As reported in Le Figaro, the French business daily, and in other foreign media, but curiously not in the major US media, the US Gross National Debt jumped by $238 billion to $14.580 trillion the day after the debt-ceiling deal was signed.
US GDP for 2010 was $14.526 trillion. The 100% mark has been broken.
The reason for the sudden jump is that the Treasury reversed the numerous actions it had taken since May to keep its official numbers within the limit of the debt ceiling.
GDP for 2011 may come in slightly higher, at around $15 trillion, but our debt is growing much faster than our GDP, and the ratio will only get worse.
The US will break through Ireland’s 114% by early 2013 and Italy’s 120% half a year later. Greece, at 152%, will take a while longer. King of the Hill is Japan at a mind-boggling 229%.