US national public debt is perhaps the largest in the world. US National Treasury reports that we have $12.9 trillion of national debt. This amount does not include private debt, such as mortgages, credit cards and loans that amount to $16.5 trillion. Our national debt is growing fast. On January 2010, our national debt was $12.2trillion and by April it has increased to $12.87 trillion. Within 31/2 months, there was an increase of $580 billion.
US treasury presents the details of national public debt and intragovernmental holdings. Public debt includes all debt instruments, such as T-bills, T-bonds and notes issued by the treasury in our country. Such instruments are held by institutions outside our government, both foreign and domestic. Intragovernmental holdings includes social security trust fund. The book jobenomics written by Chuck Vollmer explains public debt elaborately with figures and illustrations. You can log on to www.jobenomics.com to get additional information about the book.
The US Congress and the White House offer budget projections. The White House budget office and the Congressional budget office provide the details of public debt and net interest. The White House Budget Office budget report shows that the public debt is 9,298 in 2010 alone and the net interest is 188. It specifies that the debt held by the public will be $18.6 Trillion by the year 2020. Congress Budget Office estimates that the public debt will be $20.3 trillion by 2020. If the intragovernmental holdings remain at the present $4.5 trillion level, national public debt will even be increased to $25 trillion by 2020.
The White House budget office and Congressional budget office provide the details of net interest as well. Net interest is the amount of interest that our government needs to pay to the treasury security holders. The White House predicts that the annual interest payments will amount to $912 billion and the Congressional budget office estimates that it will be $916billion. The amount of net interest is almost five times higher than the $187 billion, we paid in 2007.
Our national public debt ranked 61 out of 126 nations that had a debt to Gross Domestic Product (GDP) ratio at 37.5% in the year 2007. The economic performance of a country is measured by the GDP. It gauges the market value of all goods and services produced in the country in a particular year. Our debt has increased from 37.5% to 109%. The budgetary proposal of our President states that it is estimated that the deficit would measure 9.9% or $1.4 trillion of GDP. The deficit over the period of 2010 to 2019 will amount to $9.1 trillion, which means 5.2% of GDP. This is almost double the amount of the cumulative deficit predicted by Congressional Budget Office in the month of March. As a result, national public debt will increase from 57% in 2009 to 82% in 2019. However, many international organizations, especially the International Monetary Fund estimates that our national public debt will be 107% by 2020.
You can view the figures explaining the national debt growth in the Jobenomics book. Visit www.jobenomics.com to get your copy of this book.