The United States federal debt has surpassed $19 trillion for the first time in history according to the Treasury Department. However, the real figure could exceed $65 trillion, according to a former US Comptroller General.

The official debt of $19 trillion represents almost $60,000 for every man, woman and child living in America today.
President Barack Obama took office with $10.8 trillion debt that has grown more than $8 trillion in seven years. And such a record tempo is likely to continue, according to the Congressional Budget Office, quoted by the Washington Times.

This equals an additional $70,000 in net federal borrowing for each of the 117,480,000 American households, according to Census Bureau estimates.

About $13.7 trillion makes up public debt, and the rest comes from government borrowing.

The US currently functions without a debt ceiling. Legislation in November suspended it through March 2017 so borrowing can continue without a limit until that time.

According to former Comptroller General of the United States [the director of the Government Accountability Office] David Walker, analysts understate the real extent of the US government’s financial commitments, which in reality exceed $65 trillion.

“You have to consider not just the public debt; you have to consider the debt we owe to the Social Security and Medicare trust funds, as well as the huge unfunded obligations for our social insurance programs. When you add all those numbers up, the number is over $65 trillion, rather than the lower numbers a lot of the economists want to talk about,” Walker, who served as the US’ top accountant in 1998-2008, told RT

The United States has now officially accumulated a $20 trillion debt. The ceiling was broken after the White House allowed the Treasury to borrow more money.

As of Tuesday, the American national debt stood at $20.16 trillion, according to the US Debt Clock website. This is almost $62,000 per person and over $167,000 per tax payer.

HtwoOw:
Who dey borrow them money?

HtwoOw:
Who dey borrow them money?

crixtex:
Obama and d Rothschild agenda... u will all fail.. Power belongs to God, and he has given authority to his son Jesus christ.. so no matter wat u do, all knees must bow to him..
How can America owe ds much... nna how dem dey borrow am??

MrPresident1:

This is a very interesting question. I hear Lalasticlala is an economist, maybe he can help us with the answer

NairaMinted:
The Ponzi scheme that the bankers set up on Jekyll Island back in 1913 keeping America in debt perpetually.

Zoharariel:
This news is giving me e.rection. The collapse of the Soviet Union will be a childsplay compared to what awaits America. More debts to America!

Missy89 - Are u in America or Britain? I am asking because there's a vacant room in my family's house in Ijebu

Missy89:

Do you have a clear understanding of how the debt system works?

Zoharariel:


No, I don't. Please tell me.

LordAdam:
The US debt profile is a ticking time bomb. Even the UK has a debt profile that is above $10t.

But the economy sees the effect. The problem is that some people will see that and think there is nothing wrong with Buhari borrowing a lotbecause US has more debt than it can pay. Why must we be like US, UK and not China, Japan, the UAE, Norway, or Saudi Arabia who are the ones loaning the US?

We see fire and run into it with reckless abandon. OBJ gave us a clean slate. YarAdua and GEJ stained the slate again, now PMB wants to make sure that slate can never be clean again. And what do Nigerians get? Dishonesty, lies, fake promises, and inflated figures?

-Lord

hanassholesolo:
Lol, that means the moment you are born in US, you automatically owe $62,000 in debt.

United State of Debt. I hail.

Missy89:


Why should I? Are you going to pay me for the tutorial?

Besides, I still need that room in Ijebu

Zoharariel:


No, I don't. Please tell me.

Missy89:


Name two countries that is not practicing the fractional reserve system.

Mazeltovscotty:
It is just too late now. If you want to save america, slash her budget military.

Appleyard:

But you know that will never be possible...

Appleyard:

But you know that will never be possible...

Mazeltovscotty:
yes i do. America keep spending big in preparation for imaginary war that will never happen