Chart: Debt-to-GDP Ratio Is Terrible, Worse Than Projected, and Deteriorating Rapidly
Over at National Review's The Corner, Reason Contributing Editor Veronique de Rugy draws lines that make all the b-boys scream:
Some de Rugian context:
In 2007, the CBO projected that public debt would equal up to half of total U.S. economic output by 2019. In reality, public-debt-to-GDP passed this milestone in 2009 — ten years ahead of the CBO's 2007 projection. This is not surprising considering the recession that started in 2007, the reduction in GDP and revenue that followed, and the increase in spending.
Since then, if the economy had recovered from the recession, we should have seen some positive changes to the debt-to-GDP outlook. We have not.
