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Bloomberg: U.S.’s $13 Trillion Debt Poised to Overtake GDP

Erod

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4 (Bloomberg) -- President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.”

The CHART OF THE DAY tracks U.S. gross domestic product and the government’s total debt, which rose past $13 trillion for the first time this month. The amount owed will surpass GDP in 2012, based on forecasts by the International Monetary Fund. The lower panel shows U.S. annual GDP growth as tracked by the IMF, which projects the world’s largest economy to expand at a slower pace than the 3.2 percent average during the past five decades.

“Over the long term, interest rates on government debt will likely have to rise to attract investors,” said Hiroki Shimazu, a market economist in Tokyo at Nikko Cordial Securities Inc., a unit of Japan’s third-largest publicly traded bank. “That will be a big burden on the government and the people.”

This is the scariest thing on the planet for Americans right now. Scarier than al-Quaeda, oil spills, border failures, solar flares....anything your mind can trump up.
 

American

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Don't worry, Democrats are in charge. They know how to balance a budget....remember Clinton? :lol:
 
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