The U. S. federal government just passed a record $20 trillion in publicly held debt. That’s bigger than the entire economy of every country in the European Union, combined.
As HowMuch.net notes, the debt will only grow higher unless President Trump and the U. S. Congress can agree to unprecedented spending cuts combined with tax increases.
Don’t count on that happening anytime soon. Most people think that an eye-popping $20+ trillion debt is insurmountable, and in fact, it is the largest in the world by far.
But when you look at another fiscal measure – the ratio of debt-to-GDP – the U. S. is not in the worst situation…
This post was published at Zero Hedge on Sep 23, 2017.