America’s downgrade

In case you have missed it, half May Moody’s downgraded the US credit rating to Aa1 from Aaa. Again, a signal of concerns about the fiscal stability of the leader of the free world and its dominant economy.

With the clock ticking on America’s $36 trillion debt ceiling (which could be breached as soon as August), the national debt continues to climb, as it has for decades. According to the Congressional Budget Office, the US public debt stood at 98% of GDP last year and is set to surpass the WWII peak by 2029, hitting 119% by 2035.

Sources: CNBC, Congressional Budget Office, Chartr