The debt ceiling increase has helped raise our borrowing over 100% of GDP for the first time since 1947!
“The last time US debt topped the size of its annual economy was in 1947 just after World War II. By 1981 it had fallen to 32.5 percent.”
We are now borrowing $14.58 trillion, with a GDP of $14.53 trillion, showing that the Obama administration has no useful ideas, no experience, and no clue how to run a Capitalistic Democracy.
US debt shot up $238 billion to reach 100 percent of gross domestic project after the government’s debt ceiling was lifted, Treasury figures showed Wednesday.
Treasury borrowing jumped Tuesday, the data
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