-National debt topped $10 TRILLION this week!

Posted: October 5, 2008 in 2008, Articles
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Note: I haven’t gone back and checked the exact numbers, but if my memory serves me the national debt has increased by roughly $700 billion per year since roughly 2003. In the first week of October 2007 it hit $9 trillion. So it could be that the rate has accelerated in the past year. Go to the source site and see the real time debt counter. It’s already approaching $10.2T.

The Swamp:
by Frank James

There were no fireworks so a lot of people probably missed it. We even forgot to mention it here on The Swamp when it happened though we saw the reports. Anyway, on the last day of September, the national debt hit $10 trillion plus.

President Bush signed legislation in July that raised the debt ceiling to $10.615 trillion. Meanwhile, the financial bailout legislation passed by the Senate last night would raise the debt ceiling further to $11.315 trillion.

Here’s something else worth knowing. The gross national debt as a percentage of the gross domestic product has, under the Bush Administration, hit a 50-year high. The following two charts illustrate the trend nicely.

National-Debt-GDP.gif
(Chart from ZFacts.com)

Chart_Levels_of_Debt_Over_Time.jpg

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Comments
  1. This is incredible. Is the end near? I do not even want to think about it. Thanks for opening my eyes.

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