This is the first chart in a six part series on the national debt. The above chart shows that it took the U.S. from its founding until 1996 to accumulate its first $5 trillion in national debt. Then it took only 12 more years to accumulate its next $5 trillion in national debt. The Obama administration released its proposed budget last week, and the debt picture is not pretty. It forecasts that in 2011 the U.S. will surpass $15 trillion in national debt. So, as the above chart shows from 2008 to 2011 we will have accumlated another $5 trillion in national debt.
Source:
U.S. Treasury - Treasury Direct.
Forecast are from the Office of Management and Budget, A New Era of Responsbility Renewing America’s Promise, Table S-9.
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What’s this chart look like when adjusted for inflation (i.e. in 2009 dollars)?
Comment by dafuller — March 10, 2009 @ 7:25 am