The 2011 fiscal year ended Sunday night and the new debt numbers are in. You might want to sit down before you read more. And send your kids out of the room. If they get a good look at the hole we’ve dug for them, they’re going to get very upset.
According to the U.S. Treasury, the debt of the U.S. government climbed by a total of $1,275,901,078,828.74 in fiscal 2012, which ended yesterday.
That means the federal government borrowed approximately an additional $10,855 for each household in the United States just over the past twelve months.
The total debt of the United States now equals approximately $136,690 per household.
The good news — if there is any good news about a $16 trillion debt — is 2012 didn’t raise the debt quite as much as 2009 or 2010, though it was more than 2011. Your share of the debt is now $10,855 more than it was at the same time last year and there’s no indication right now that the number will drop, at least not for the foreseeable future. Fiscal 2012′s deficit is the fifth straight year we’ve added more than a trillion dollars to the debt.
Here are the year-by-year numbers.
Fiscal 2007: $500,679,473,047.25
Fiscal 2008: $1,017,071,524,650.01
Fiscal 2009: $1,885,104,106,599.26
Fiscal 2010: $1,651,794,027,380.04
Fiscal 2011: $1,228,717,297,665.36
Fiscal 2012: $1,275,901,078,828.74
Remember, we’re still on the edge of the 2008 recession we never quite left. I don’t think another few years of trillion-dollar deficits is going to get our economic engine purring, do you?