On Jan. 9, the federal government’s debt officially surpassed $15 trillion — an amount larger than the total annual output of the U.S. economy. Worse, the debt is increasing. Approval of the Budget Control Act last August was a thinly veiled Band-Aid.
At present, the Obama administration projects total debt to increase by $26 trillion in 10 years — more than 15 percent higher than the projected $22.5 trillion in gross domestic product.
Recommended Stories
Print subscriber? Click here to login/register your account
Digital subscriber? Click here to login/register your account.