Saturday 03rd December 2016,

BLOG

US Debt Hits Record $19 Trillion

posted by Eddie
56b1c5c3c46188b6188b45df
The United States federal debt has surpassed $19 trillion for the first time in history according to the Treasury Department. However, the real figure could exceed $65 trillion, according to a former US Comptroller General.




The official debt of $19 trillion represents almost $60,000 for every man, woman and child living in America today.

President Barack Obama took office with $10.8 trillion debt that has grown more than $8 trillion in seven years. And such a record tempo is likely to continue, according to the Congressional Budget Office, quoted by the Washington Times.

This equals an additional $70,000 in net federal borrowing for each of the 117,480,000 American households, according to Census Bureau estimates.

About $13.7 trillion makes up public debt, and the rest comes from government borrowing.

The US currently functions without a debt ceiling. Legislation in November suspended it through March 2017 so borrowing can continue without a limit until that time.




According to former Comptroller General of the United States [the director of the Government Accountability Office] David Walker, analysts understate the real extent of the US government’s financial commitments, which in reality exceed $65 trillion.

“You have to consider not just the public debt; you have to consider the debt we owe to the Social Security and Medicare trust funds, as well as the huge unfunded obligations for our social insurance programs. When you add all those numbers up, the number is over $65 trillion, rather than the lower numbers a lot of the economists want to talk about,”Walker, who served as the US’ top accountant in 1998-2008.

source



From
Around the Web

Founder of WorldTruth.Tv and WomansVibe.com Eddie (9463 Posts)

Eddie L. is the founder and owner of www.WorldTruth.TV. and www.Womansvibe.com. Both website are dedicated to educating and informing people with articles on powerful and concealed information from around the world. I have spent the last 36+ years researching Bible, History, Alternative Health, Secret Societies, Symbolism and many other topics that are not reported by mainstream media.


Follow me

Eddie

President at WorldTruth.Tv
Eddie L. is the founder and owner of www.WorldTruth.TV. and www.Womansvibe.com. Both website are dedicated to educating and informing people with articles on powerful and concealed information from around the world. I have spent the last 36+ years researching Bible, History, Alternative Health, Secret Societies, Symbolism and many other topics that are not reported by mainstream media.
Follow me

Popular Posts

Translator

Like us on Facebook

We Are Social

Archives