Debt is now 100% of GDP
Officially, public debt is something like 85-86% of GDP. However, it is important to remember that the official GDP figure of $14+ trillion is a lie. The fictitious component of GDP is well known and has been discussed in detail many times in Caps and elsewhere. The bottom line is, the actual GDP is roughly 12.2-12.4 trillion, and the current debt level ($12.3 trillion) represents 100% of GDP plus or minus one or two percentage points. It's unfortunate that the point is lost on the financial media. Most people are well aware of this accounting trick, but very few care to make the required correction.