America’s Not-so-Sweet Sixteen
Recently, the national debt reached $16 trillion. Concerned? Take a look at what youthful indiscretions got us here and what not-so-sweet treats are in store if we continue.
TOP THIS!1
National debt at the beginning of each administration:
- President Clinton (January 20, 1993): $4.19 trillion
- President Bush (January 20, 2001): $5.73 trillion
- President Obama (January 20, 2009): $10.63 trillion
OVERINDULGENT SPENDING
While lawmakers in Washington have debated about the need to balance the budget and reign in government spending, the budget deficit has remained relatively constant over the last few years:
NATIONAL DEBT AND GDP
The gross federal debt has been estimated to reach 104.8 percent of GDP by the end of FY2012.5 And that’s not all. If Washington continues this irresponsible behavior, we may be headed off of a “fiscal cliff” into a recession and a 9 percent unemployment rate.6 16? Yes. Sweet? Not so much.
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- Department of the U.S. Treasury. Debt to the Penny. Accessed September 12, 2012. http://www.treasurydirect.gov/NP/BPDLogin?application=np ↩
- Congressional Budget Office. Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022. August 22, 2012. http://www.cbo.gov/publication/43539 ↩
- Office of Management and Budget. Historical Table 1.1. Accessed September 12, 2012. http://www.whitehouse.gov/omb/budget/Historicals ↩
- Office of Management and Budget. Historical Table 1.1. Accessed September 12, 2012. http://www.whitehouse.gov/omb/budget/Historicals ↩
- Office of Management and Budget. Historical Table 7.1. Accessed September 12, 2012. http://www.whitehouse.gov/omb/budget/Historicals ↩
- Congressional Budget Office. An Update to the Budget and Economic Outlook: Fiscal Years 2012 to 2022. August 22, 2012. http://www.cbo.gov/publication/43539 ↩
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