Obama Has Borrowed an Additional $29,660 Per Household Since He Signed Stimulus
For all those Obama Kool-Aid drinkers your family is almost $30,000 poorer thanks to the Democrats disastrous stimulus boondoggle. Once again the proof that government does more harm then good to the economy proves true. Of course the Obama, Pelosi and Reid so called stimulus was never about creating job’s it was all payback to far-left special interest and big labor. Nothing in the Obama stimulus worked, clash for clunkers was a disaster and all the borrowed money from China did was benefit Chinese workers. Unemployment show’s no real sign of improvement, the GDP is stagnant what did all this spending achieve? All the job’s created where government sector, which long term are the worst for the taxpayer. Government workers are the least productive, most overpaid workers around. Start adding in long term cost of benefits and perks and you really give the taxpayer the shaft. All this debt has drastic short and long term effects that will degrade the quality of life of every American. This debt lowers the value of the dollar, in turn drastically driving down our purchasing power. When debt rises, the cost of capital for consumers can rise thereafter due to either decreased value of currency and/or limited government funding through monetary policy. When monetary policy limits money supply the cost of capital rises for consumers through higher interest rates as is the case with lower currency values. The effects of this rising debt are all negative, there are ZERO upsides to this situation we can hurt a bit now or hurt a lot later. The sad part is we know Barrack Hussein Obama refuses to accept reality, time will only tell if the Republicans do.
Gov’t Has Borrowed an Additional $29,660 Per Household Since Obama Signed Stimulus
Thursday, February 17, 2011
By Terence P. Jeffrey
President Barack Obama
President Barack Obama speaks at the U.S. Chamber of Commerce in Washington, Monday, Feb. 7, 2011. (AP Photo/Charles Dharapak)
(CNSNews.com) – The federal government has borrowed an additional $29,660 per household in the United States since President Barack Obama signed his economic stimulus law two years ago.
That brings the total national debt to $125,475.18 per household.
At the close of business on Feb. 17, 2009, the day Obama signed the $787-billion law, the national debt stood at $10.79 trillion ($10,789,783,760,341.41), according the Bureau of the Public Debt. At the close of business on Feb. 16, 2011, the national debt stood at $14.13 trillion ($14,129,889,690,377.50)—an increase of $3.34 trillion (3,340,105,930,036.09)
The U.S. Census Bureau estimates that there are a total of 112,611,029 households in the United States, which average about 2.6 people per household. That means that the new debt accumulated in the two years since Feb. 17, 2009, when President Obama signed his economic stimulus law, equals about $29,660.55 per household.
The current total national debt of $14.13 trillion can be divided into equal portions of $125,475.18 for each of the 112,611,029 households in the country.