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National Debt

$15 Trillion in Debt

  • November 30, 2011

    This month the U.S. has done it again and far exceeded the world inreaching a benchmark. It wasn’t landing a man on the Moon, or developing theassembly line system, but racking up $15 trillion in outstanding debt. SincePresident Obama took office, the Nation Debt has rose $4.4 trillion, or anincrease of over 41 percent. These numbers aren’t meaningless. Every citizen ofthe United States is obligated to repay $48,692.55 towards the debt. ThePresident has added to that tab by $14, 273.02 per citizen.

     

    So just how much is $15 trillion? $15 trillion is more than the valueof all goods and services produced in the country last year. If an averagehousehold were to try and pay off the total debt it would take 300 millionyears to accomplish. To be fair, the average household is a smaller spendercompared with the Federal Government. In order for the Government to pay offthat debt, it would have to devote every dollar of revenue towards that goal forthe next 6.5 years. That would mean not one cent to be spent towards defense,education, or a light bulb at the Capitol during that time frame.

     

    These are tough facts for a President in 2009 who said he would beginto tackle the skyrocketing debt. President Barack Obama had planned to cut theU.S. budget deficit to $533 billion by the end of his first term, mainly byincreasing taxes on the wealthy and cutting spending for the war in Iraq. Thoseplanned cuts have yet to materialize as in October we learned that the U.S. hadposted the second largest deficit in history – exceeding $1 trillion in just ayear. This comes on the heels of record setting Fiscal Years in terms ofexpanding our budget deficits and the National Debt:

     

    -         FY2009: The Federal Budget Deficit Was $1.416Trillion, The Highest In U.S. History. (“Monthly Budget Review: Fiscal Year2010,” Congressional Budget Office, 10/7/10)

     

    -         FY2011: The Federal Budget Deficit Was $1.299Trillion, The Second Highest In U.S. History. (“Monthly Budget Review: FiscalYear 2011,” Congressional Budget Office, 10/7/11)

     

    -         FY2010: The Federal Budget Deficit Was $1.291Trillion, The Third Highest In U.S. History. (“Monthly Budget Review: FiscalYear 2010,” Congressional Budget Office, 10/7/10)

     

    After $4.4 trillion in new debt and an all time record for total debt, it’stime that the President and this nation reevaluate the course we’re on. Withthe Supercommittee’s  failure, and Congress’ inability to tackle thisissue, it’s up to voters to replace their representatives who have so farfailed to take charge on this issue.


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