The Cost of Spending: National debt nears ‘dangerous level’

debt-clock

The national debt clock is spinning faster every year.

At last check, it was approaching $16.4 trillion. Just four years ago, it was $10.6 trillion.

The skyrocketing number is, to say the least, reason for concern for every American.

Here’s why:

As of today, every household in the United States owes about $140,000 of this debt.

The country is borrowing roughly $6 billion every day, and $239 million every hour. Put another way, that’s $4 million every minute.

The country runs up so much debt for a fairly basic reason — it spends far more than it takes in. This year, for every dollar in revenue the federal government brought in, it spent two dollars and six cents. That shortfall over the course of the year adds up to the annual deficit. The national debt — or total accumulated debt — is the sum of all annual deficits, minus any surpluses.

Politicians talk about deficits and the debt all the time. But how to get politicians to come to some agreement to get the debt clock to slow down, or even tick back the other way, continues to be a challenge.

 

Fox News has the full article

You may also like...