Better start investing in energy options that offer EROI ;-)
CBS News The National Debt topped $13-trillion for the first time in U.S. history – reflecting the surge in government spending that will push the Debt to increasing highs through the rest of the decade.Posted on the Treasury Department website this afternoon, the National Debt hit $13,050,826,460,886.97 as of June 1st.Tallied against the nation's Gross Domestic Product, the latest Debt number amounts to nearly 89.4 percent of the total economy.
BloomBerg U.S.'s $13 Trillion Debt Poised to Overtake GDP: Chart of Day-- President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation's annual economic output, a step toward what Bill Gross called a "debt super cycle."
Gross, who runs the world's largest mutual fund at Pacific Investment Management Co. in Newport Beach, California, said in his June outlook report that "the debt super cycle trend" suggests U.S. economic growth won't be enough to support the borrowings "if real interest rates were ever to go up instead of down."
The CHART OF THE DAY tracks U.S. gross domestic product and the government's total debt, which rose past $13 trillion for the first time this month.
The amount owed will surpass GDP in 2012, based on forecasts by the International Monetary Fund. The lower panel shows U.S. annual GDP growth as tracked by the IMF, which projects the world's largest economy to expand at a slower pace than the 3.2 percent average during the past five decades.
"The incremental borrower of funds in the U.S. capital markets is rapidly becoming the U.S. Treasury," Boston-based Fuss said. "Do you really want to buy the debt of the biggest issuer?"
Images from Bloomberg & Deathandtaxesposter.com
Update: (Reuters) - The U.S. debt will top $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015, according to a Treasury Department report to Congress.
