The French business daily, Le Figaro, and other foreign media, but curiously not the major US media, reported in big font that the US Gross National Debt jumped by $238 billion in one day, to $14.58 trillion, the day after the debt-ceiling deal was signed.
The US Treasury reports the gross national debt daily, but the US media ignore it.
US GDP for 2010 was $14.53 trillion. The 100% mark has been broken. The US media ignored that too. Not the foreign media.
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%.
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