As Europe tries to work out its debt crisis, the Olympics are well underway in London. Uncertainty regarding the future economy remains on the world’s leaders’ minds as nations compete. Here in the U.S., the federal debt is rapidly approaching $16 trillion and people still struggle to find work under a stagnant economy.
The United State may be giving it their all at the Olympics, but our preformance back home is another story. At no point in time, even shortly following WWII, has the amount of debt we have in relation to the size of the economy (GDP) been as large as it is this year. Take a look at our latest infographic above to see the Olympic size debt that we have put ourselves in.
In the lame duck session of Congress that will convene after November’s elections, lawmakers will debate the question of whether or not to extend trillions of expiring tax provisions. Below are the five things you need to know about those provisions, and taxes in general.