New numbers posted today on the Treasury Department website show the National Debt has increased by more than $3 trillion since President Obama took office.What will happen not just to the US, but to world stability, when the bill comes due? Unsustainable is a word that applies here.
The National Debt stood at $10.626 trillion the day Mr. Obama was inaugurated. The Bureau of Public Debt reported today that the National Debt had hit an all time high of $13.665 trillion.
The Debt increased $4.9 trillion during President Bush's two terms. The Administration has projected the National Debt will soar in Mr. Obama's fourth year in office to nearly $16.5-trillion in 2012. That's more than 100 percent of the value of the nation's economy and $5.9-trillion above what it was his first day on the job.
Mr. Obama frequently lays blame for soaring federal deficits on his predecessor.
Monday, October 18, 2010
How Can We Possibly Pay This Off?
Not from FoxNews but from CBS News comes this fear-inspiring information: