Federal Debt in FY 2016 Jumped $1,422,827,047,452.46--That's $12,036 Per Household

[rangerrebew]

Federal Debt in FY 2016 Jumped $1,422,827,047,452.46--That's $12,036 Per Household

(CNSNews.com) - In fiscal 2016, which ended on Friday, the federal debt increased $1,422,827,047,452.46, according to data released today by the U.S. Treasury [1].

At the close of business on Sept. 30, 2015, the last day of fiscal 2015, the federal debt was $18,150,617,666,484.33, according to the Treasury. By the close of business on Sept. 30, 2016, the last day of fiscal 2016, it had climbed to $19,573,444,713,936.79.

According to the Census Bureau’s latest estimate, there were 118,215,000 households in the United States as of June. That means that the one-year increase in the federal debt of $1,422,827,047,452.46 in fiscal 2016 equaled about $12,036 per household.

The total federal debt of $19,573,444,713,936.79 now equals about $165,575 per household.

 

Source URL: http://cnsnews.com/news/article/terence-p-jeffrey/federal-debt-fy-2016-jumped-142282704745246

[Night Hides Not]

So why is it so important to elect Republicans to Congress? Can anyone answer that for me?

This should be "four-alarm" news.

I guess the numbers are so big, it causes eyes to glaze over.

[Free Vulcan]

Frankly, who gives a crap? I hate BS aggregate stats like how much of the debt each person has. It tells you nothing of the consequences but sounds very official and professorial.

How 'bout we talk interest? Right now we pay around $400B in interest at an average rate of 2% with a 6Y maturity. Our income to the govt is around $3T.

Jack that rate up to 8%, not particularly high in historical terms, and hold it there for a few years. Suddenly that interest cost balloons to $1.6T, or over half of current receipts.

Let's not ignore that in the last recession receipts fell off by 20%. That would set us back to $2.4T, which means 8% interest would be 2/3 of our receipts. Since social programs and military are most of the budget, think about that for a second if they were cut in half or two thirds.

Now add that if if the next recession is only as bad as the last we'd be running $2T deficits. Add another $10T to the debt, and it would only take 4% rates held steady to suck up half those receipts. The more you add, the less interest rates have to rise before it swamps receipts. This doesn't even address the consequences of the world dumping our currency if we can't fund ourselves and pay the interest.

We aren't talking about some rainy day when the grandkids are old, we are talking about the next recession. We have boxed ourselves into a corner and there's no way out without a lot of pain.