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26th May
written by simplelight

US consumers need to break their bondage to bling. On the other hand, there is talk of public debt in the US rising from 40% of GDP to 80% and even higher over the next ten years. For perspective on where this would fall on the spectrum of public debt, take a look at the CIA factbook figures on public indebtedness by country.

Bear in mind, that government spending as a percentage of GDP is about 25%.  That means that the public debt will be rising from 160% of public spending to 320% of public spending. That’s some pretty hefty leverage from a government in an age when most “American people” have concluded that leveraging oneself to the hilt is no longer a core component of the American dream.

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