Congratulations America! You’ve just reached a milestone that nobody thought possible. This country is $15 trillion in debt. And we couldn’t have done it without you Congress.
The deficit has ballooned to nearly $48,000 for every man, woman and child in the U.S. This year alone, the U.S. will spend $1.3 trillion more than it takes in.
The debt has expanded at an alarming pace, from $7.5 trillion in 2004 and $5.6 trillion in 2000. At the current rate, Debtclock.org reckons that the debt will top $23 trillion in 2015, though the nonpartisan Congressional Budget Office puts the estimate at $17.6 trillion.
Back in August after a protracted fight, Congress voted to raised the national-debt ceiling by $2.7 trillion to $17 trillion, while requiring $2.7 trillion in deficit reduction by 2021.
Compared with other developed nations, the U.S. has a debt to GDP ratio of 85 percent, compared with Germany at 74 percent and Japan at a whopping 194 percent. World debt clocks can be found here.
Congress has just shamed every irresponsible teenage girl with daddy’s credit card. So pop the corks and pat your socialist backs. Watch out Europeans, these spendthrifts on Capitol Hill will make you guys look like a bunch pikers.