Thanks to Congress, the U.S. now doesn’t have a debt limit for the next year. Let two Heritage experts put this into perspective.
“President Obama, after less than five years in office, has already increased the debt limit by more than any other president in U.S. history, including President George W. Bush over eight years in office,” report Romina Boccia and Michael Sargent, authors of the newly updated Federal Budget in Pictures.
For the next year, now that Congress has given Obama a blank check, we’ll be following the borrowing and the spending and all the debt Washington is piling on Americans. The national debt, at $17.3 trillion, already exceeds $140,000 per household.
Sargent and Boccia, the Grover M. Hermann Fellow, teamed up with Heritage’s Senior Data Graphics Editor John Fleming to bring us 20 charts that will convince you the country’s in trouble.
There are some scary fiscal times ahead.
Imagine all of America and all of the taxes people pay to the federal government every year. Do you have an overwhelming idea in your mind? Just 16 years from now, ALL of that money will pay for just two things: entitlement programs and interest on the debt.
All of it.
The entitlement programs include Social Security, Medicare, Medicaid, and Obamacare’s new entitlements. So if you think anything is important besides these mammoth entitlement programs—like national defense, a real constitutional priority—Congress needs to get going on some major reforms.
These are just a few of the mind-boggling facts you can see and share—if you dare—in this visual resource. Find out where your tax money went and get the latest on Obamacare’s tax hikes.
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