So when does one stop spending and cut back?
The following graph shows the sharp rise in U.S. debt starting in around 2006. By 2015, the IMF suggests, debt could reach well over 100% of GDP.
The IMF predicts that the U.S. would need to reduce its structural deficit by the equivalent of 12% of GDP, a much larger portion than any other country analyzed except Japan. Greece, in the midst of a financial crisis, needs to reduce its structural deficit by just 9% of GDP, according to the IMF’s analysis.
Read the full, very long report here.
Read the rest of the story IMF: U.S. debt approaching 100% of GDP – The Hill’s Blog Briefing Room.