“Black Friday” sales may have been down 11%, someone is still spending like drunk circus clowns………
Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.
It also means that total US debt to nominal GDP as of Sept 30, which was $17.555 trillion, is now 103%. Keep in mind this GDP number was artificially increased by about half a trillion dollars a year ago thanks to the “benefit” of R&D and intangibles. Without said definitional change, debt/GDP would now be about 106%.
It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently.
And now we wait for the US to become Spain, and add the estimated “contribution” from hookers and blow to GDP, once again pushing the total debt/GDP ratio below the psychological 100% level.