The Feds need to get their story straight. The Treasury department tells us that Federal Government debt passed 100% debt-to-GDP nearly 3 years ago.
http://www.savingsbonds.gov/govt/reports/pd/pd_debtposactrpt_0913.pdf
This CBO's statement above refers to "debt held by the public," and ignores debt owed within the government, such as money taken from the Social Security "lock-box" or from Medicare payments. It probably does not also count explicit government guarantees either.
Worse than that. How many ways can I spell KRAP? What’s missing mainly is what CBO claims GDP to be. Every body agrees that feral debt is over 17B$. GDP is running about 15B$. Lessee now, doing math, punc punch punch-—17 divided by 15 is 113%. Regardless of the details the debt is far bigger than total production and is well into that EURO FAIL range. When this number broke 200% that’s when Greece blew up. And Spain is blowing without even that much imbalance. WE DO NOT HAVE 10 YEARS of continueing financial clusterflock.
Even if they are just referring to “Debt held by the public”, that’s on the order of $12.5 trillion.
Last year’s GDP was roughly $16.7 trillion.
We’re already undeniably at 75%, even with the numbers most favorable to “them”.
They’re not even trying to hide the lies anymore.