"Debt is increasing six times faster than income. How do you work your way out of debt while adding $6 of new debt for every new dollar of income? The nation already owes nearly $3 trillion more to foreigners than foreigners owe to it. And that amount grows by half a trillion each year, thanks to a trade gap that is 10 times as large this year as it was 10 years ago. As a percentage of GDP, American debt levels already beat anything the world has ever seen – and gets larger every day. For nearly 100 years, the ratio of debt to GDP was between 120% and 160%. Only in the 1929 bubble did it ever become really grotesque… peaking out at 260%. Guess what it is today? Over 300% and growing."
