third quarter to the fourth quarter), according to the “third” estimate released by the
Bureau of Economic Analysis.  In the third quarter, real GDP increased 2.2 percent.

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One way to measure a country’s debt position is by comparing GDP to gross external debt. Through that method we can determine what are the odds that a country will be able to repay its debt. Figures were referenced from the World Bank.

The World’s Top 20 Debtor Nations. These rankings my surprise you!

                                                                     External debt                Gross external debt             2009 GDP (est)
                                                                        (as % of GDP)                  (2009 Q3)

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Here is an interesting chart from Visual Economics showing GDP vs Expenditures. However, inflation doesn’t seem to be represented in this data.

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This graph from the Washington Post compares the 2000’s with other decades.

A brief rundown of why this is one the worst decades in U.S history and why we should forget this decade but not how we ended up there!

• Job Growth Nearly Zero
• Economic Output (GDP) weak
• Household Net Worth Fell As Stock Prices Stagnated
• Home Prices Crashed In The Second Half
• Consumer Debt Skyrocketed

Source:
The lost decade for the economy
NEIL IRWIN, CRISTINA RIVERO AND TODD LINDEMAN
Washington Post, January 1, 2010

http://www.washingtonpost.com/wp-dyn/content/graphic/2010/01/01/GR2010010101478.html

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Chart Source: Barron Econday

The GDP in the third quarter declined from 2.8% to 2.2%. Indicating a slower than anticipated U.S economic expansion. Despite the current decline, consumer confidence has gained traction and with companies having lower inventories that could accelerate the growth for 2010. Additional contributing factors are private investments, government spending, and an increase in exports.

Release by the Bureau of Economic Analysis:

“Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.2 percent in the third quarter of 2009, (that is, from the second quarter to the third quarter), according to the “third” estimate released by the Bureau of Economic Analysis.  In the second quarter, real GDP decreased 0.7 percent.”

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