Liberals accuse conservatives of being alarmist when we talk about America evolving into a socialist welfare state, but judging by at least one measure –debt as a percentage of GDP — we’re well on our way. If the Obama budget gets enacted, our debt will surge to 82.4 percent of the economy by 2019, according to CBO projections. To put that in context, that would make us far worse than where Canada (62.3 percent), Germany (62.6 percent) and France (67 percent) are today, according to the CIA World Fact Book. In fact, it would place us 11th in the world, between Bhutan* (81.4 percent) and Egypt (84.7 percent).
* The Bhutan figure is somewhat misleading, because India finances nearly three-fifths of Bhutan’s spending. India ranks 14th on the debt/GDP list, at 78 percent.
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