Did You Know?
When Ronald Reagan became president in 1980, government, consumer, and business debt amounted to a little over 90 percent of the gross domestic product, which is value of all the goods and services produced in the U. S. annually. Even during the Great Depression, our darkest economic hour when we were producing so little, our collective debt totaled just over 250 percent of the GDP. By 2008, we owed more than 350 percent of all the wealth created in the nation that year.
Sources: USA Today: Dennis Cauchon, "Leap in U.S. Debt Hits Taxpayers with 12% More Red Ink", USA Today, May 5, 2009.
Who holds America's Debt?
http://www.treas.gov/tic/mfh.txt
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