Last month America's national debt increased to 101% of our gross domestic product. The dubious threshold was crossed with the latest issuance of $32 billion in 2year US Treasury bonds. Unfortunately, the event passed without much fanfare or media headline.
Tyler Durden reports for ZeroHedge 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 twenty one 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 one of indifference and bickering. With just under $1 trillion in new debt issuance on deck in the next nine months, the US national debt will be at 110% of GDP in no time! Where will we be with four more years of Obama and another $10 trillion in national debt.........
Into the abyss we go.