The Total U.S. National Debt Is….
Matt | On 04, Jan 2011
Yes, that’s $14 TRILLION dollars of national debt in the United States as of December 31, 2010. Sit back and let this shit sink in for a second.
My first question is, “How in the hell does anyone pay off a massive amount of debt like that?” The second question is, “How did this get so bad so fast?” The last $1 trillion of this debt was incurred from June-December 2010!!
The fight over the national debt is taking center stage again because it’s fast approaching the debt ceiling of $14.294 trillion established by Congress. Once the country hits that mark, then the government cannot borrow anymore money. It will also begin to default on its obligations.
Think of it like having a credit card that you’re about to max out. The U.S. is quickly maxing out its federal credit card.
Now that you see this number it’s clear why tax cuts should not the answer. Also, if I’m not mistaken, the wars in Iraq and Afghanistan are NOT included in this figure. They are funded through emergency funding and do not figure into the yearly budget. I could be wrong, though…