US Debt Reaches $18 Trillion; Surges 70% In ‘Recovery’ of President Obama
By: GoldCore
Gold Seek.com
Tuesday, 2 December 2014
Total U.S. national debt hit a new record high overnight at over $18 trillion as the Obama administration continues to pile debt onto the back of the U.S. taxpayer at a rate that would have made George W. Bush look positively prudent.
With the U.S. national debt or government debt now at over a staggering $18 trillion, it means that each household in the U.S. now carries the burden of $124,000 in national debt alone – or $56,378 per individual. This does not include the massive private debt or household debt burden – people’s mortgages, personal loans, credit card debt, student loans, car loans and other household debt.
When Obama took office in 2009, the national debt had surged to $10.6 trillion up from $3 trillion at the beginning of Bush’s tenure in 2001.
The total U.S. debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to over $18.005 trillion today
In short, the federal government has borrowed, and spent, nearly $7.5 trillion more since President Obama took office than it has collected in taxes.
Obama’s policies have continued to favour Wall Street and corporate interests over Main Street.
As ever, historical context is all important. The U.S National Debt took 43 Presidents from 1789 until 2008 to reach $10 trillion. The National Debt rose $4.899 trillion during the two terms of the Bush presidency. It has now gone up nearly $8 trillion since President Obama took office.
The U.S. national debt is spiralling out of control, seemingly without any plan to ever reign it in and yet the rise above $18 trillion was not reported in mainstream media.
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