Lets say I make 50K a year (my personal GDP).My current personal debt is 55K.?

You can't equate GDP with personal income. GDP is a rubbish figure in many ways. If you give your son an alowance of 10K your household GDP is now 60K, if he then gives 5k to your wife towards household expense your household GDP is 65k.... now how does that "extra" 15K help pay off your debt ?

The biggest contributor to a nations GDP is a rich lawyer dieing of cancer, who is suing his previous doctor. Likewise, how does that help pay off national debt ?

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You are quite correct your income is still 50k, however GDP is calculated in the manner I have described (65k), which is why GDP is not a good figure to use in such calculations and hence my whole point. GDP is total aggregate 'income' (the 65k), not external earnings (the 50k) which is what is needed to pay off debt.

You left our your net worth, and you'd have to consider that.

What you take in, exceeds your income, but what are your other assets or future expected income?

Do you have a great home, lots of land, land with needed resources like gold, oil, timber?

Do you have a rich uncle?

Are you in debt due to schooling that will cause your income to increase in a matter of years?

Then you have to take into account all that before you decide to raise your personal debt, you don't actually have a limit as long as you pay a minimum to the companies, they will determine your limit, not you.

There is, of course much more to the idea of national debt than just comparing it to personal debt.

In fact though, you would be advised to get a second job, to get more revenue, not just cut costs.

And that's what we should be doing, taking in more revenue and not just cut programs that will increase unemployment and turn more people into statistics.

If you're trying to make an analogy to the US situation...the United States debt is NOT 110% of it's GDP.

AS we stepped forward in a capitalistic society, the prosperous, and effective needed a assure that the loads will proceed artwork on a widely used foundation, quite after the warfare. consequently, credit became into exploited so human beings offered better than they might quite handle to pay for. recent occasion; the provision of credit to varsity scholars, even even with the undeniable fact that they don't have a job yet. that's the recent kind of yankee slavery.

GDP has little in common with personal debt.

No. A "personal debt limit" has nothing whatsoever to do with the government debt ceiling.

You will not cause a depression if you do not raise your debt limit. The US will.

Successful companies do it all the time. So do people that refinance.

You fail at making a point.

lets just go w/ that,,

ok..you're making 50K ..and have accumulated 55K in spending on:

wars, reducing your income (which WAS 70K) b/c you decided you don't DESERVE the money...

and now you expect to be able to pay the plumber fixing your toilet $10 for a days wage...

nope...you're just stupid w/ money...like most republicans IMO