90 Miles From Tyranny : Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama

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Tuesday, December 2, 2014

Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama

I had been waiting to make a post when the National Debt rolled past 18 trillion dollars, in November, I made a mental calculation that it would cross over somewhere around December 20th. Wow what a jump! This was the only story anyone wrote about it, and it was on one of my favorite websites:

Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated today, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.

It also means that total US debt to nominal GDP as of Sept 30, which was $17.555 trillion, is now 103%. Keep in mind this GDP number was artificially increased by about half a trillion dollars a year ago thanks to the "benefit" of R&D and intangibles. Without said definitional change, debt/GDP would now be about 106%.

It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently.

And now we wait for the US to become....
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1 comment:

Anonymous said...

the treasury "had" to issue another 1 trillion in debt to pay off $880 billion in maturing debt here at the beginning of the new fiscal year. congress voted to "temporarily suspend the legal limit on the federal debt", again. so the clock is a little slow.