Tags: Barack Obama | National debt | Obama administration | entitlement programs

National Debt Has Grown by $61K per Household Under Obama

By    |   Wednesday, 03 September 2014 07:59 AM

National debt under the Obama administration has increased by more than $61,000 per American household, more than the average family earns per year.

According to the Daily Signal, since President Barack Obama took office, the debt has increased by $7.06 trillion, bringing it to a total of $17.6 trillion. The increase is higher than under any previous president.

"The massive amount of debt the country has taken on in the past six years has put the nation in a vulnerable position as entitlement spending is set to take off and big-spending policies continue to pile on debt," the Signal said. "This is bad news for tomorrow's Americans who could face slower economic growth and higher taxes as America's mounting debt continues to climb and outpace growth of the economy."

The debt added under the Obama presidency exceeds the combined 2013 output of France and Germany, and is roughly equal to the combined GDP of Japan and Brazil, according to the Signal.

Meanwhile, the debt is just one third of the estimate of unfunded entitlement obligations which have ballooned over the last six years. Specifically, over the next 75 years, unfunded Medicare and Social Security costs will reach close to $50 trillion, the Signal reported.

"The massive growth of debt is troubling, and shows little sign of slowing down," the Signal said.

"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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National debt under the Obama administration has increased by more than $61,000 per American household, more than the average family earns per year.
National debt, Obama administration, entitlement programs
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2014-59-03
Wednesday, 03 September 2014 07:59 AM
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