Posted on 02/03/2016 2:41:30 PM PST by Olog-hai
On Monday the U.S. national debt hit a new record: $19,012,827,698,418. This is the first time the national debt has ever exceeded $19 trillion. That's more than $58,000 for each person who lives in the U.S. today (including children).
The main culprit behind the rising deficits and debt is growing federal spending--especially among Social Security, Medicare, Medicaid, and Obamacare.
Traditionally, Congress has set a limit for how much debt the U.S. may take on, known simply as the debt limit. But rather than put a higher limit on the debt, lawmakers and the president have repeatedly suspended the debt limit, most recently in November of last year through March 15, 2017. During a debt limit suspension, the Department of Treasury is authorized to borrow however much is needed to pay all federal obligations that come due. This means there is basically no limit on debt the U.S. may take on. [...]
Federal health care programs like Medicare, Medicaid, and Obamacare, plus Social Security, and interest on the debt are responsible for 83 percent of the projected increase in spending over the next decade. ...
(Excerpt) Read more at cnsnews.com ...
I owe $58,000 more in debt? Whatever...
There are a lot of people in the country who will never have to pay any of it. How much debt is there per Tax Paying US Citizen?
Didn’t the Donald once suggest a one time tax on the wealthiest?
i dont know if that would even make a dent anymore.
i know it’s a very small fraction, but the fact that the US debt can be measured in Fractions of a Quadrillion is Insanity.
where are we at? 1/50th?
that’s more than 100 percent of GDP right?
i think japan is at 200 percent.
That smacks of identity theft.
And I’m pretty sure that homeless guy at the stop sign isn’t going to pay $58 (and counting), so someone here is going to have to pick up his share.
C’mon...step up...who’s first?
I’ve got the $58,000 over here in my lockbox. Here, let me go check it out...oh, wait...I spent it on something else. It’s the government way, yo!
Thanks, geniuses who thought money should be printed instead of a finite resource.
Im not a giver any more Im a taker so one of you other suckers is gonna have to pay my way.
Let Congress and odumbo pay that debt, they created it.
for some perspective....the average canucklehead owes C$17,300.00,
If you can get the economy going, we can bring that number down. 50% of working age Americans are not working. Cruz doesn’t get it. Trump does.
Can I pay now and be exempted from all taxes used to pay interest?
Just the tip of the iceberg if you figure in all unfunded liabilities.
We pay that already.
When Bush left office the national debt was 10.7 trillion.
And Obama called that “unpatriotic”. Until he got his chance to outdo Bush in that respect.
I’m good for my part. Let’s all pony up and get this paid off.
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