Yesterday the USA Today reported the National Debt at $546,668 per household, including a 12% increase in 2008 alone. According to White House documents, the budget won’t run in the black until the year 2012 (PDF pg. 26). However, that increase in revenue is predicated on a 21% increase in GDP between 2009 and 2012 (PDF pg. 29), a particularly rosy scenario given the current circumstances.
“Bottom line: The government took on $6.8 trillion in new obligations in 2008, pushing the total owed to a record $63.8 trillion.”
Read the whole USA Today article here.