Obama's Borrowed More Per Household ($53,616) Than Median Household Earns ($50,502)
(CNSNews.com) - Under President Barack Obama, the federal government's debt has increased by an amount per household that exceeds the annual median household income.
Since Obama’s first inauguration on Jan. 20, 2009, the federal debt has climbed $6,167,472,778,984.22. That equals about $53,616 for each of the 115,031,000 households the Census Bureau currently estimates are in the country.
By contrast, the Census Bureau’s most recent estimate of the median household income was $50,502 (for 2011).
If the federal government increased taxes sufficiently to take from the private sector the equivalent of $50,502 for every household in the country—that is, an amount that equals the median household income multiplied by the total number of households ($50,502 x $115,031,000), it would only take in $5,809,295,562,000.
That $5,809,295,562,000 tax increase would not be enough to pay back the $6,167,472,778,984.22 Obama has borrowed so far on the credit of American taxpayers.
To actually pay back what Obama’s has already borrowed, the federal government would need to tax away from the private sector an amount that equals more per household than the median household earns--and then it would need to refrain from spending those additional tax dollars on new or expanded government programs so the money could be used to pay down the debt.
On Jan. 20, 2009, when Obama first took the oath of office, the federal debt was $10,626,877,048,913.08, according to the U.S. Treasury. At the close of business on April 25, 2013, it was $16,794,349,827,897.30.