Paul Vigna sorts through the distractions for us over at DJ Market Talk…
The most important piece of news this week wasn’t the ADP report, or the weekly jobless claims. It wasn’t the ISM’s service-sector report, or the latest updates on BP’s Gulf oil spill. It wasn’t the Gore’s split-up, or even Armando Galarraga’s stolen perfect game, and it won’t be Friday’s jobs report for May. No, the most important piece of news this week, the one that will have the most lasting impact, was this:
The national debt crossed the $13 trillion mark.
Vigna’s looks at this debt number in comparison to national GDP and puts our current situation in perspective in his post. It’s not pretty.