Friday, January 07, 2011

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!

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