Why is no one upset that the national debt is $22 trillion?
That’s $22,000,000,000,000.00. Given a population of 325,000,000, that means every American owes $67,692 as part of the debt. So, a household of four would owe $270,769.
Millennials (ages 26-36), the ones who will pay off that debt, have an average personal debt of about $42,000. And that is mostly from credit cards, not student loans. Credit card debt nationally surpassed the $1 trillion mark in 2017 and it continues to soar.
The Barack Hussein Obama Regime in eight years doubled the national debt – a figure than then all the 232 previous years of our history combined. Obama went into office with $10.6 trillion of debt and left owing $19.9 trillion.
Under Obama, the debt soared $1.16 billion a year while under the two years of President Donald Trump, it has slowed and risen only $991 billion a year.
These are vast numbers if they were in the billions but they are in the trillions.
Politicians like former U.S. Rep. Jim Bridenstine, used to issue warnings about deficit spending and the national debt. If anyone is making those same warnings now, it’s not being covered by the liberal news media.
Economists rationalize away the massive debt by comparing it to gross domestic product (GDP). The ratio of debt to GDP during the Reagan presidency was around 30 percent. During the Clinton years in the 1990s, it leaped to 65 percent but fell in his later years as Republicans took over the House and Senate.
Wars in the Middle took the ratio to about 77 percent in 2008 and when Obama left in 2016, it was 103 percent. Now it is around 104 percent.
This is not sustainable by anyone’s measure.
Trump wants to improve those numbers through growing the economy but even though he has seen record growth, it’s not enough to keep pace with the debt.
An adjustment is coming. People who own stock, business owners and the general public will have to pay up at some point. And it won’t be an easy solution.