Government debt now greater than the whole economy

Factoid buried in a Washington Post graph caption:

The federal debt of the United States — including debt owed to the public and to parts of the government itself, such as the Social Security Fund — climbed to $15.22 trillion on Dec. 30. That marked the first time since the 1940s that the national debt was larger than the American economy, as measured by the gross domestic product. Since Dec. 30, the debt has increased an additional $4 billion.

via New year, more debt – The Washington Post.

About Gene Veith

Professor of Literature at Patrick Henry College, the Director of the Cranach Institute at Concordia Theological Seminary, a columnist for World Magazine and TableTalk, and the author of 18 books on different facets of Christianity & Culture.

  • http://theoldadam.wordpress.com Steve Martin

    Well…thank you Jimmy Obama Carter.

    Next come the dismantling of the armed forces.

    They’re like two peanuts in a pod.

  • http://theoldadam.wordpress.com Steve Martin

    Well…thank you Jimmy Obama Carter.

    Next come the dismantling of the armed forces.

    They’re like two peanuts in a pod.

  • DonS

    Well, we knew this was coming. It’ll get a lot worse for our kids and the legacy we are leaving them before it gets better.

    But, of course, a cut of 2% of the overall federal budget, a real cut, not a reduction in the rate of increase of spending, is an unthinkable hardship.

  • DonS

    Well, we knew this was coming. It’ll get a lot worse for our kids and the legacy we are leaving them before it gets better.

    But, of course, a cut of 2% of the overall federal budget, a real cut, not a reduction in the rate of increase of spending, is an unthinkable hardship.

  • http://theoldadam.wordpress.com Steve Martin

    Good point, DonS.

    We will go down…but we’ll go down a bit more comfortably :D

  • http://theoldadam.wordpress.com Steve Martin

    Good point, DonS.

    We will go down…but we’ll go down a bit more comfortably :D


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