The U.S. debt has reached an all-time high, jumping 55 percent since President Obama took office. According to the Washington Examiner, a new study by Harvard University Institute of Politics shows the bill would be over $123,000 per worker if Americans had to pay their full share.
The Annual Report of the USA (ARUSA) for fiscal year 2012 examined the national budget, totaling the debt at $16.7 trillion. ARUSA Executive Editor Henry Shull broke the number down to give an easier way of looking at it.
For instance, Obama’s debt ceiling plan would receive the $16.7 trillion, which is proportionate to approximately $53,000 per resident, including children, the elderly and the unemployed. If averaged to employed Americans, the debt would rise to $123,000 per person.
Another frame of reference would be if the federal debt was changed into pennies and stacked, the column would go all to the way to the moon and back more than 3,350 times.
- As of January 2, 2013, the U.S. government had a total of $11.6 trillion in debt held by the public and $4.86 trillion in intra-governmental holdings, for a total of $16.4 trillion in outstanding debt. This represents a 55 percent increase in gross debt in less than four years.
- The government owes more than $52,000 for every person living in the U.S., including children, the elderly, and the unemployed. If this one-time “debt reduction fee” were levied only on those in the workforce, the cost would be over $106,000 per person.
- Total receipts for FY 2012 were an estimated $2.47 trillion, and total expenditures were an estimated $3.80 trillion, leading to a deficit of $1.33 trillion.
- The report catalogues the final stages of American operations in Iraq and Afghanistan, where the U.S. has spent over $1.5 trillion since 2002. For FY 2012, President Obama requested $107 billion for Afghanistan and $11 billion for Iraq.