The federal debt has long been a pivotal issue in politics. Many argue that the debt is so high that we will never be able to pay it back so why worry about it? Others argue that America needs to cut back on certain things and learn to balance the budget. Wherever you stand, there is no getting around the fact that the budget has climbed exponentially in one year.
According to data released today by the U.S. Treasury, the federal debt has surpassed its 2015 record by more than a trillion dollars during 2016. On the last business day of 2015, Dec. 31, the federal debt was $18,922,179,009,420.89.
One year later, the federal debt cleared $19,976,826,951,047.80. So the one year increase came to $1,054,647,941,626.91 exactly.
From 119,026,000 households, the Census Bureau estimated in September that the increase in the debt equaled $8,860.65. Obama’s administration had a turbulent time handling the steadily growing deficit but to their defense, they did acquire one of the worst deficits already.
The problem is they never did anything to stop it; that is if it even can be minimized. During Obama’s tenure, the federal debt has increased by $9,349,949,902,134.72.
In 2009, when Obama took office, the federal debt was at $10,626,877,048,913.08. Now fast-forward 8 years. In Obama’s last standing days in office, the debt is sitting at $19,976,826,951,047.80.
The numbers are staggering and continue to grow. Trump has already said he plans to address the debt issue by keeping jobs in the United States and getting rid of “money pit” deals that have been hindering the United States for years now.
It will be something to watch for when Trump takes office this month. What will he eliminate? What will be downsized? His first 90 days in office are crucial in making an impact and setting the precedent for his presidency. Hopefully fixing the federal debt is at the top of Trump’s