U.S. National Debt Set to Outpace GDP
The U.S. national debt, currently approaching $15 trillion, continues to make headlines, the most recent one being that national debt will exceed the size of the U.S. economy this year, two years earlier than originally predicted by the Treasury. In other words, total public debt, the total obligations of the U.S. federal government, will exceed the GDP, the total market value of all final goods and services produced in the U.S. this year. It’s a prospect that sends chills through the halls of Congress, but it’s important to view it in the perspective of history. The gross debt to GDP…