National Debt Reaches $16 Trillion….And Counting

Posted on September 4, 2012 by

0


GOP Ad: $16 Trillion

View on YouTube

The Heritage Foundation reports:

Today, the U.S. debt clock hit $16 trillion. Compare that to the end of 2008, just days before President Obama officially took office, when the total federal debt was short of $10 trillion. That’s a 60 percent increase in the federal debt in less than 4 years! Now more than ever, Congress should get to work to rein in out-of-control spending and debt. The economic health of the American nation is at stake.

At $16 trillion, every American’s share of the federal debt rises to $37,437. That represents nearly three-quarters of the income of the average American household earning $50,964 in 2012. And these levels are projected to grow even further, to the point where each American’s share of the federal debt will surpass the staggering $100,000 mark in less than 20 years. Current and future generations of taxpayers are on the hook for increasing levels of debt as Washington continues on its spending spree.

Read more at the Heritage Foundation

And this doesn’t count all of our unfunded liabilities, either.

In his speech today, VP candidate Paul Ryan called the new debt milestone a “downer”:

“We just heard about an hour ago that our government eclipsed the $16 trillion mark in our national debt,” Ryan said at a rally with over 800 people here. “This is a serious threat to our economy. Of all the broken promises from President Obama, this is probably the worst one because this debt is threatening jobs today, it is threatening prosperity today and it is guaranteeing that our children and grandchildren get a diminished future.”

But shhhhh!  Remember, you’re not allowed to criticize Dear Leader, or else:

Political Cartoons by Eric Allie

Cross posted at ThoughtsFromAConservativeMom.com

Advertisements