Is gold’s run over? Let’s look at some facts.
The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion. That’s roughly equal to the value of all goods and services the US economy produces in one year: $15.17 trillion as of September, 2011.
Among advanced economies, only Greece, Iceland, Ireland, Italy, Japan and Portugal have debts larger than their economies.
The US government spent over $454 billion just on interest on the national debt during fiscal 2011.
The debt ceiling stands at nearly $16.4 trillion. Some predict the US will run out of money by September 2012. The next increase to the debt ceiling could be as high as $2 trillion.
Since Barack Obama was elected, the US government has added $5 trillion more to the national debt.
The United States government is responsible for more than a third of all the government debt in the entire world.
Mandatory federal spending surpassed total federal revenue for the first time ever in fiscal 2011.