America's Under Water: Debt Equals 103 Percent of GDP
(CNSNews.com) - According to the most recent official estimate by the federal Bureau of Economic Analysis, the Gross Domestic Product for 2012 will be $15.6061 trillion--or about $440.5 billion less than the $16.0466 in debt that the federal government had accumulated as of the close of business on Monday.
In other words, the debt is now approximately 103 percent of GDP.
The BEA, which is part of the Department of Commerce and which officially calculates GDP, based its current estimate of this year's GDP, published on Aug. 29, on economic data available through the end of the second quarter of this calender year.
If that current estimate is correct, the debt of the United States government eclipsed the value of the Gross Domestic Product of the United States on April 2 of this year.
On Friday, March 30, according to the Bureau of the Public Debt, the federal debt was $15,582,078,681,188.69. By the close of business on Monday, April 2, it was $15,620,325,998,403.96.
The BEA defines GDP as: "The market value of goods and services produced by labor and property in the United States, regardless of nationality."