$4700 Debt for Every Citizen: One Trillion, Four Hundred Twenty Billion Dollars (Last year’s deficit was $459 billion)
One trillion, four hundred twenty billion dollars. It’s an astounding number. It’s more than the entire economy of India and enough to give every man, woman, and child in the United States $4700.
It is also our country’s federal budget deficit for 2009. That means that in the fiscal year 2009, which runs from October 1, 2008 through September 30, 2009, the federal government spent $1.42 trillion more than it took in. To put this in perspective, last year’s deficit was $459 billion – still an astounding number, but less than half the deficit for this year.
When our nation runs with a deficit like this year, we increase our national debt – or the total debt we owe over the life of our country. Our current national debt is $9.1 trillion, and climbing every day. The non-partisan Congressional Budget Office has projected that, under President Obama’s spending plans, our national debt will rise to $17.1 trillion by the year 2019, meaning an increase of $8 trillion over the next ten years. Most of this debt is held by foreign countries. China, not known for their great relations with our country, holds the most – more than $800 billion.
If numbers like this don’t shock you, maybe this thought will: what happens when these investors decide they want to cash in their T-bonds and T-bills? It’s not that hard to imagine.
(Excerpt) Read more at redstate.com .
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