US Debt Reaches $18 Trillion; Surges 70% In ‘Recovery’ of President Obama
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Total U.S. national debt hit a new record high overnight at over $18 trillion as the Obama administration continues to pile debt onto the back of the U.S. taxpayer at a rate that would have made George W. Bush look positively prudent.
With the U.S. national debt or government debt now at over a staggering $18 trillion, it means that each household in the U.S. now carries the burden of $124,000 in national debt alone – or $56,378 per individual. This does not include the massive private debt or household debt burden – people’s mortgages, personal loans, credit card debt, student loans, car loans and other household debt.
When Obama took office in 2009, the national debt was at just $6.3 trillion up from $3 trillion at the beginning of Bush’s tenure in 2001. Bush doubled the national dent in just 8 years. Obama is set to triple the national debt in less than 8 years.