When will U.S. Debt Levels Weigh on Profit Margins and Share Prices? S&P 500 and Profit Margins 1700
15 14
1500
13 12 11
1100
10 9
900
8 S&P 500
7
700 Profit Margin
6
Source: Bloomberg 10
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
Mar-06
Sep-05
Mar-05
Sep-04
Mar-04
Sep-03
Mar-03
Sep-02
Mar-02
Sep-01
Mar-01
Sep-00
5 Mar-00
500
Profit Margin
S&P 500
1300