John Hinderaker takes a grim look at what’s to come when the national debt in the US (on a gross basis) will climb to above 100pc of GDP by 2015:
This graphic tells the story. Note what happened after the Democrats took control of Congress in 2007
By the way, this doesn’t include the effects of Cap and Trade if that passes.
More than 100% of Gross National Product. A banana republic scenario at best; Possibly, a collapse of democracy, too.