Bond market revolt might strike US in 2016, as it refuses to deal with debt crisis
Amid the government crisis, the US is $17 trillion in debt which is 107 percent of GDP. However, more important is the fact that it is 700 percent of the country’s revenue, Michael Pento, president of Pento Portfolio Strategies told RT. “That $ 17 trillion everybody says its 107 percent of GDP, that’s true. But who really cares about the percentage of GDP? It’s the percentage of the debt as a percentage of the revenue – its 700 percent of our revenue.