Congratulations fellow USians! Our national debt is now slightly more than 100% of our GDP. Who's up for a victory lap?
I remember when I was a kid and under Ronald Reagan we hit our 1st trillion in debt and a number that big is hard to comprehend! If you read the history its fascinating how this crude type of government finance was an outgrowth of a feudal system once the kings ran out of money. Our current system entirely depends on our ability to believe that the debt is real and of significant financial value to all parties involved. It's how operations like international monetary fund can bury a country in debt in order to more profitably get access to its natural resources and other revenu generating infrastructure. The system keeps everyone in debt based on how much money we can make so we're all on a treadmill rather than growing a future for the people who will live here after us.
