What Does the Ballooning National Debt Mean to You?

Jon Banking, Economy, Fiscal Policies, Market Commentary, Real Estate, War

When Pres. Trump signed a bill raising the debt ceiling limit for the next three months, it instantly added approximately $318 billion to the national debt, raising it to $20.16 trillion. And Trump wants to do away with the debt ceiling altogether.
It’s hard to even conceptualize $20 trillion. What does that mean to the average person? Just the Facts Daily put together some interesting data that helps put the soaring national debt into perspective.
The national debt is currently over 105% of total GDP. That’s the highest level in history except for a two-year spike at the end of World War II.
To personalize the debt a bit, consider this. It currently totals $61,889 for every person in the United States, or $160,247 per household. Looking at it in terms of household debt, its currently 35% higher than the average consumer household debt of $118,271. Household debt includes mortgages, student loans, credit card balances, and auto loans.

This post was published at Schiffgold on SEPTEMBER 25, 2017.