September 4, 2012
The national debt crossed the $16 trillion mark today. Unfortunately, this debt will only grow without urgent changes to cut spending and reform runaway entitlement programs.
The Heritage Foundation’s Romina Boccia explains what this milestone means for Americans:
At $16 trillion, every American’s share of the federal debt rises to $37,437. That represents nearly three-quarters of the income of the average American household earning $50,964 in 2012. And these levels are projected to grow even further, to the point where each American’s share of the federal debt will surpass the staggering $100,000 mark in less than 20 years. Current and future generations of taxpayers are on the hook for increasing levels of debt as Washington continues on its spending spree.
A new Heritage Foundation chart shows the scale of the recent debt growth and what happens if we don’t stop spending beyond our means.
What do you think? Will lawmakers ever stop their massive spending spree?