As children across America costume themselves as ghouls, ghosts, goblins and former North African dictators Monday night, they may have missed the most spine-chilling scare of the day. According to calculations based on the International Monetary Fund’s World Economic Outlook, on All Hallows’ Eve the United States’ total debt will surpass its Gross Domestic Product for the first time since World War II.
That means the average American’s share of government debt is more than an average American makes in a year. Spooky!
On October 19 Bloomberg released a chart showing that per capita gross government debt would to exceed per capita GDP in the very near future. As Bloomberg put it, “America’s bills are about to exceed its paycheck.”
The Bloomberg calculations, based on IMF data from the September World Economic Outlook, showed that by 2016, debt will exceed per capita production by $8,000.
A post at Zero Hedge by the pseudonymous Tyler Durden extrapolated the data to show that US debt would surpass GDP on Halloween.
SPOOKY: US debt to surpass GDP on Halloween (Source: Zero Hedge)
According to the Bureau of Economic Analysis, the United States’ second quarter GDP was $15.012 trillion. As of this writing, the national debt is $14.951 trillion.
Read more: http://dailycaller.com/2011/10/28/spooky-us-debt-to-surpass-gdp-on-halloween/#ixzz1c6QtmcHa
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