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.

Lawmakers show little inclination to tackle national debt

Many investors have been talking to silver and gold dealers about concerns raised by the ever-increasing U.S. national deficit, especially in light of widespread doubt about whether substantial action will be taken to resolve the problem.

Still, members of Congress and the White House have acknowledged the national debt problem to some extent in recent weeks. For example, earlier this month President Barack Obama announced the creation of a National Commission on Fiscal Responsibility and Reform.

The panel will be headed by former White House Chief of Staff Erskine Bowles, a Democrat, and former U.S. Senator Alan Simpson, a Republican from Wyoming.

"For far too long, Washington has avoided the tough choices necessary to solve our fiscal problems - and they won't be solved overnight," said Obama in his announcement.

However, the commission's recommendations will not be binding upon Congress, which raises concern in some quarters that it will make little real progress in the long run.

Given the economic chaos that the nation's debt burden could eventually bring upon the financial system, considering an investment in dealer gold may be a wiser long-term choice than ever.