Obama's Increasing Federal Debt $1,148 Per Month Per Household—Enough to Buy a Car or Pay Tuition at State College

April 13, 2011 - 5:52 PM

Obama in Chile

U.S. President Barack Obama and first lady Michelle Obama toast at the official dinner offered by Chile's President Sebastian Pinera in Santiago, Chile, on Monday March 21, 2011. (AP Photo/Roberto Candia)

(CNSNews.com) - Under President Barack Obama, the federal debt has been increasing at a rate of $1,148 per month per American household.

Overall, according to the U.S. Treasury, the federal debt increased by $3,646,116,554,704.36 between Jan. 20, 2009, when Obama was inaugurated, and April 13, 2011, when he gave a major speech announcing a plan to deal with the debt.

Given that the Census Bureau estimated in March that there are 117,538,000 households in the United States, the $3.6461 trillion increase in the debt under Obama works out to $31,020 per household.

Obama has now been in office 27 months. The $31,020 per household increase in the federal debt under his watch thus equals a per-household increase of $1,148 per month.

That $1,148 per month per household is more than a household would need to finance the monthly payments on a new domestically manufactured automobile.

According to figures published by the College Board, the $31,020 per-household increase in the national debt under Obama also equals more than the average tuition and fees for one year at a private four-year college and more than four full years of average in-state tuition and fees at a state college.

“Public four-year colleges charge, on average, $7,605 per year in tuition and fees for in-state students,” says the College Board.

“Private nonprofit four-year colleges charge, on average, $27,293 per year in tuition and fees,” says the College Board.

For the $31,020 per household the federal government has borrowed since Obama became president, it could have paid one full year of the average tuition at a private college for every household in country and still had $3,727 left over.