The Historic Debt

By Ethel C. Fenig

Happy end of 2011--the US had a debt of $15,222,940,045,451.09 at the close of Friday, December 30! President Barack Obama (D) inherited the debt from...President Barack Obama (D); on December 31, 2010 the country's debt was $14,025,215,218,708.52, an increase of over a trillion dollars and lots of change in just one year. When Obama took over from President George W. Bush (R) on January 20, 2009 the national debt was $9,188,640,287,930.39, it has zoomed up over $6 trillion in just four years.

But good news--under the skill of the vacationing President Obama, the debt did not increase on the first business day of 2012, Tuesday, January 3 from the last business day of 2011.

Tyler Durden of ZeroHedge comments on a historic event.

US debt to GDP is now officially over 100%, or 100.3% to be specific, a fact which the US government decided to delay exposing until the very end of the calendar year.

So much for "the most transparent administration in history."

If the country owes more than its GDP, if debt increases who will pay it? How? Well kiddies who fell for hope and change, there is your hope, how is that for a change?

Four more years?

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