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America Has Less Than a Decade to Turn Itself Around
by Simon Black Sovereign Man
Well, that didn’t take long.
From the time the US government managed to sign the debt ceiling resolution, it took just thirteen days for the national debt to soar by nearly $600 billion.
At that pace, they added over $500,000 to the national debt every second.
The US national debt has now breached $32 trillion… meaning America’s debt-to-GDP ratio is now 121%. Historically, advanced nations tend to get into trouble when debt-to-GDP reaches around 90%. The US is way past that threshold — but I’ll return to that point in a moment.
First, any time there’s a discussion about the national debt, invariably some idiot says something stupid like “the debt doesn’t matter because we owe it to ourselves.”