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Wednesday, January 7, 2015

OUR RAPIDLY ESCALATING FEDERAL DEBT…SEEMS TO BE TEAM EFFORT…


Something that I’m sure will not come as a surprise to anyone who has been paying the least bit of attention regarding our fiscal decline, is the fact that the federal government managed to drive itself $789,473,350,613.20 further into debt during calendar year 2014.  And that would be an increase equal to $6,875 per household, $7,458 per full-time year-round worker, and $8,853 per full-time year-round private-sector worker.  And yet no one in Washington seems to be all that concerned, the least of which would be our president or our Republican leaders in Congress.

Proving once again that if there is one thing that Barry is quite adept at, it is the spending of other people’s money.  Because according to the Treasury, the government began calendar year 2014 being $17,351,970,784,950.10 in debt.  And it ended the year being $18,141,444,135,563.30.  Back when Barry first took office on that fateful day in January, 2009, the federal debt was $10,626,877,048,913.08.  Since then, it has increased $7,514,567,086,650.22--which is $65,443 per household, $70,985 per full-time worker and $84,266 per full-time private-sector worker.

Now according to the Census Bureau, in 2013, there were 105,862,000 full-time year-round workers here in these United States.  The $789,473,350,613.20 increase in the federal debt during 2014 worked out to $7,457.57 for each of those full-time year-round workers.  Those 105,862,000 full-time year-round workers included 16,685,000 federal, state and local government workers and 89,177,000 private-sector workers.  Personally, I find it rather offensive that we now have nearly 17 million people working for the government, but that’s a topic for another day.

The $789,473,350,613.20 in new federal debt in 2014 equaled $8,852.88 for each of the 89,177,000 full-time private-sector workers in the country.  As of December 2013, there were 114,826,000 households in the country, according to the Census Bureau. The $789,473,350,613.20 in new debt equaled $6,875.39 per household.  Ten years ago, at the end of 2004, the federal debt was $7,596,142,802,424.14. Since then, it has grown by $10,545,301,333,139.16—an average pace of $1,054,530,133,313.92 per year.

Much has been made of our new Republican majority in Congress.  But the $18 Trillion question that must be asked is, will it have any impact on our ballooning debt.  After all, we have had a majority in the House, the keeper of the nation’s purse, going back to 2011.  And since then it has been under the watchful eye of John O’Boehner that the deficit has been allowed to increase by over $4 Trillion, proving that he has little or no interest in getting spending under control nor in reducing our debt.  And I have no doubt that McConnell will prove to be just as useless in the Senate as O’Boehner has been in the House. 

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