THE NATIONAL DEBT: DO YOU KNOW HOW MUCH YOU NOW OWE?
President Obama announced his 2011 Budget which is $3.834 trillion dollars with a projected deficit of $1.267 trillion or 8.3 percent of gross domestic product (GDP). As of Feb. 7, our total national debt was $12,348,804,540,946.54 or $12.35 trillion which is larger than the economies of China, the United Kingdom and Australia combined, says Don C. Brunell, President of the Association of Washington Businesses.
The national debt is growing with the spending spree in Washington, D.C. According to the Congressional Budget Office and the Office of Management and Budget:
- Our national debt will grow an additional $9 trillion over the next decade, to more than $20 trillion.
- During that time, the United States will accumulate $2.5 billion in new debt each and every day.
- That’s $1.72 million per minute, for the next ten years.
According to the Department of the Treasury:
- Foreign holders of our national debt are owed a combined total of about $3.3 trillion.
- The top 10 countries and entities holding U.S. debt are: China, Japan, the United Kingdom, Oil Exporters, Caribbean Banking Centers, Brazil, Russia, Luxembourg, Hong Kong and Taiwan.
- Our debt to China is approximately $776.4 billion, having grown more than $240 billion in the last year; that is more than $10,000 in debt for the average American working family — just to China.
- The estimated population of the United States is 307,795,997 so each citizen’s share of this debt is $40,146.02.
The National Debt has continued to increase and that is before Congress tacks on trillions for health care, cap and trade, new federal stimulus programs, and other yet to be identified spending programs, says Brunell.
Part of the way President Obama plans to pay for his new round of spending is to eliminate the 2001 and 2003 Bush tax cuts families making more than $250,000 per year which impacts a ton of family-owned, small businesses which are the backbone of our economy and nation, says Brunell.
Source: Don C. Brunell, “The National Debt: Do You Know How Much You Now Owe?” Olympia Business Watch/Association of Washington Businesses, February 7, 2010.