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US Ends Fiscal 2016 With $1.4 Trillion Debt Increase: Third Largest In History
10-04-2016, 02:38 PM,
#1
US Ends Fiscal 2016 With $1.4 Trillion Debt Increase: Third Largest In History
US Ends Fiscal 2016 With $1.4 Trillion Debt Increase: Third Largest In History

The United States government closed out the 2016 fiscal year that ended a few days ago on Friday September 30th with a debt level of $19,573,444,713,936.79.  That’s an increase of $1,422,827,047,452.46 over last year’s fiscal year close.That debt growth amounts to roughly 7.5% of the entire US economy.  By comparison, the Marshall Plan, which completely rebuilt Western Europe after World World II, cost $12 billion back in 1948, or roughly 4.3% of US GDP at the time.The initial appropriation for the WPA, perhaps the largest of Roosevelt’s New Deal “make work” programs that employed millions of people, cost  6.7% of US GDP.  And, more recently, the US $700 billion bank bailout at the beginning of the 2008 financial crisis was the equivalent of 4.8% of GDP.  So basically these people managed to increase the national debt by a bigger percentage than the cost of the New Deal, Marshall Plan, and 2008 bank bailout.What exactly did you get for that money?Did they spend $1.4 trillion on achieving world peace, eradicating poverty, saving the planet, or some other pipedream?Did they finally fix America’s crumbling infrastructure that has been in desperate need of repair?Did they send a gigantic tax refund check to every man, woman, and child in the country?Actually the answer is (D), none of the above. They squandered it all.Read the entire article
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