We’re in the final weeks of 2014, an interesting year to say the least. With 2015 on the horizon, here is an interesting chart (below) to remember when the esteemed elected officials discuss raising the debt ceiling and talk about the enormois national debt next year. Right now, the United States national debt is on the cusp of $18 trillion – and that doesn’t includ the $120 trillion in unfunded liabilities and expenditures – and that number is expected to rise to $25 trillion within the next decade (perhaps earlier).
Here is what David Stockman, former Reagan budget director wrote over the weekend:
“In the great fiscal scheme of things, October 22, 1981 seems like only yesterday. That’s the day the US public debt crossed the $1 trillion mark for the first time. It had taken the nation 74,984 days to get there (205 years). What prompts this reflection is that just a few days ago the national debt breached the $18 trillion mark; and the last trillion was added in hardly 365 days.”
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