Federal debt increased by nearly $700 billion this year, according to the Treasury Department, reaching a record of $18.8 trillion or $58,000 per person.
According to the figures published by the Treasury, total outstanding public debt rose from $18.14 trillion on Dec. 31, 2014, to just over $18.82 trillion on Dec. 28, an increase of about $677 billion, or about $1.8 billion per day.
Put in perspective, that represents an increase of more than $5,000 per U.S. household, bringing the household total to nearly $160,000. That falls just short of double the amount owed when President Obama took office in 2009, when each household shared a bit more than $90,000 of the debt.
In spite of the increase, 2015 was a thrifty year for Obama. The debt increased by more than $789 billion in 2014 and by more than $919 billion in 2013.
The federal debt load has increased by more than $8 trillion, or 78 percent, since Obama took office in January 2009, when the debt stood at a relatively paltry $10.6 trillion. It has increased an average of $1.17 trillion each year since then.
Additional facts to put the figures in perspective:
Every man, woman and child is currently responsible for paying $58,307, given the Census Bureau's estimate of 322.75 million people living in the U.S.
- However, only 149 million people in the U.S. are actively participating in the labor force, which means those who are working owe $125,867.
The debt represents slightly more than 100 percent of U.S. gross domestic output, which the International Monetary Fund estimates will reach $18.1 trillion in 2015.
Obama has increased the debt more than any other president in history. But if he wants to accumulate more than all 43 of his predecessors combined, he would need to increase it by an additional $2.4 trillion in 2016.
Analysts expect the problem to reach critical mass in just over 10 years.
"According to the Congressional Budget Office, all federal revenues will be going to pay for interest on the debt and unfunded liabilities in 11 years," Rep. Dave Brat, R-Va., a former economics professor at Randolph-Macon College, told the Washington Examiner. "That means there will not be one dollar left for defense, education, transportation or the rest of government.
"Folks ought to sit down and let that sink in. The major story of our budget and the debt is the burden being placed on the next generation," he said. "We're having the pizza party today and they're going to pay the bill tomorrow."