Study: Your share of federal debt is $106,000

Study: Your share of federal debt is $106,000

[Ed. – Well, it was a couple of months ago, when the debt was at $16.7 trillion.  It’s more than that now.  And, of course, that’s just the year-on-year debt.  It doesn’t include the unfunded entitlement obligations.]

American workers would have to cough up a one-time “debt reduction fee” of $106,000 to pay off the nation’s debt that has grown 58 percent under President Obama, according to Harvard University’s Institute of Politics annual report on the USA.

The 91-page report provided to Secrets pegged the nation’s debt at $16.7 trillion, up from the $10.6 trillion inherited by Obama. “The debt has grown so quickly because of large and repeated annual deficits in federal spending,” said the report.

What’s more, the Annual Report of the USA, from the student at the Harvard Political Review and done in partnership with the American Education Foundation, found that food stamp usage has surged 77 percent during the recession and that Social Security benefits will be slashed 23 percent starting in 2033 unless Congress and the White House institute sweeping reforms. …

[D]esperate American families have struggled during the recession that struck at the end of the Bush administration and has lasted through Obama’s two terms: food stamp participation has surged 77 percent and funding more than doubled to $71.8 billion.

Harvard said that from the beginning of the recession in late 2007, average monthly participation in the program jumped to historic levels and an annual bill of $30.4 billion.

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