Debt Star: Federal Debt Increased By 113% Since Q2 2008, But Real GDP Increased By Only 2.6%!
According to USDebtclock.org, each taxpayer’s share of the Total Public Debt is $145,737. And each taxpayer’s liability for unfunded entitlements is $1,083,342. And growing!
The solutions other than cutting spending? 1) Creating inflation to devalue the debt (who thinks of these horrendous ideas) 2) default on the debt (didn’t work to well for Argentina) and 3) “As long as real GDP growth is equal to or faster than debt growth, there is no problem!” (I would say that 113% debt growth is higher than 2.6% real GDP growth).