Tuesday, June 8, 2010

Federal debt exceeds $13 trillion amidst jobless recovery
The federal debt grew $2.4 trillion since Obama took office

WASHINGTON, DC—A June 1st Treasury Department report shows the federal debt reached $13,050,826,460,886.97; nearly 89.4 percent of the Gross Domestic Product, making each American family’s share $42,000. The debt has grown just about $5 billion per day since January 20th, 2009—the day President Obama was sworn in.

To put these numbers in perspective, if a person was to spend $1 million dollars a day every day for 2,010 years (since the birth of Christ), you would have spent $733,650,000,000 or $733 billion, which falls $267 billion short of one trillion dollars.

This unprecedented spending took place during an economic downturn that began in October of 2008 when unemployment was 6.5 percent and the U-6 unemployment number at the end of September 2008 was 11 percent. The current unemployment rate is 9.7 percent, with a U-6 rate of 16.6 percent.

House Minority Leader John A. Boehner (R-OH) reacting to the report said, "A $13 trillion debt is an alarm bell and a wake-up call combined, but Democrats are not even trying to pass a budget. How out of touch can Washington Democrats get? Instead of continuing to pay lip service to this issue, President Obama should call on congressional Democrats to pass a budget that provides the fiscal discipline economists say is needed to create jobs and grow our economy."

The only White House response to the report was an unofficial statement, “[The administration] is committed to restoring fiscal responsibility.”

-- Killswitch Politick

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