Monday, June 14, 2010

Superior Gold Group - National debt exceeds 90 percent of GDP

As the U.S. economy continues to be drained by an unsustainable national debt, job creation is likely to be one of the many areas that will take a hit in the coming years.

A recent Treasury Department report estimated that the total national debt for fiscal year 2010 will stand at $13.6 trillion, which is 93 percent of the gross domestic product.

With that in mind, Representative Dave Camp, a Michigan Republican who serves as ranking member of the Ways and Means Committee, recently pointed out that a national debt load above 90 percent of the GDP will start eroding the nation's economic growth.

"The debt is preventing us from creating the jobs America needs," said Camp. "This report is yet another warning that Congress cannot continue to pass unpaid-for spending without further hurting our recovery."

As the U.S. national debt continues to soar with little relief in sight, now may be the time for concerned investors to consult with silver and gold dealers about traditional safe harbor options.