Tuesday, April 12, 2016

US National Debt Will Soon Eclipse GDP

The writing is on the wall:

U.S. Comptroller General Gene Dodaro, the man responsible for assessing the federal government’s fiscal condition, told a Senate panel Wednesday that the government will soon owe more than the entire economy produces.

During a Senate Budget Committee hearing on the Government Accountability Office’s (GAO) audit of the federal government’s fiscal year 2015 financial statements, Dodaro said that despite a modest reduction in the annual budget deficit, the national debt remains a serious and growing problem.

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If you want to know how this ends, read Confessions of an Economic Hit Man by John Perkins (hint - it does not have a happy ending, at least not for We The People).

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