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America's Official Debt Will Soon Top $11 Trillion
(Northbrook, IL) This week, the official debt of the United States of America will top $11 trillion, just 165 days after hitting $10 trillion. "To increase the debt at this alarming rate is just plain scary," said Sheila Weinberg, founder and CEO of the Institute for Truth in Accounting, the Northbrook, Illinois based accounting watchdog organization.
The absolute size and the growth of the nation's obligations are alarming.
"In round numbers, U.S. debt will shortly cross the $100,000 level for every household in America." said Weinberg. "There is no parallel to this amount of absolute debt in American history, even during our wars and recessions. For example, the U.S. debt at the end of World War II was $258 billion or just $2.8 trillion in today's dollars."
Total U.S. obligations have ballooned since the economy turned down. "The Federal government is bailing out banks, the auto industry and the housing market," said Roger Nelson, the Institute's chairman. "At the rate the feds are borrowing I am wondering who is going to bail out our country?"
The U.S. government has risen to an unprecedented $11 trillion. That's up from $9.4 trillion just one year ago.Debt held by the public has grown by nearly $1.4 trillion or a whopping 25.8%. Nelson said, "The growth in our 'public' debt concerns me, because an increasing proportion of 'the public'' are actually foreigners who may not have our nation's best interests in mind."
This official debt is only part of the nation's obligations-unfunded liabilities and social insurance promises are more than five times greater. Find out more and keep an eye on the rising debt by viewing our spinning debt clock at: www.truthinaccounting.org.
About the Institute for Truth in Accounting
The Institute for Truth in Accounting (IFTA) is dedicated to promoting honest, accurate, and transparent accounting at all levels of government and business. As a non-partisan, non-profit organization, the IFTA works to expose accounting deficiencies while promoting better, more accessible delivery of accurate government financial data-and, in turn, providing a foundation for more informed public policy. The IFTA provides its expertise to develop more effective accounting standards and deliver accurate government financial information to policymakers, opinion leaders, and citizens, so they can all work for a more secure financial future. To learn more, please visit our website at www.TruthInAccounting.org.