On Monday the U.S. national debt hit a new record: $19,012,827,698,418. This is the first time the national debt has ever exceeded $19 trillion. That’s more than $58,000 for each person who lives in the U.S. today (including children). The main culprit behind the rising deficits and debt is growing federal spending—especially among Social Security, Medicare, Medicaid, and Obamacare.
Traditionally, Congress has set a limit for how much debt the U.S. may take on, known simply as the debt limit. But rather than put a higher limit on the debt, lawmakers and the president have repeatedly suspended the debt limit, most recently in November of last year through March 15, 2017. During a debt limit suspension, the Department of Treasury is authorized to borrow however much is needed to pay all federal obligations that come due.This means there is basically no limit on debt the U.S. may take on.
The president and his party have staunchly opposed and demagoguedall serious efforts to reform the programs that are, by Obama's own admission, the largest drivers of America's long-term debt. Before we move on, click through and read about a new report detailing how the Obama administration deliberately misled the public and Congress during recent debt ceiling debates.
As for the mountain of debt American taxpayers (present and future) face, it's important to remember that when one factors in unpaid-for federal promises, known as unfunded liabilities, the "true" debt figure is much higher, frighteningly. When I tweeted about this unprecedented Obama "accomplishment," many liberals replied with some version of, "but Bush!" While very few conservatives would hail the Bush-era GOP's fiscal restraint, Obama's reckless stewardship blows all previous debt accrual out of the water, and it's not even close: