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Jeffrey Gundlach, the chief executive of DoubleLine, a well-known bond fund manager, said Tuesday that U.S. economic growth seemed to be "totally" dependent on government bonds, corporate bonds and mortgage-backed bonds, but for trillions of additional debt, the U.S. economy would have shrunk.
"If American public debt does not increase, nominal GDP growth over the past five years will be negative," Gondlak said. "When you look at these GDP figures, you seem to overlook one thing... They don't seem to understand that the seemingly good GDP growth is actually funded entirely by debt -- bonds, corporate bonds, and even some growth in mortgage-backed bonds right now."
If the U.S. Treasury does not issue additional bonds, nominal GDP will be negative for three years in the past five years. "Even during this period, mortgage-backed bonds, corporate bonds and student loans have increased," Gondlak told Reuters in an e-mail after a live webcast.
"If these non-bond liabilities do not grow, GDP will shrink to a large extent."


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