How Did America Go Bankrupt? Slowly, At First, Then All At Once!!!
by Chris Hamilton via Econimica blog,
ZeroHedge.com
Sun, 02/18/2018
The US federal debt has again been on the move, as of mid-week up to a fresh record of $20.7 trillion. But, really, without some sort of reference point, what does that mean?
Typically, the metrics of total debt or federal debt divided by GDP (Gross Domestic Product or the total value of goods produced and services provided in the US annually) are used (chart below). Still, that’s a bit ethereal to most folks.
So, I thought I’d make this simpler. The chart below shows federal debt (red line) versus total full time employees (blue line) since 1970. Clearly, debt has surged since 2000 and particularly since 2008 versus decelerating net full time jobs growth. The number of full time employees is economically critical as, generally speaking, only these jobs offer the means to be a home buyer or build savings and wealth in a consumer driven economy. Part time employment generally offers only subsistence level earnings.
The Rest…HERE
