US debt to GDP passed 101% this week.
Zero Hedge reported:
Without much fanfare, US debt to GDP hit 101% with the latest issuance of $32 billion in 2 Year Bonds. If the moment when this ratio went from double to triple digits is still fresh in readers minds, is because it is: total debt hit and surpassed the most recently revised Q4 GDP on January 30, or just three weeks ago. Said otherwise, it has taken the US 21 days to add a full percentage point to this most critical of debt sustainability ratios: but fear not, with just under $1 trillion in new debt issuance on deck in the next 9 months, we will be at 110% in no time.
That’s not all…
America’s per capita debt is worse than Greece.
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And Barack Obama still won’t slow down his spending. The national deficit is likely to top one trillion dollars again this year.