from The Water's Edge

Red Ink and Lots of It

January 17, 2011

Blog Post
Blog posts represent the views of CFR fellows and staff and not those of CFR, which takes no institutional positions.

More on:

Budget, Debt, and Deficits

 A picture illustration shows a 100 Dollar banknote laying one Dollar banknotes.
A picture illustration shows a 100 Dollar banknote laying on Dollar banknotes. (Kacper Pempel/courtesy Reuters)

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.

More on:

Budget, Debt, and Deficits

Close