Thursday, December 22, 2011

It’s Official: US Spending More Than It Takes In

It is official. This country is broke! This government is spending more than it takes in.

(ZeroHedge) With precisely one year left for the world and all of its inhabitants, at least according to the Mayans, not to mention on the day of the Winter Solstice, it is only fitting that US debt, net of all settlements for all already completed bond auctions, is now at precisely $15,182,756,264,288.80. Why is this relevant? Because the latest annualized US GDP, according to the BEA, was $15,180,900,000.00. Which means that, as of today, total US debt to GDP is 100.012%. Congratulations America: you are now in the triple digit “debt to GDP” club!

I. Total debt as of December 20: $15,131,979,264,288,80 (source)

II. Net cash settlement of all completed auctions: $50,777,000,000 (source)

III. Total GDP: $15,180,900,000,000 (source)

=> Total Debt/GDP= $15,182,756,264,288.80/$15,180,900,000,000 = 100.012%