The International Monetary Fund (IMF) is projecting that by 2012 our national debt will exceed our Gross Domestic Product (GDP).

From Bloomberg:

June 4 (Bloomberg) — President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nation’s annual economic output, a step toward what Bill Gross called a “debt super cycle.”

The CHART OF THE DAY tracks U.S. gross domestic product and the government’s total debt, which rose past $13 trillion for the first time this month. The amount owed will surpass GDP in 2012, based on forecasts by the International Monetary Fund. The lower panel shows U.S. annual GDP growth as tracked by the IMF, which projects the world’s largest economy to expand at a slower pace than the 3.2 percent average during the past five decades.

“Over the long term, interest rates on government debt will likely have to rise to attract investors,” said Hiroki Shimazu, a market economist in Tokyo at Nikko Cordial Securities Inc., a unit of Japan’s third-largest publicly traded bank. “That will be a big burden on the government and the people.”

You don’t need a PhD in Economics to have seen this one coming.  I mean this isn’t rocket science.  This administration has spent, spent, and spent some more.  And you know what–they’re continuing to spend our taxpayer dollars at a ridiculous rate.  The administration’s economic policies are driving this nation into a double-dip recession.  This is what Keynesian economics gets you–suboptimal, manufactured economic outcomes.