Regardless how you treat the debt ceiling issue, crisis or farce, the problem of US national debt is real, serious and imminent. The table below gives a a holistic and historic view on US fiscal health:
It gives an idea of the increase of the debts relative to the growth of GDP and increase of population. One may notice several salient features of the numbers:
1) US is holding more financial obligations than the value of the products produced and sold each year.
2) Even after we figure in the factor of growth of GDP more than increase of population, the ratio of debt vs GDP on per capital base increases in a staggering speed.
3) The national debts increased significantly starting from Reagan years.
4) Accumulation of the government budget deficits under both Democrat and Republican presidents caused pileup of the debts.
5) The administrative and legislative branches under President Cliton were most fiscal responsible in recent history.
note: 2022 GDP is an estimation.
