The national debt will soon be 100 percent of GDP. This isn’t a magic number, of course. Not a whole lot will be different than when the debt is 95 percent of GDP. But it does show that economic growth simply hasn’t been strong enough in the last decade to keep the debt below 100 percent in spite of all the claims that debt means nothing because growth will cancel it all out.
The Bloomberg article makes an interesting comment as well. Paraphrasing Dan Fuss Bloomberg notes that “Obama is borrowing record amounts to fund spending programs to help the economy recover from its longest recession since the 1930s.”
The “recession” now over, debt spirals upward
