The National debt is shown behind Federal Reserve Chairman Jerome Powell, left, as he makes the semiannual monetary policy report to the House Financial Services Committee, Tuesday, Feb. 27, 2018, in Washington.
Jacquelyn Martin/AP
The US borrowed $11.6 trillion between 2008 and 2018. But the US economy only grew by $5.1 trillion.
So every $1 the government borrowed resulted in just 44 cents of economic output.
The problem is not the debt itself. It’s that the government does not invest in things that will bring in returns.
Exactly ten years ago, in the middle of the summer of 2008, the world was only two months away from the most severe financial crisis since the Great Depression.
At the time, the size of the US economy as measured by Gross Domestic product was around $14.8 trillion- by far the largest in the world.
And the US national debt back then was about 64% of GDP- roughly $9.5 trillion.
Fast forward a decade and take a snapshot of the same numbers: US GDP has grown nearly 35% to $19.9 trillion.
But the national debt has soared 122% to over $21 trillion.
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