Debt Party USA - $17 Trillion Now in Sight
The finals numbers for fiscal 2012 have been reported.
(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.
Prior to fiscal 2008, the federal government had never increased its debt by as much as $1 trillion in a single fiscal year. From fiscal 2008 onward, however, the federal government has increased its debt by at least $1 trillion each and every fiscal year.
The federal fiscal year begins on Oct. 1 and ends on Sept. 30. At the close of business on Sept. 30, 2011—the last day of fiscal 2011—the total debt of the federal government was $14,790,340,328,557.15. By June 29, the last business day of the third quarter of fiscal 2012, that debt had grown to $15,856,367,214,324.44—an increase for this fiscal year of $1,066,026,885,767.29.
In the fourth quarter of fiscal 2012, the federal debt has continued to accumulate, hitting $15,874,365,457,260.40 at the close of business on Thursday, July 19—marking a total increase so far in fiscal 2012 of $1,084,025,128,703.25.
In fiscal 2007, according to the U.S. Treasury, the federal government’s debt increased $500,679,473,047.25. But that marked the last fiscal year in which the federal government's debt did not increase by at least $1 trillion.
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The next generation speaks about the national debt:
Sam says it's not his friggin' debt.
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Six-year Old Cody understands the generational debt issues which he demonstrates with righteous anger.
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This young lady is not happy about the national debt.
Further reading:
- CHART SHOCK - The Real National Debt Is $202 Trillion
- Kotlikoff: U.S. Is Bankrupt And We Don't Even Know It
- "The government is lying about the national debt and engaging in Enron accounting"