Showing posts with label US borrowing. Show all posts
Showing posts with label US borrowing. Show all posts

Saturday, October 8, 2011

US Debt growth

   Dave Brumbaugh's editorial in the Post and Courier today points out that the US debt was $5 trillion in 2000, $10 trillion in 2008. Currently it is $14.8 trillion dollars. President Obama's administration has grown the debt by 47% in three years. It took Bush 8 years to spend just a little more than that. The current administration should look within before criticizing the previous administration for it's excesses.
   Wrapping my head around 4.8 trillion dollars is not easy..but I'll try. A stack of one thousand million- dollar bills is one billion dollars. 4.8 thousand stacks is 4.8 trillion dollars. Daily... 365 days in a year times 3 is 1095 days. 4.8 trillion divided by 1095 is 4.38 billion dollars a day. In terms of stacks of 1000 million-dollar-bills that is 4.38 stacks of 1000 million dollar bills...in further debt...every day this administration has been in office. The numbers don't lie. Here is Dave's...and now my...question: How long can we afford to spend like this. Thanks, Dave.