the nation’s Total Public Debt Outstanding punched through the
level for the first time ever.
(Click on the graph to see a clearer, slightly larger version.)
$18 Trillion. Imagine 10 U.S. football fields (including end zones), placed side by side — that’s over 13 acres, folks! Now imagine every square inch of those 10 fields stacked as high as the Empire State Building with one dollar bills. That would be 18 Trillion dollars.
(When I say “national debt” here, I am referring to the Total Public Debt Outstanding, as defined and published by the U.S. Treasury Department.)
Here are a few interesting, if extremely worrying facts about our debt situation over last 22 years:
- In 8 years of the Clinton administration, the Debt rose by $1.54 Trillion.
- In 8 years of the Bush administration, the Debt rose by $4.9 Trillion.
- In just under 6 years of the Obama administration, the Debt has risen by $7.38 Trillion.
- If the Debt trend of the last 6 years continues until the end of the Obama administration, it will have risen by a total of $9.84 Trillion. That would be a whopping 93% increase — almost doubling the debt the administration inherited.
Now, stop and ask yourself: Where are we getting the cold hard cash to pay for all this excess spending? The Fed? China?
What happens when the Fed stops printing money? or when China refuses to loan us any more? Did you know that China has been quietly dumping its U.S. debt bonds for years now? That really doesn’t sound like a good thing to me.
What happens when the bill comes due??
NEVER vote for another politician who does not strongly support, and does not present in precise detail, a workable plan to lower our debt. Demand better!