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The New Household Burden of National Debt

Wednesday January 27th, 2016   •   Posted by Craig Eyermann at 5:54am PST   •  

15284796_S After 7 full years in office, President Barack H. Obama has added an amount equal to $70,612.91 per U.S. household to the U.S. national debt.

CNSnews‘ Terence P. Jeffrey does the math to back that figure up:

The debt of the federal government increased by $8,314,529,850,339.07 in President Barack Obama’s first seven years in office, according to official data published by the U.S. Treasury.

That equals $70,612.91 in net federal borrowing for each of the 117,480,000 households that the Census Bureau estimates were in the United States as of September.

How does that compare to George W. Bush, President Obama’s predecessor in office, as accounted for over the eight full years of his tenure? Jeffrey calculated that number as well:

During President George W. Bush’s eight years in office, the federal debt increased by $4,899,100,310,608.44, according to the Treasury. That equaled $44,104.65 in net federal borrowing for each of the 111,079,000 households that, according to the Census Bureau, were in the country as of Jan. 20, 2009, the day that Bush left office and Obama assumed it.

Doing some math of our own, if the total national debt on President Obama’s seventh anniversary in office of $18.941 trillion were split equally up among each of the 117,480,000 households in the U.S., each American household’s debt would be increased by $161,230.91.

Can your household really afford the extra $161,230.91 in debt that represents? Above and beyond what everyone who lives in your home may already owe on their mortgage, car loans, student loans and credit cards? Not to mention your ordinary monthly bills that you pay with money straight out of your paycheck or savings?

Or would the heavy foot of the national debt weigh too much on top of all your other expenses and crush your house?

Expressing their contributions to the growth of the national debt a little differently, President Obama is responsible for 43.8% of the current burden of the national debt on U.S. households and former President George W. Bush is responsible for 27.4%. All the other previous 42 U.S. Presidents together would account for the remaining 28.8% of the current national debt burden per U.S. household.

And for a better, more personalized estimate of what your household’s share of the burden of the national debt is, be sure to plug your household’s income into the MyGovCost calculator – you might be surprised at how large that burden actually is!

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January 2016