-By Warner Todd Huston
With the U.S. debt now officially over $15 trillion, to pay it off each working American would now owe more to the federal debt than they make in a year according to a new report by the U.S. Treasury Department.
The debt has now reached $15,033,607,255,920.32 and Terence Jeffery did a few calculations to see what that would mean.
The Bureau of Labor Statistics estimated that there were 93,641,000 full-time private sector workers in the United States in 2010 (and 18,073,000 full-time workers in federal, state and local government). That means the $15.0336 trillion federal debt equals approximately 160,545 per full-time private sector worker.
Calculations also show that the “federal debt equals approximately $197,579 for each American family.”
Rep. Peter Roskam (R, ILL) was saddened to learn of the mounting debt crisis.
“This is a sad day for our country and the latest wake-up call to Washington that it’s time to change the way business is done. Now more than ever we need to pass a Balanced Budget Amendment to cut up Washington’s credit card – an opportunity the House will have later this week. If we don’t manage our debt now, our debt will forever manage us.”
“America had an irresponsible amount of debt before 2009, yet President Obama’s policies have made things unmistakably worse. Since his inauguration the national debt has skyrocketed: $4.4 trillion added in under three years, a 41% increase. That level of fiscal irresponsibility not only hurts job growth in this economy, it also threatens future generations’ wellbeing. I urge President Obama and many congressional Democrats to reconsider their opposition to the bipartisan Balanced Budget Amendment – a proven tool that would stop Washington’s spending problem.”
In the meantime, President Obama has called you lazy, Mr. And Mrs. America. You better get your butt in gear and pay Obama’s debt!
One has to wonder how much further into debt our federal government can allows us to get before we collapse?