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Federal Debt Just Exceeded $19 Trillion: $58,000 for Each Person in U.S.
Cybercast News Service ^ | February 3, 2016 | 10:18 AM EST | Romina Boccia

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 ...


TOPICS: Business/Economy; Crime/Corruption; Editorial; Government
KEYWORDS: 19trillion; economy; fiscalcliff; inflation; medicaid; medicare; nationaldebt; obama; socialsecurity; zerocare
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1 posted on 02/03/2016 2:41:30 PM PST by Olog-hai
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To: Olog-hai

I owe $58,000 more in debt? Whatever...


2 posted on 02/03/2016 2:43:44 PM PST by Vendome (Don't take life so seriously-you won't live through it anyway - "Enjoy Yourself" ala Louis Prima)
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To: Vendome

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?


3 posted on 02/03/2016 2:45:22 PM PST by posterchild
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To: Olog-hai

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?


4 posted on 02/03/2016 2:46:46 PM PST by dp0622 ( A)
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To: Olog-hai

that’s more than 100 percent of GDP right?

i think japan is at 200 percent.


5 posted on 02/03/2016 2:48:50 PM PST by dp0622 ( A)
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To: Olog-hai
The only way to think of the $58,000 per person is to think of it as a credit card the gubinment has taken out in our name - we get the bill and they are spending it on whatever they want.

That smacks of identity theft.

6 posted on 02/03/2016 2:49:09 PM PST by Slyfox (Ted Cruz does not need the presidency - the presidency needs Ted Cruz)
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To: Olog-hai

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?


7 posted on 02/03/2016 2:52:18 PM PST by Darteaus94025 (Can't have a Liberal without a Lie)
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To: Olog-hai


8 posted on 02/03/2016 2:54:17 PM PST by Iron Munro (The wise have stores of choice food and oil but a foolish man devours all he has. Proverbs 21:20)
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To: Olog-hai

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!


9 posted on 02/03/2016 2:56:32 PM PST by The Iceman Cometh (Elect Senator Ted Snuz, Pope of Cuba)
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To: Olog-hai

Thanks, geniuses who thought money should be printed instead of a finite resource.


10 posted on 02/03/2016 2:57:51 PM PST by Objective Scrutator (All liberals are criminals, and all criminals are liberals)
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To: Olog-hai

Im not a giver any more Im a taker so one of you other suckers is gonna have to pay my way.


11 posted on 02/03/2016 3:00:08 PM PST by Delta 21 (Patiently waiting for the jack booted kick at my door.)
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To: Delta 21

Let Congress and odumbo pay that debt, they created it.


12 posted on 02/03/2016 3:01:25 PM PST by DaveA37
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To: Vendome

for some perspective....the average canucklehead owes C$17,300.00,


13 posted on 02/03/2016 3:03:31 PM PST by albertabound
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To: Olog-hai

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.


14 posted on 02/03/2016 3:06:33 PM PST by DannyTN
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To: Olog-hai

Can I pay now and be exempted from all taxes used to pay interest?


15 posted on 02/03/2016 3:06:43 PM PST by Jewbacca (The residents of Iroquois territory may not determine whether Jews may live in Jerusalem)
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To: Olog-hai

Just the tip of the iceberg if you figure in all unfunded liabilities.


16 posted on 02/03/2016 3:06:47 PM PST by Kozak (ALLAH AKBAR = HEIL HITLER)
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To: Vendome

We pay that already.


17 posted on 02/03/2016 3:13:39 PM PST by A CA Guy ( God Bless America, God Bless and keep safe our fighting men and women.)
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To: Olog-hai

When Bush left office the national debt was 10.7 trillion.


18 posted on 02/03/2016 3:15:12 PM PST by TexasFreeper2009 (You can't spell Hillary without using the letters L, I, A, R)
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To: TexasFreeper2009

And Obama called that “unpatriotic”. Until he got his chance to outdo Bush in that respect.


19 posted on 02/03/2016 3:21:54 PM PST by Olog-hai
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To: Olog-hai

I’m good for my part. Let’s all pony up and get this paid off.


20 posted on 02/03/2016 3:23:32 PM PST by SamAdams76 (Delegates So Far: Cruz (8); Trump (7); Rubio (7)
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