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!!!!!!