Exactly ten years ago, in the middle of the summer of 2008, the world was only two months away from the most severe financial crisis since the Great Depression.
At the time, the size of the US economy as measured by Gross Domestic product was around $14.8 trillion– by far the largest in the world.
And the US national debt back then was about 64% of GDP– roughly $9.5 trillion.
Fast forward a decade and take a snapshot of the same numbers:
US GDP has grown nearly 35% to $19.9 trillion.
But the national debt has soared 122% to over $21 trillion.
The debt-to-GDP ratio in the United States is now 106%, meaning that the national debt is larger than the size of the entire US economy. Yet the debt keeps growing. Rapidly.
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