Monday, February 21, 2011

Household share of federal debt jumps $29,660 under Obama “stimulus”FROM WIRE REPORTS

Household share of federal debt jumps $29,660 under Obama “stimulus”

FROM WIRE REPORTS

2011-02-21 08:45:43

hillsboro-barack-presiden

WASHINGTON • Since President Barack Obama signed his economic “stimulus’ law two years ago, the federal government has borrowed an additional $29,660 per household, according to a published report.
The total national debt is now $125,475.18 per household, according to CNSNews.com.
When Obama signed the $787-billion law on Feb. 17, 2009, the national debt was $10.79 trillion, according the Bureau of the Public Debt. Two years later, the national debt stands at $14.13 trillion — an increase of $3.34 trillion.
Out of every $100 in federal taxes, $6 goes to interest on the debt, according to Rep. Jerry Lewis, R-Redlands. At the rate we are spending and borrowing, by 2018 that number could jump to $15 out of every $100, according to figures posted on Lewis’ website.
The current total national debt of $14.13 trillion.
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