It’s Halloween! That means it’s time to be scared, but not of monsters and goblins. Instead, we should be scared of the monsters and goblins over in Washington (or in my case, Ottawa). These guys have made the nation’s finances look terrifying and there isn’t any hope for the future.
As the sheriff in “Halloween” said, “Everyone is entitled to a good scare.” We’re not going to be scared of Leatherface, Freddy Kreuger, Jason, Michael Myers or Shelley Duvall. No, let’s get scared about these 10 facts about the growing $16 trillion-plus U.S. national debt.
– The U.S. national debt has grown an extra $15 trillion since 1980 when President Ronald Reagan took office.
– The debt limit has been raised 71 times since the Republican administration of President Dwight D. Eisenhower – Reagan raised it the most by a record 17 times.
– Total unfunded expenditures and liabilities, such as Social Security and Medicare, is now estimated to be nearly $120 trillion.
– If all of the millionaires and billionaires were taxed 100 percent of their income, it would only generate $616 billion and keep Washington open for at the most six months.
– The U.S. national debt rises approximately $100 million every 90 minutes.
– U.S. national debt per citizen is more than $186,000 plus nearly $13,000 for the interest.
– U.S. national debt held by foreign countries, such as China, Japan, Saudi Arabia and Russia, is close to $6 trillion.
– If you calculate federal, state, local, personal, business and bank debt, it would be nearly $60 trillion nationwide.
– The U.S. government accounts for more than one-third of all of the world’s debt.
– The U.S. government borrows 43 cents out of every dollar it spends.