Wednesday, April 13, 2011

Obama's Increasing Federal Debt at Rate of $1,148 Per Month Per Household—Enough to Buy a Car or Pay Tuition at State College

By Terence P. Jeffrey

( - Under President Barack Obama, the federal debt has been increasing at a rate of $1,148 per month per American household.
Overall, according to the U.S. Treasury, the federal debt increased by $3,646,116,554,704.36 between Jan. 20, 2009, when Obama was inaugurated, and April 13, 2011, when he gave a major speech announcing a plan to deal with the debt.
Given that the Census Bureau estimated in March that there are 117,538,000 households in the United States, the $3.6461 trillion increase in the debt under Obama works out to $31,020 per household.
Obama has now been in office 27 months. The $31,020 per household increase in the federal debt under his watch thus equals a per-household increase of $1,148 per month.
That $1,148 per month per household is more than a household would need to finance the monthly payments on a new domestically manufactured automobile.
According to figures published by the College Board, the $31,020 per-household increase in the national debt under Obama also equals more than the average tuition and fees for one year at a private four-year college and more than four full years of average in-state tuition and fees at a state college.
“Public four-year colleges charge, on average, $7,605 per year in tuition and fees for in-state students,” says the College Board.
“Private nonprofit four-year colleges charge, on average, $27,293 per year in tuition and fees,” says the College Board.
For the $31,020 per household the federal government has borrowed since Obama became president, it could have paid one full year of the average tuition at a private college for every household in country and still had $3,727 left over.

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