U.S. Debt Up 70% Under Current President

U.S. Debt Up 70% Under Current President

As they get ready for Christmas shopping, many responsible Americans will not exceed the debt threshold established by themselves or at least by their credit card companies. Unfortunately, the U.S. Government does not seem as concerned about limiting its debt, nor is it constrained by the same type of debt restrictions imposed on individual shoppers.

Theoretically, those who participate in governing this great nation should manage the purse strings with prudence and accountability. However, “prudence” and “accountability” appear more and more to be antonyms rather than synonyms as descriptors of how well our government manages its funds.

Tracking the vastly accelerating U.S. fiscal crisis, Zerohedge reported, “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.”

In just six years, the U.S. debt has managed to climb by 70%. If this debt increase is not halted quickly and significantly, Americans collectively are sure to experience a fate that they, as individuals, have sought so desperately to avoid – financial ruin. With the onset of a new year, let’s hope that our government seizes the opportunity to reduce the national debt and establish stringent, enduring debt restrictions that will lead to responsible fiscal policies and prudent spending.

 

Click here to read the full ZeroHedge article.    

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