U.S. Debt Reaches 100 Percent of Country's GDP ! ! !..........

Doesn't this bother anyone ?

This is just a depression waiting to happen !

According to FOX NEWS, The U.S. debt surpassed 100 percent of gross domestic product after the government's debt ceiling was lifted, Treasury figures showed Wednesday, according to AFP.

They went on to say that The package is designed to carve $2.4 trillion from the deficit over the next decade. But in the near term, it granted Washington an increase in its borrowing authority worth the same amount.

FOX NEWS also wrote that  With that authority, the public debt has climbed to $14.58 trillion, putting it just over the $14.53 trillion size of the country's economy in 2010. 

As the country moves into a league with deep-in-the-red nations like Italy and Belgium, fiscal conservatives say the fight to cut spending is far from over.

The last time the debt topped the size of its annual economy was in 1947 during World War II, according to AFP. But the deficit at the time was driven by war spending -- a degree of spending that ebbed once the war ended. The nation's current deficits were exacerbated by the wars in Iraq and Afghanistan, but are also driven in large part by entitlement programs that will not shrink without fundamental changes to their structure -- officials point as well to lost revenue from the recession, tax breaks and increased domestic spending as contributors to the current deficit hole.

I am not an economist and I  do not pretend be one. Unfortunaty it looks like our Country might be headed for some more real hard times, maby worse than 2008 and possibily wors than 1929.

I really hope I'm  wrong on tis one. This countrie's economy can not be equal to it's debt for too long.

YOURS IN LIBERTY ! ! !

Bob Yeager

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