As of the first day of fiscal year 2013, US debt stood at an outstanding $16,159,487,013,300.35, or 103% of GDP and rising at a handy 1.5% per month. You can read all about it on ZeroHedge if you've a mind to.
But what happens when you spend more than you have and end up massively in debt? Detroit happens.
Which reminds me of a time, long ago, when I was taking an English friend across the river from Windsor to visit the Motor City and its suburb, Troy. We reached the US border and the usual questions.
"Where you headed?"
"Troy, officer."
"Anything to declare?"
"Just me and my wooden horse, sir," quipped my English friend.
"What?"
"Nothing, officer."
There's a moral in that, if you care to draw it.
But carry on, nothing to worry about here.
LSP
