U.S. debt explodes by 1 trillion in Obama's final year in office
Duncan Richardson, News Editor
11 Jan 2017, 10:34 a.m.
During President Obama’s final year in office the USA's government debt expanded by a further $1 trillion to just below $20 trillion. To put that number into perspective, to spend $1 trillion, you would have to spend £10 million dollars every day for 273 years.
Under Obama’s reign the country's debt has doubled. This may sound horrifying, however, the same occurred under the Bush presidency and countless other administrations.
With Donald Trump pledging to the U.S. electorate he will spend big in a last-ditch attempt to simulate the economy, it is more than plausible that Federal debt could double again to $40 Trillion by 2024.
These figures do not include local, state, business or household debt. In the U.S the average household owes $132,529 up from $88,000 in 2012. Total global debt exceeded $200 trillion in 2016 and figures from a ING expects this figure to reach $230 by the end of the year. This would equate to $32,85.14 for every person on the planet.