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It’s Official: US Government Ends Fiscal Year with $1.4 Trillion Debt Increase

It’s official.

The United States government closed out the 2016 fiscal year that ended a few days ago on Friday September 30th with a debt level of $19,573,444,713,936.79.

That’s an increase of $1,422,827,047,452.46 over last year’s fiscal year close.

Incredible. By the way, that debt growth amounts to roughly 7.5% of the entire US economy.

By comparison, the Marshall Plan, which completely rebuilt Western Europe after World World II, cost $12 billion back in 1948, or roughly 4.3% of US GDP at the time.

The initial appropriation for the WPA, perhaps the largest of Roosevelt’s New Deal “make work” programs that employed millions of people, cost 6.7% of US GDP.

And, more recently, the US $700 billion bank bailout at the beginning of the 2008 financial crisis was the equivalent of 4.8% of GDP.

Read the entire article

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