Last Friday, September 8th, 2017, the national debt of the United States went over $20 trillion. This compares with an estimated GDP of $19.3 trillion. For the first time in 70 years, since the immediate aftermath of World War II, the national debt exceeds 100 percent of GDP.
In other words, in the last nine years, the federal government has borrowed more money than in the previous 219 years of the government’s existence. During those 219 years, we fought three wars of unprecedented size and ferocity, numerous small wars, and suffered through six deep and prolonged depressions, including the Great Depression of the 1930’s, the greatest economic catastrophe in American history.