According to the Washington Examiner the United States national debt has hit a new all time high. A record breaking $19.012 trillion dollars was recorded Friday. This was made possible by the continuing of Congress raising the debt ceiling and allowing the Federal Government to borrow seemingly a limitless amount of money.
It is shocking to note that in our history as a country it took us over 200 years to reach one trillion dollars in debt, however in the last 13 months, yes months, we have added a whole new trillion. Where will this debt crisis end? It shows no sign of stopping or even slowing down anytime soon. As we move into an election year we will hear promise after promise of a fix, but will we see a solution? Highly doubtful.
The most frightening part of this ordeal is the exponential character of the rise of the national debt. The Washington Examiner reports:
That’s a slightly stepped-up pace compared to the last few $1 trillion mileposts. It took about 14 months for the debt to climb from $17 trillion to $18 trillion, and about the same amount of time to go from $16 trillion to $17 trillion.
The next debt ceiling to be hit won’t happen until March of 2017 which means we will see the debt continue to increase even after the next election cycle. At this rate, it begs the question, will the Obama administration leave office with the largest debt of our entire nation’s history at over $20 trillion dollars?