The Associated Press reports that the federal government’s debt has now passed $14 trillion. No surprise there. We knew this day was coming. But it’s still depressing that it has arrived.
The AP story reports some sobering numbers to put our debt load in perspective:
- The debt totals $45,300 for every man, woman, and child in the United States
- With a projected federal budget deficit of $1.3 trillion this year, the debt is growing by $4 billion a day.
- The federal government is borrowing 41 cents for every dollar it spends this year.
- The debt grew 40 percent during George W. Bush’s second term, rising from $7.6 trillion to $10.6 trillion.
- The national debt is up 40 percent in the first two years of Barack Obama’s presidency.
Those are all ugly numbers.