Some time in the next two weeks, the US debt will hit $40 trillion. It’s currently at $39.71 trillion. For those of you who are keeping track, we hit $37 trillion last August. Taking into account the $5 trillion a year in tax receipts means the government spent $8 trillion in the last year, or about $22,000 for every single resident.
Seven years ago, our debt was $23 trillion. In 2010, it was $13.6 trillion. In 2009, it was $11.9 trillion.
When Obama took office in January 2009, the national debt was just $10.6 trillion. It has tripled in the past 17 years. What is the limit? At what point does the whole thing come down?
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