http://finance.yahoo.com/banking-budgeting/article/109504/when-the-global-debt-shuffle-hits-home?mod=bb-budgeting&sec=topStories&pos=2&asset=&ccode=
It took the Dow Jones Industrial Average 62 long, grinding years to close above 582.69 for the first time. On Thursday, the Dow (NYSE: ^DJI - News) plunged by 582.69 points in less than 420 seconds.
The market's terrifying drop was more than a technical trading glitch. It was a warning that the U.S. economy is playing a dangerous game. After all the massive bailouts, the federal debt is exploding.
Overall U.S. government debt now stands at 92.6% of projected 2010 gross domestic product, according to the International Monetary Fund.
The U.S. now has a heavier debt burden than several of the overleveraged countries that have been branded with the scornful nickname "the PIIGS." Portugal's debt, according to the IMF, is 85.9% of its GDP; Ireland's, 78.8%; Italy, 118.6%; Greece, 124.1%; Spain, 66.9%. Perhaps there should be a new acronym, with the U.S. added to Portugal, Ireland, Italy, Greece and Spain: "PIG IS U.S."
