Political Quotes

“Mr. President, I wish to talk about our Nation's indebtedness. I know very few people watch these presentations. But to my friends on the other side, before they turn their monitors off, this is not a partisan presentation. Hopefully, it is a presentation to cause us, together, to look at our Nation's indebtedness from a different viewpoint and, hopefully, when we get to real business in January, we will focus on this in a way that brings us together and does not separate us. I wish to start by looking at where our country is today as it relates to debt to our gross domestic product. Most countries in the world look at the amount of debt they have as a country in relation to the gross domestic product the country has. That is the sum of all the output. For a lot of businesspeople who may be tuned in today, it is not unlike a company that looks at its revenues and compares the amount of debt the company has to those revenues or gross profits. So, today, our country's debt-to-GDP is at 62 percent debt to gross domestic product. I think most of us understand the problem we have as a country today is that we are very rapidly moving to 146 percent of debt to GDP within the next 20 years. I would like to point out the reason this dot is here. That is where Greece was when the European Union had to come in and bail it out. It was at 120 percent of GDP. I do not wish to compare our country to Greece. Greece is very different.…”