U.S. Federal Debt Exceeds National Income
Since Obama became president on January 20, 2009, federal debt in America has increased by $2.25 trillion, from $10.62 trillion to $12.87 trillion on April 20. When Bush became president 8 years earlier, federal debt was $5.73 trillion.
As a result, federal debt now almost certainly exceeds national income for the first time since the years following World War II. While second, or even first, quarter numbers for national income is not yet available, the fourth quarter 2009 number was $12.47 trillion. While possible, it is highly unlikely that it has risen to $12.87 trillion or more since then.
With the increase being $544 billion the latest 3 months alone, federal debt will soon become not just slightly larger than national income, but a lot larger.
As a result, federal debt now almost certainly exceeds national income for the first time since the years following World War II. While second, or even first, quarter numbers for national income is not yet available, the fourth quarter 2009 number was $12.47 trillion. While possible, it is highly unlikely that it has risen to $12.87 trillion or more since then.
With the increase being $544 billion the latest 3 months alone, federal debt will soon become not just slightly larger than national income, but a lot larger.
posted by stefankarlsson at 3:40 PM
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