(ABC News) — It will be the latest sobering economic milestone that few were hoping to see: The U.S. national debt — any day now — will soar above the $15 trillion mark.
As of this writing, the total debt is $14.97 trillion, so moving beyond the symbolic $15 trillion is a foregone conclusion. When the unwelcome milestone is reached, it will come at a volatile time both in this country and abroad.
Across the Atlantic, President Obama is in Cannes, France, for the G-20 summit that takes place as Europe is trying to finalize a bailout for debt-ridden Greece.
Back on the home front, Obama is preparing for a difficult re-election fight next year. Republican candidates from Mitt Romney to Herman Cain have pounced on the country’s economic woes in their bids to win the GOP nomination and the chance to oppose Obama. Meanwhile, the Occupy Wall Street protests directed at the nation’s financial inequalities continue to rage across the country.
Saturday, November 5, 2011
National Debt At $15 Trillion Milestone
As of today, the number is $14,979,546,341,352.00. That comes to $48,070.50 per each citizen based on 311,616,208 citizens. The number per household is $130,454 based on 114,825,428 households. There is more to this story. 47% of households don't pay federal income taxes anymore. They aren't going to pay this debt or the interest on it. A little calculation brings us to 60,857,476 tax paying households and a federal debt of $246,141 per taxpaying household. If you living in a taxpaying household, your family owes almost a quarter of a million dollars on the national debt and President Obama is running it up more every day. The National Debt stood at $10.626 trillion the day President Obama was inaugurated. The three year increase under President Obama is 4.354 trillion. Your taxpaying household's share of that is $71,536. President Obama has put your taxpaying family in debt an additional seventy-one thousand dollars in three years and he isn't done yet.