Before his inauguration, President-elect Barack Obama made a dire prediction: “Potentially we’ve got trillion-dollar deficits for years to come, even with the economic recovery that we are working on.”
Today’s landmark – America’s total debt reaching $16 trillion – makes clear that although the economic recovery never materialized, President Obama’s trillion-dollar deficits certainly did. As any number of online videos can tell you, a trillion is a big and near incomprehensible number. For some perspective, consider the following: total US debt per citizen comes to more than $181,000, which is slightly less than the median home price in America. In the South and Midwest, it is well above the median home price. It is no wonder Americans’ economic confidence is once again on the decline.