The United States recently experienced the most severe recession since the end of World War II. The housing collapse, the resulting economic downturn, TARP, and various bailouts and economic stimuli resulted in a rapid buildup in federal debt held by American taxpayers, 36 percent of GDP at the end of 2007, 62 percent of GDP at the end of 2010, and 100 percent of GDP at the end of 2011. Our national debt is $17 trillion, on par with gross domestic product.
