U.S. IOU — $16 Trillion
The U.S. national debt as of last Friday was $15.975 trillion. During the month of August, the national debt has risen by about $68 billion. In the month of July, the debt rose $77 billion. You get the idea.
The national debt will get a lot of attention in the final run-up to the fall elections. The Republicans will blame the Obama administration, and the Democrats will blame the Bush administration's large tax cuts. But as the executive director of the Concord Coalition told the New York Post, "[T]he truth is that [the national] debt has more to do with the collapse of the economy."
If that's the case, then putting the economy back on its feet would seem to be the priority. But again, the political gulf between Democrats and Republicans has so far foreclosed any solution. Blame whichever side you want; the fact is that the debt will continue to grow.
In the 15 minutes it has taken to type this up, the national debt has grown by nearly $26 million. Think about that.
Filed under: 24/7 Wall St. Wire, Economy, Politics