GoldCore: 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 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.
It also means that total U.S. debt has increased by 70 percent under Obama, from $10.625 trillion on January 21, 2009 to over $18.005 trillion today.
As ever, historical context is all important. The U.S National Debt took 43 Presidents from 1789 until 2008 to reach $9 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.
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.The U.S. national debt is spiraling 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.
Compared to this time last year, the national debt has grown by another$1 trillion. At the end of September 2013, the cumulative debt stood at $16.74 trillion. Now it is over $17.76 trillion.
Astoundingly, more than $7 trillion of additional US national debt will have been accumulated over the 8 year duration of Obama’s two presidencies, which is more than the accumulated U.S. national debt of all previous U.S. presidents combined.
This is not to mention the astronomical expenses of more than $200 trillion of U.S. government unfunded liabilities such as medicare, medicaid and social security.
Household debt–including mortgages, credit cards, auto loans and student loans — remains close to $12 trillion.