Smoke and Mirrors: The Full Implications of the U.S. National Debt
We are told by U.S. Treasury officials and the Congressional Budget Office (CBO) that the Federal Government’s debt is now just over 100% of our nation’s annual Gross Domestic Product (GDP), and while this level of debt is “alarming”, it is “still sustainable.” Meanwhile, Greece’s sovereign debt is now 157% of its GDP, and the nation is on the verge of default and collapse. I presume that Joe Sixpack here in the U.S. sees the news headlines and says to Mrs. Sixpack: “Wow, those poor Greeks. I’m glad that we don’t live there. I wouldn’t feel safe, living in Greece.” …