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U.S. net debt now equals 65% entire U.S. economy; Deficit will break record this year
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02-21-2011, 03:34 AM
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Pataacculakp
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Richmond Times-Dispatch:
http://www2.timesdispatch.com/busine...anc-ar-838888/
The U.S. government's net debt is about 65 percent of the nation's
gross domestic product
, the total value of all goods and services produced in the economy. The gross debt, which includes money owed between government entities, is almost 100 percent of GDP.
...
Yet the
United States
is not the most indebted nation as a percentage of GDP, and this is not the first time the country has had this much debt as a percentage of the overall economy.
The American Revolution left the
U.S. government
more than $75 million in debt as of Jan. 1, 1791, according to the U.S. Bureau of Public Debt, a division of the Treasury. Except for a short few periods, the
government
has had a public debt ever since, though it has never defaulted on its loans.
Federal debt reached a peak ratio of 114 percent of GDP after World War II and declined to 26 percent by 1981, before rising again.
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