As each year comes to a close, financial analysists and statisticians summarize the year in numbers. 2016 has some rotten numbers.
The national debt continues to soar. Sadly, that is not really news. We have all come to expect that. But the amount of the increase is staggering. The inability for most people to truly comprehend that amount of money is noteworthy.
Figures as high as the national debt are not even on the radar of what most people ever encounter. So it is hard for us to really fathom what it means for the average American.
The national debt rose more than a trillion dollars in 2016 alone according to data released Tuesday by the US Treasury. CNSNews gives the details:
“On Dec. 31, 2015, the last business day of 2015, the federal debt was $18,922,179,009,420.89. On Dec. 30, 2016, the last business day of 2016, it was $19,976,826,951,047.80. The one year increase in the federal debt during calendar year 2016 was therefore $1,054,647,941,626.91.”
To put that into perspective, that is an additional $8,860.65 per household just for the one year. For the full national debt, that equates to $78,553.84 per household. Breitbart summarized the data differently.
“In order to spend one trillion dollars, you would have to spend ten million dollars a day, every day for 273 years.”
These data illustrate the out of control downward spiral that has occurred in our national debt since President Obama took office. Politicians routinely tout their plans to reduce the national debt and then do nothing but increase it. The sad truth is that our nation will always be in debt until we encounter a significant, life-changing turn around in the way our government works or we encounter an true economic bust.