By official projections, President Obama for eight years is firmly on track to more than double the amount of federal debt incurred during Bush’s eight years.
It could be worse. And it will be.
But there’s also good news, and I’ll get there after a short update on the financial shenanigans of the D.C. politicians.
First, as it currently stands, we’re well over $16 trillion in the hole at the federal level, not counting the drastically underfinanced pension systems and other ongoing boondoggles at the state and local levels.
In exact numbers, during the few seconds when I began typing this sentence, the quickly spinning U.S. Debt Clock showed the federal debt to be $16,437,016, 280,142.
That breaks down to $51,679 for every man, woman and child in the U.S. — or $206,716 for a family of four.
But if just the half of U.S. households that pay federal income taxes are counted, the debt averages out to $413,432 per family of four.
That number gets worse by the minute, with $3 billion more in federal red ink currently being added every 24 hours.
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