Fiscal year 2011 interest payments on the federal debt (source: treasurydirect.gov):
Debt to the penny as of this moment (source: savingsbonds.gov):
Implied interest rate:
2.95 percent.
But the first report of Q4 GDP was only 2.8 percent.
So the current growth measure is being swallowed up by interest payments on the national debt. Growth is therefore slightly negative just by this measure, not factoring in inflation: minus .15 percent growth.
None dare call it depression.
