Thursday, August 4, 2011

A Dangerous Milestone?

This from Yahoo News (

"US debt shot up $238 billion to reach 100 percent of gross domestic project [product!] after the government's debt ceiling was lifted, Treasury figures showed Wednesday.
Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country's spending commitments reached a breaking point and it threatened to default on its debt.
The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium."


  1. I like Belgium. What's wrong with Belgium?

  2. Nothing wrong with Belgium!

    Fine little country - excellent fries (what the Brits call chips), outstanding beers (although a bit expensive in the U.S.) Winters are a bit tough, at least for those of us from Southern California.

    Of course, their debt to GDP ratio of 98.6% (10th worst in the world - source: isn't so great, but it's a lot better than Japan, at 225.8%!