January 5, 2012
It is now official:
According to the US Treasury, America has closed the books on 2011 with debt at an all time record $15,222,940,045,451.09.
In fact, U.S. debt to GDP is now officially over 100%, or 100.3% to be specific, a fact which the U.S. government decided to delay exposing until the very end of the calendar year.
This means if you took the market value of all goods and services produced in the United States from every source, it would still not be enough to pay off the federal debt.
July 1, 2010
The federal debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office.
At the end of 2008, the debt equaled about 40 % of the nation’s annual economic output, according to the CBO.