President Obama has no business skills whatsoever. We who make our living in business -- ignore the debt issue at our own peril – and we are close to the deb becoming BIG issue for business (and therefore the stock market too). The U.S. national debt is the sum of all outstanding debt owed by the Federal Government. It surged past $17 trillion ($17,075,590,107,963.57 to be exact) on October 17, 2013. The U.S. debt is the largest in the world for a single country. (It runs neck and neck with that of the European Union, which is an economic union of 28 countries.) Even before the 2008 financial crisis, the U.S. debt had risen 50% between 2000-2007, ballooning from $6-$9 trillion. The $700 billion bailout helped the debt grow to $10.5 trillion by December 2008. The debt is tracked by the national debt clock. The Outstanding Public Debt as of 17 May 2014 at 04:01:29 PM GMT is:
However, be aware that nearly two-thirds is the public debt, which is owed to the people, businesses and foreign governments who bought Treasury bills, notes and bonds. The rest is owed by the government to itself, and is held as Government Account securities. Most of this is owed to Social Security and other trust funds, which were running surpluses. These securities are a promise to repay these funds when Baby Boomers retire over the next 20 years.
Debt to GDP Ratio: The debt-to-GDP ratio is the debt as a percent of the total country's production, or GDP, which was $16.6 trillion as of June 2013 (most recent figures available). That made the ratio greater than 100%, raising alarms for policy-makers; but who have ignored the issue. This was double the 51% debt-to-GDP ratio in 1988. Interest on the debt was $454 billion in Fiscal Year 2011, the highest ever. That's despite the lowest interest rates in 200 years. The interest on the debt in the FY 2013 budget is $248 billion, the sixth largest budget item. (Source: U.S. Treasury, Interest)