The second of two posts: U.S debt to rise to $19.6 trillion by 2015. How does that compare to others. See the chart above.

In our update, Midknight Review's editor tries to explain in layman terms what happens if or when this nation's credit rating is reduced to a double "A" rating.

Update : Editor's notes: although this fact is mentioned, perhaps it needs to be given more emphasis: by 2015, our public debt (estimated to be 19.6 trillion dollars by 2015) will be larger that all the product this country produces for income purposes (GDP). What is NOT mentioned is the fact that in this projected circumstance, we will be perilously close to the 14% barrier with regards to debt managed ratios. Stay with me on this. Understand that our AAA credit rating - as a nation -- has everything to do with the "14% barrier with regards to debt managed ratios." On a private sector level, we all owe more than we make if we "own" cars and a house. What brings us down - financially speaking - is our inability to service that debt, our inability to continue payments on the debt's principle and its recurring interest. Our current "debt management" cost consumes 11% of our GDP - 11% of all that we produce for profit. When that percentage gets to 14% of our gross national product, our credit rating drops from "AAA" to "AA+" . 14% of current GDP total is $1.96 trillion dollars. We are currently spending $1.54 trillion to service our debt (principle plus interest payments). If our credit rating is reduced from a triple to double "A" rating, our debt service would rise to $2.66 trillion.

This is a problem because all the money we make as a nation is currently being spent, of course. With the decreased credit rating, suddenly, we will have to come up with an additional trillion dollars per year - in addition to whatever ObamaCare is going to cost per year. We will not be allowed to borrow that money. If we cannot increase our GDP to cover this increase, all we can do is raise taxes to the tune of $3125.00 per every man, woman and child in our country. Obviously THAT will not happen. We, "the people", do not have that much extra cash laying around. The only remaining option is to cut existing programs. If you follow the news, you know of the social turmoil in Greece. Greece has come to the point that they have to cut programs and the unions in that country are refusing to cooperate. What is happening in Greece could be the case for the American scene if our legislators do not stop penalizing those who produce wealth. When your policy is all about stealing away the wealth of the rich, in time we all become poor without remedy -- jds.

WASHINGTON June 8 (Reuters) - The U.S. debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress.

The report that was sent to lawmakers Friday night with no fanfare said the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.

"The president's economic experts say a 1 percent increase in GDP can create almost 1 million jobs, and that 1 percent is what experts think we are losing because of the debt's massive drag on our economy," said Republican Representative Dave Camp, who publicized the report.

He was referring to recent testimony by University of Maryland Professor Carmen Reinhart to the bipartisan fiscal commission, which was created by President Barack Obama to recommend ways to reduce the deficit, which said debt topping 90 percent of GDP could slow economic growth.

(Reuters) The U.S. debt has grown rapidly with the economic downturn and government spending for the Wall Street bailout, the wars in Afghanistan and Iraq and the economic stimulus. The rising debt is contributing to voter unrest ahead of the November congressional elections in which Republicans hope to regain control of Congress.

The total U.S. debt includes obligations to the Social Security retirement program and other government trust funds. The amount of debt held by investors, which include China and other countries as well as individuals and pension funds, will rise to an estimated $9.1 trillion this year from $7.5 trillion last year.

By 2015 the net public debt will rise to an estimated $14 trillion, with a ratio to GDP of 73 percent, the Treasury report said. (Reporting by Donna Smith; Editing by Kenneth Barry)

national credit rating, AAA, AA+, GDP,