DEFICIT HITS $1.4 TRILLION FOR FY 2016
While the mainstream media obsesses over GOP presidential nominee Donald Trump‘s latest politically incorrect utterance, frightening new deficit data from the U.S. Treasury is being completed ignored.
According to the agency, the national debt ballooned by a whopping $1.4 trillion during the federal government’s most recent fiscal year – which concluded on September 30.
That’s the third largest annual debt increase in history – exceeded only by the “stimulus” years of 2009 and 2010.
Take a look …
(Click to enlarge)
(Chart via Zero Hedge)
All told, the national debt stood at $19,573,444,713,936.79 at the close of business on September 30 – up from $18,150,617,666,484.33 at the same time the previous year.
Here’s another look at it …
(Click to enlarge)
(Graph via CNS)
For those of you keeping score at home, each American household’s share of the debt rose from $153,539 to $165,575 over the past twelve months.
“What exactly did you get for that money?” mused Simon Black of The Sovereign Man. “Did they spend $1.4 trillion on achieving world peace, eradicating poverty, saving the planet, or some other pipe dream? Did they finally fix America’s crumbling infrastructure that has been in desperate need of repair? Did they send a gigantic tax refund check to every man, woman, and child in the country?”
“Actually the answer is (D), none of the above,” Black wrote. “They squandered it all.”
The national debt grew by $4.899 trillion under former U.S. president George W. Bush. Since Barack Obama took office, it has grown by $8.947 trillion.
As we’ve been saying for years, Obama simply took “the failed and costly (economic) interventionist approach of Bush and put it on steroids.”
“Compassionate conservatism” gave way to “hope and change,” in other words, with a “Republican” Congress consistently lending its imprimatur to the fiscal recklessness.
What has all that deficit spending produced? Easy: Sluggish growth, stagnant incomes and a shrinking workforce.
But hey … let’s keep flushing money our country doesn’t have down the toilet on stuff it doesn’t need.
(Banner image via iStock)