US national debt now 101% of GDP

Yesterday, without much fanfare or media headline, America’s national debt increased to 101% of our GDP (gross domestic product), with the latest issuance of $32 billion in 2-year U.S. Treasury bonds.

Tyler Durden reports for ZeroHedge, Feb. 21, 2012, that it was just three weeks ago, on January 30, that our debt-to-GDP ratio went from double to triple digits. It has taken the federal government a mere 21 days to add a full percentage point to this most critical of debt sustainability ratios.

And the reaction from useless Congress, the two useless political parties, the GOP candidates, and of course Obama is:

Here’s an interesting bar-chart showing how the United States compares with other heavily indebted countries:

So we still have much catching up to do! No sweat. With just under $1 trillion in new debt issuance on deck in the next 9 months, the U.S. national debt will be at 110% of GDP in no time!

Into the abyss! Wheeeeeeeeeeee!!!!!!

~Eowyn

7 responses to “US national debt now 101% of GDP

  1. Woo Hoo!! Let’s have a TICKER TAPE PARADE!! Happy days are here again. The skies above are clear again. Sing a song of hope and cheer again… happy days are here again!! :) Let’s just slice and dice and cut up the Federal Reserve Notes and use them as ticker tape for our parade!! God is delivering us from the money system so that we enter His Kingdom in fullness in the USA. What the devil means for evil (to institute the 666 beast system in the destruction of the dollar and American CHRISTIAN economy) will be used OF GOD AND TURNED FOR GOOD… for those called according to His purpose. We will enter KINGDOM ECONOMY unseen in 2000 years. Praise Jesus!!

  2. Unsustainable. Got to start cutting spending or we are doomed.

  3. We do not use debit or credit cards anymore! We have one credit for an emergency but we pay it off as soon as we get the bill. (been there done that). And just recently we put our debits in a draw. A dollar here a dollar there for ATM charges adds up! At least I assume that is what u meant when you said plastic?

  4. We’re so screwed it’s all over but the screaming.

    -Dave

  5. AMERICAN TAXPAYERS, THE CRIMINAL RESERVE IS SCREWING US AGAIN

    A former Fed official says in the Wall Street Journal that the Federal Reserve is covertly bailing out Europe. Insight with Gerald O’Driscoll, Cato Institute senior fellow, who says the Fed operated a “temporary U.S. dollar liquidity swap arrangement.”

  6. In a properly run economy, the U.S. would have paid down its debts during good times, rather than create debts in order create good times at someone else’s expense. THEN, when bad times came, the U.S. (or any other country on the same program) would have ample ability to do some spending and stimulate the economy. If you pay off debt in the good times, then you have the capacity to use debt to get by in the rough times. That kind of economic program evens out the highs and lows and makes life a lot more livable in a responsible way.

    The U.S. has been so profligate with debt during the good times that it has no capacity to take on more debt now. (In one of the greatest travesties of American history, we used national debt and personal debt to create good times for ourselves by setting up our children to pay for our easy high living.)

    The U.S. already has more debt than it will ever find the political will to pay off. More dangerous by far than that, as a result of these bailout spending policies that began in the Bush II years, the U.S. NOW has more debt than it could ever pay off, for paying off the debt at any time in the future will be such a burden that it would pull even the strongest of economies right back down.

    We have passed the point of no return, and that is why Krugman and others want to keep up deficit spending. Without it, there would be / will be NO economy because the old economy is existing solely on life support now. When an economy is moribund, it would be better to declare a “year of Jubilee” and forgive all debts everywhere and do a complete reboot. Tough as that is, it would put the entire world in better shape for the future.

    “Throughout the years of Reagonomics, however, the United State’s national debt as a percentage of GDP — after decades of decline – grew rapidly and continued to do so under President George Bush the First. Then U.S. debt plunged for the first time throughout the Clinton years (when taxes on the wealthy were raised) and finally began to rise again during the Bush II years (when taxes on the wealthy were cut again … even more than they were cut by Reagan).” ( http://thegreatrecession.info/blog/?p=2213 )

    Obama has essentially continued with the Bush Bailout Plan.

    –Knave Dave

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