Our national debt is more than $16 trillion.
That is how much the United States has borrowed, and how much we have to pay interest on. To put $16 trillion in perspective, our national debt is larger than the total economies of China, the United Kingdom, and Australia combined.
The combined gross domestic products of China, the United Kingdom, and Australia, as estimated by the International Monetary Fund in 2008, are $10.89 trillion.
And under current policies, our national debt will continue to grow by billions every year.
According to the Congressional Budget Office, the national debt held by the public will grow by at least $2 trillion over the next decade.
In 2010, the United States accumulated over $3.5 billion in new debt each and every day. That’s more than $2 million per minute.
According the Congressional Budget Office, our total federal deficit for 2010 was approximately $1.3 trillion. That means that every day, the government will accumulate an average of $3,561,643,835.62 in additional debt. [$1.38 trillion / 365 = (approx. $3.56 billion per day)].
Accordingly, nearly $150 million of debt is being accumulated every hour. [$3,561,643,835.62 / (24 hours) = $148,401,826.48] And every minute, the U.S. government accumulates approximately $2.5 million in additional debt. [$148,401,826.48/ (60 minutes) = $2,473,363.77] That’s $43,759.51 a second. [$2,473,363.77 / (60 seconds) = $41,222.72]
A Snapshot of our National Debt:
- The Treasury Department estimates that our debt to China is approximately $1.16 trillion. That is nearly $15,000 in debt for the average American family.[Prove it…]
According to the US Census Bureau, there are approximately 78 million families in the US as of 2010. Since the US owes $1.16 trillion to China, that means [$1.16 trillion / 78 million families] that each family’s share is $14,871.79.
- Over the last year, the government borrowed approximately $2.5 million every minute. That’s the equivalent of 8,244 flat screen HDTVs it cannot afford.[Prove it…]
Assuming that the rate of debt accumulation is constant, the U.S. government will accumulate approximately $2.5 million in additional debt every minute. According to a major electronics retail chain, a 26 inch LCD HDTV costs about $300.00 ($299.99) which adds up to 8,244 TVs for the $2.5 million of new debt per minute. [$2,473,363.77 / $299.99 = 8,244]
- According to the January 2010 Congressional Budget Office report, the federal budget deficit in 2009 was $1.4 trillion (9.9% of GDP). The 2010 deficit was approximately $1.3 trillion (9.1% of GDP). These are the largest deficits relative to GDP since 1945.
- About $4.6 trillion of the total debt is money that the government has borrowed from itself, by writing IOUs for huge sums taken from Social Security and Medicare surpluses.
- In July of 2009, the United States paid more than $19 billion in interest on the public debt [$19,812,486,187.83, Office of the Public Debt]. In 2009, according to the CBO, $187 billion of taxpayer funds were used just to pay interest on the debt—not to pay off the debt, just to pay interest on it.
- Every American worker’s share of the national debt is more than $90,000.[Prove it…]
- According to the Department of the Treasury, foreign holders of our national debt are owed a combined total of about $4.5 trillion (June 2011).
- As reported by the Treasury Department, the top ten countries and entities holding U.S. debt are: Japan, China, the United Kingdom, Oil Exporters, Caribbean Banking Centers, Brazil, Hong Kong, Russia, Luxembourg, and Taiwan.