That increase in the debt equaled $8,860.65 for each of the 119,026,000 households the Census Bureau estimated there were in the United States as of September.
Posted on 01/04/2017 6:39:34 AM PST by SeekAndFind
(CNSNews.com) - The federal debt climbed by more than a trillion dollars during 2016, according to data released today by the U.S. Treasury.
On Dec. 31, 2015, the last business day of 2015, the federal debt was $18,922,179,009,420.89. On Dec. 30, 2016, the last business day of 2016, it was $19,976,826,951,047.80.
The one-year increase in the federal debt during calendar year 2016 was therefore $1,054,647,941,626.91.
That increase in the debt equaled $8,860.65 for each of the 119,026,000 households the Census Bureau estimated there were in the United States as of September.
During President Barack Obama’s time in office the federal debt has increased by $9,349,949,902,134.72—rising from $10,626,877,048,913.08 on Jan. 20, 2009, the day of Obama’s inauguration, to $19,976,826,951,047.80 on the last day of 2016.
That equals $78,553.84 for each of the 119,026,000 households in the country as of September.
During 2016, while Democratic President Barack Obama controlled the White House, Republicans controlled both houses of Congress.
Thus, under Obama we have had an average yearly budget deficit of over a trillion dollars a year. This is insane - spending a trillion dollars of imaginary money a year.
Trump’s fault ...
RE: Thus, under Obama we have had an average yearly budget deficit of over a trillion dollars a year. This is insane - spending a trillion dollars of imaginary money a year.
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Let’s not forget — CONGRESS CONTROLS THE PURSE STRINGS.
The Republicans have controlled the lower house for 6 years and both houses for 2.
It just makes me sick. How long can this go on?
start selling off Federal assets such as office buildings, highways, and BLM land to pay down federal debt.
privatizing the interstates would raise trillions
RE: It just makes me sick. How long can this go on?
As long as the Federal Government continues to spend on things that were never intended for it to spend in the constitution.
James Madison The Federalist Papers Federalist No. 45
Date: January 26, 1788
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“The powers delegated by the proposed Constitution to the federal government are few and defined. Those which are to remain in the State governments are numerous and indefinite.
The former will be exercised principally on external objects, as war, peace, negotiation, and foreign commerce; with which last the power of taxation will, for the most part, be connected.
The powers reserved to the several states will extend to all the objects which, in the ordinary course of affairs, concern the lives, liberties, and properties of the people, and the internal order, improvement and prosperity of the State.”
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As long as we continue to ignore the above, this WILL go on until the shit hits the fan.
And it was $5.6 trillion when Bush took office. Our debt has quadrupled in 16 years. Bush got the Republicans to stop caring about fiscal restraint and that just set the stage for the Obama spending orgy. Neither party has cared much about stopping spending in the past two decades.
I don’t understand how the debt increased over 1 Trillion, when the reported “deficit” for 2016 was $587 Billion. I know that the time period is offset by a three of months, but the pace was pretty level or increasing to reach the $587 B.
Does someone have a layman’s explanation for the difference? It sounds like the reported deficit numbers are increasingly unreliable measures.
As rates rise, interest on the debt could cripple our children’s nation.
Directly related to the off books $1 trillion yearly Obama slush fund passed in ‘09 not earmarked in the federal budget. We’ve been played big time by Ryan and McConnell. One good thing though, Obama gets to skate without the national debt topping $20 trillion. /sarc.
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