America Crosses the 100% Threshold: National Debt Now Exceeds Entire Economy
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The US national debt has crossed the 100 per cent mark of gross domestic product (GDP) for the first year in peacetime since 1946, according to data published on Thursday by the Bureau d'analyse économique (BEA). This historic milestone comes as the Trump administration demands for the Pentagon a budget of $1.535 billion and is preparing for a conflict with China and Russia, two nuclear powers.
America Crosses the 100% Threshold: National Debt Now Exceeds Entire Economy
Last week, the United States reached a milestone, but not the kind worth celebrating. Instead, it is one that could carry lasting consequences for future generations, as the nation’s debt has now eclipsed the size of its entire GDP. Last Thursday, the nonpartisan watchdog Committee for a Responsible Federal Budget announced that U.S. debt held by the public, estimated at $31.27 trillion, surpassed the nation’s annual GDP of $31.22 trillion in Ma…
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