We are all Freaking Doomed!
Figure 1: This chart compares total debt (or “credit”) in the U.S. to GDP (or Gross Domestic Product) on a percentage basis. Current total credit-market debt stands at more than 340 percent of total GDP. More details here.
But don't worry, the newly elected GOP team proposes a one-time one hundred billion dollar reduction in spending. Take THAT you 1.4 trillion dollar annual federal deficit!