We’ve all known this day was coming, but hopefully articles like this will start to permeate deeply into the consciousness of the American people:
President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.”
The CHART OF THE DAY tracks U.S. gross domestic product and the government’s total debt, which rose past $13 trillion for the first time this month. The amount owed will surpass GDP in 2012, based on forecasts by the International Monetary Fund.
Just to be clear: this means that if every American worked as usual for an entire year and we all didn’t buy anything – no food, no clothes, no electricity, nothing – we still wouldn’t be able to pay off our debts. And that’s just our public debt, not credit cards and mortgages. We are quite literally selling our nation and especially our children into indentured servitude.