YIKES: Looming U.S. Debt Continues to Climb

Posted: Dec 26, 2018 11:00 AM
YIKES: Looming U.S. Debt Continues to Climb

This year the United States has continued on a treacherous path in regards to a looming national debt that continues to rise with little pushback to reign in spending in Washington D.C. 

Over the course of the past calendar year, the U.S. has sunk another 1.37 trillion dollars into the hole. With Democrats soon gaining control of the House of Representatives, members are hedging their bets behind Congresswoman-elect Alexandria Ocasio-Cortez’s “Green New Deal,” among other high spending policy priorities such as "Medicare for All," which would come at a cost of tens of trillions of dollars to the U.S. taxpayer. 

When pressed by Jake Tapper of CNN on how she would pay for 40 trillion dollars in spending over 10 years, Congresswoman-elect Alexandria Ocasio-Cortez couldn't find the funds or words to respond:

The Media Research Center's CNS News reports

The federal government has added another $1,370,760,684,441.54 to the debt since last December 25, according to numbers published by the U.S. Treasury.

On Dec. 25, 2017, the federal debt was 20,492,874,492,282.58, according to the Treasury.

According to the latest numbers published by the Treasury, which show where the debt stood on Dec. 20, 2018, the federal debt was $21,863,635,176,724.12.

According to the Census Bureau, the population of the United States as of this month is 328,082,386. That means the $1,370,760,684,441.54 Christmas-to-Christmas increase in the debt equals approximately $4,178.10 per person.

The Census Bureau estimates there were 127,586,000 households in the United States in 2018. That means the $1,370,760,684,441.54 Christmas-to-Christmas increase in the debt equals approximately $10,743.82.

The looming debt will continue to rise if members of Congress continue to punt the issue into the following calendar year for a different session of Congress to tackle. The time to act is now. 

A "Green New Deal" could send the U.S. economy into a tailspin while also being at a significant cost to the middle-income household in America.

You can watch U.S. debt increase rapidly in real time here