During Obama’s Presidency, national debt has grown by $61K per household
Daily Signal – Michael Sargent – 9/3/2014
Today, the country is saddled with more than $17.6 trillion of gross debt, an increase of more than $61,000 per American household during Obama’s presidency alone. Median household income in the U.S. is about $51,000. This means that during Obama’s presidency debt per household grew by more than the typical American family earns in a given year.
The debt increase seen over the past six years is massive enough to eclipse the entire annual production of other top economies around the world. The $7.06 trillion added during Obama’s tenure exceeds the combined 2013 output of Germany and France, the two largest economies in Europe.
In order to reverse this trend, the country needs to seriously address its spending problem, starting with an evaluation of its biggest culprit: swelling entitlement programs. Continuing to put off the problem will leave the next generation more indebted and economically weak than any before it—and that is not the American way.
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