Translated by Ollie Richardson for Fort Russ
3rd February, 2016
It was announced that the President of the United States, Barack Obama, has added over 8 trillion dollars to the debt. Thus, with less than a year remaining before the end of Obama’s second term, the debt of the state is now $19.01 trillion.
The level of U.S. national debt has exceeded record results, despite the fact that seven years ago, when the current occupant of the White house assumed the title of President, it had reached only $10.6 trillion dollars, said The Washington Times. A week earlier it was reported that during the reign of Obama the U.S. national debt had increased by $8.3 trillion and reached $18.9 trillion. For comparison, during the full eight years of the presidency of Republican George W. Bush, the same indicators in the U.S. rose by $4.9 trillion.
However, according to economists, the record level of debt for the U.S. is not the plateau. According to calculations by the Budget office of Congress, in the next ten years this figure could easily to reach $30 trillion. Experts attribute this to the aging population, additional budgetary expenses and a reduction of the number of taxes and the consequences of the health program “Obamacare”.
As a reminder, of the total U.S. national debt, 13.7 trillion is public debt, holders of which are individuals and companies. The remaining part is domestic borrowing. The United States has repeatedly approached the dangerous threshold of the state debt which, if exceeded, can indicate a default. This last happened in late October. The situations in 2011 and 2013 were no different.