A few days ago President Obama presented his $4 trillion budget for FY 2016. OK, the actual amount was $3.999 trillion. But, let’s go ahead and call it $4 trillion. The projected deficit is $474 billion (revenues – expenses). That means we are overspending $1.3 billion every day, $9.1 billion every week and just under $40 billion every month. The federal government will add another $474 billion to our current national debt of $18.1 trillion as of February 1, 2015.
The historical timeline for each trillion dollars added to the federal budget is 1987, 2002, 2008, 2016. Notice that we added a trillion in annual expenses during the Bush administration (2002-2008) and we have added another trillion in annual expenses during the Obama administration (2009-2015).
However, the growth of our national debt due to deficit spending (revenues – expenses) has increased from $10 trillion on September 30, 2008 to over $18 trillion, six years later. It took our nation 233 years to reach $10 trillion and only 6 years to add an additional $8 trillion. And it is projected we will possibly reach $20 trillion in 2016 or 2017. That will represent a 100% increase in 8 years.
I would like to hear your perspective – click on “leave a comment” above to comment or ask a question.