By Michael Sargent
Yet that sidesteps the real issue: the massive amount of debt the country has taken on in the past six years has put the nation in a vulnerable position as entitlement spending is set to take off and big-spending policies continue to pile on debt. Indeed, the United States has added $7.06 trillion of debt since President Obama took office—far more than under any previous president.
This is bad news for tomorrow’s Americans who could face slower economic growth and higher taxes as America’s mounting debt continues to climb and outpace growth of the economy.
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Today, the country is saddled with more than $17.6 trillion of gross debt, an increase of more than $61,000 per American household during Obama’s presidency alone. Median household income in the U.S. is about $51,000. This means that during Obama’s presidency debt per household grew by more than the typical American family earns in a given year.
Unfortunately, this could only be the beginning. If you think the $7 trillion under Obama’s watch—or the national debt of $17.6 trillion—is excessive, compare that to Medicare’s (part A) and Social Security’s unfunded obligations over the next 75 years, which currently totals $49 trillion.
That’s almost three times the size of today’s national debt . That is $49 trillion the country will not have to pay the benefits it is expected to give out under current law.
Read more: The Daily Signal
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