U.S. Debt Now 100% Fun!


Don't you know the debt ratio's going up, up, up, up, UP!

US debt shot up $238 billion to reach 100 percent of gross domestic project after the government's debt ceiling was lifted, Treasury figures showed Wednesday. […]

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. […]

The last time US debt topped the size of its annual economy was in 1947 just after World War II. […]

Moody's said Tuesday that the government needed to stabilize the ratio at 73 percent by 2015 "to ensure that the long-run fiscal trajectory remains compatible with a AAA rating."

Reminder: The commonly accepted threshold for converting debt-to-GDP ratios from tolerable to actively dangerous is 60 percent. Also: it's the "neo-Confederate" Tea Party "fanatics" who are threatening to "destroy America's credit rating unless the federal government agrees to enact Dixie's economic agenda."

Link via Instapundit. Reason on debt loads here.