The Trouble With Trillions

John Lott

8/25/2009

Ten trillion dollars simply is a lot of money. In the case of ten trillion dollars of national debt, it comes to over $33,000 per person– $130,000 for a family of four.

Last year, President Obama campaigned against budget deficits. Yet, now we have the newly announced figures from the Obama administration stating that the deficits numbers over the next decade will add up to over $9 trillion– $2 trillion more than had been forecast as recently as March. Even this likely underestimates the deficit by at least another $1 trillion. Looking back, it is hard to believe that the deficits during the Bush administration totaled only about $3 trillion over eight years.

The story continues …..

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