MARKETS OBLITERATED, DOW DOWN 512, EVERYONE FREAKING OUT
And Tomorrow Should Be Epic Too
Happy Birthday, Mr. President.
Meanwhile, remember that increase in that debt ceiling? Well you can't waste a good opportunity can you? Report: U.S. Spends 60 Percent Of Debt-Ceiling Increase In One Day
Tuesday's massive increase also put the national debt above 100 percent of GDP. The new national debt of $14.53 trillion elbowed past the nation's $14.3 trillion economy.
Aside from holding the 1st and 2nd place records for single-day increases in the naitonal debt, the Obama Administration holds others records as well, The New American reported in February.
The Obama Administration broke the monthly record for the budget deficit. Expenditures exceeded revenues by $223 billion. That same month, the government added $63.7 billion to the national debt.
As well, The New American reported, quoting CNSNews.com, such is this administration's profligacy that it increased the average debt per American household by $30,000 in its first two years of control of the purse strings. Debt per household is now more than $125,000.
Citing The Economic Collapse website, The New American has also reported that the national debt cannot be paid off because it exceeds the value of all assets in the United States.
Beyond the $14.5 trillion national debt, American taxpayers face even more trouble as its population ages. According to the debt clock, the United States must reckon a way to pay for nearly $115 trillion in unfunded liabilities. That liability for Social Security is $15.2 trillion; for the prescription drug benefit, $20 trillion. The unfunded liability for Medicare is $79.7 trillion.
That is more than $1 million per taxpayer. The debt clock puts the per capita debt at $46,719. Per taxpayer, the debt is $130,262.
Another $500 billion increase in the debt ceiling is due in the fall.
