America’s debt is soaring skyward.
A debt crisis looms large – on the horizon.
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Authored by EconomicPrism’s MN Gordon, annotated by Acting-Man’s Pater Tenebrarum,
ZeroHedge, March 4, 2018 – Excerpts:
The fact is we are on a collision course with disaster. Take government debt, for instance. Over the last decade, nominal gross domestic product (GDP) has increased from about $14.7 trillion to about $19.3 trillion. Over this same period, the national debt has increased twice as fast; it has doubled from $10 trillion to $20 trillion.
In short, there is a fundamental divergence between economic growth and government debt growth. Broadly speaking, the U.S. Economy is growing at a rate of roughly 2.5 percent a year. And U.S. government debt is growing at a rate of roughly 6 percent a year – or more.
Over an extended period, this divergence results in two dramatically different growth curves. Government debt has now overtaken GDP. Over the next decade, government debt – which is projected to spike up another $10 to $15 trillion – will absolutely dwarf GDP.
Presumably, at some point between now and 2027 the economy will slip into reverse. GDP will contract. At the same time, government debt will accelerate as Washington feels compelled to do something – like spend borrowed money – to somehow jump-start the economy.
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