photo credit: The.Comedian
The Congressional Quarterly has a fascinating infographic showing when the debt ceiling has been increased in the past back to 1980. Here are some factoids that I found interesting:
- Since the “Great Recession” began in 2008 the debt ceiling has been raised 5 times increasing to the current $14.29 from $9.82 trillion–an increase of $4.47 trillion.
- In contrast, it previously took six years to increase the debt ceiling 5 times between 2002 and 2007 increasing the debt ceiling to $9.82 trillion from $5.95 trillion–an increase of $3.87 trillion.
- The difference between total U.S. debt and GDP is now a mere $700 billion. The question is not if, but when will U.S. debt exceed GDP.
- The trajectory of the growth in debt has significantly accelerated in the past few years.
Not a pretty picture . . . hat tip to Vermont Tiger.
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