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The US National debt has exploded in recent years, climbing from approximately $10.6 Trillion when President Obama took office in 2008 to more than $16 Trillion today.
According to USDebtClock.org, that means the debt burden on each citizen is more than $50,000 and more than $140,000 for each tax payer.
Federal spending is out of control and there is no stop in sight. President Obama’s latest budget calls for spending an additional $1 Trillion more than projected revenues, compounding the debt even further. In fact, the Congressional Budget Office says the president’s proposed budget will add another $6.4 Trillion to the debt over the next 10 years!
As politicians like President Obama and Congressman Larson throw out numbers measured in trillions, taxpayers have almost become desensitized to just how large a trillion really is.
To put it in perspective, if I were to give you a dollar every second for the next year, you would have approximately $31.6M. If I gave you a dollar every second, it would take me nearly 32,000 years to reach one trillion. And to get to our current debt, it would take nearly 500,000 years!
Washington is out of control. Every day that you and I wake up, our country is an additional $4.2 Billion in debt. The interest alone on our debt is $1 Billion a day.
We need to pay attention. Deficit spending is like the escalating credit card bill that gets tougher and tougher to pay. Soon you have to make difficult choices, and then you can’t even pay it. Our Government is the same. They will take more and more in taxes to pay our debt while continuing their wasteful spending. And you will have less. Less to spend on your own family and less to give to the community. This will hurt all of us. Especially those organizations that rely upon our charitable giving and the family you work so hard in order to support.