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The Nomad Economist: American Debt Levels are More than 10 Times the Tax Receipts

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The Nomad EconomistPremiered Jan 9, 2022 There is apparently little concern in Washington, DC as the annual deficit — for a single year, mind you — approaches one trillion dollars for the first time since the hit-the-panic-button days of the Great Recession. Except that now huge deficits are coming during great Trump economic times. Moreover, as the Congressional Budget Office has forecast, the debt load is expected to rise to 125 percent of GDP over the 20 years. That’s higher than the US debt-to-GDP ratio during World War II. But perhaps the most striking aspect of the growing debt is…

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