Grim Milestone: National Debt Jumps More Than $1 Trillion For 5th Consecutive Year
Before FY2008 the nation’s debt had never jumped more than $1 trillion in a single fiscal year.
Since 2008, it has happened every single year.
(CNSNews.com) – By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury.
Total spending by the United States federal government has increased from roughly $2.9 trillion in 2008 to roughly $3.63 trillion, a 25% increase. That’s actually a smaller spending increase than took place under the last four years of the Bush administration, which increased at a 30% rate (from $2.292 trillion in 2004 to $2.982 in 2008), but whatever party is in charge, it’s clear the problem is spending.
But hey, let’s just tax the rich more or something.
Tags: deficits, national debt, spending
