U.S. debt hits $16 trillion

When the U.S. debt went over $9 trillion, then-candidate Obama called it “irresponsible” and “unpatriotic”. Now the debt under President Obama has hit $16 trillion.

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  • Bob Clark

    U.S aggregate annual income is currently running about $15.7 trillion (per Gross Domestic Product, BEA, second quarter, 2012). So, the U.S by some measures is running relatively high on national debt, as opined by Rogoff and Reinhardt who studied the various financial crises of the past 400 years. What is concerning the federal (revenue minus expenditure) deficit is running about $1 trillion dollars per year currently. Lately, the Federal Reserve has been purchasing the bulk of treasury notes and bonds so as to effectively be printing money. I think we can do much better by rolling back regulations and opening up federal lands to increased oil and natural gas drilling and development than currently. An extra 1 percentage point in economic growth from deregulation per year would help significantly shrink the federal deficit within 10 years without altering tax rates or reducing nominal federal spending. I think a political practical intermediate solution to fiscal policy may be to freeze both tax rates and nominal federal spending until the federal deficit becomes much smaller than currently.

  • Britt Storkson

    The latest debt ceiling increase required Republican votes to pass including our own Greg Walden.
    Since our politicians are for sale so are our freedoms and liberties.

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