National Debt Now Tops American Fears

Stephen Keen / June 10, 2010

Gallup recently asked a sampling of Americans, “How serious of a threat to the future of the United States do you consider the following…” The results are clear: Americans judge the national debt on par with terrorism as the top threat facing the nation. Further, independents – a crucial constituency during an election year – believe the debt to be the single most threatening issue facing the country, even topping terrorism.

A quick analysis of the numbers reveals why the public is alarmed. Today debt held by the public stands at approximately $8.6 trillion, up from around $7.5 trillion less than a year ago. Over the past 30 years, debt held by the public has averaged about 39.4 percent of gross domestic product, and last year stood at 53 percent, the highest since 1955. (more…)