We have heard of debt troubles in Greece. We heard that Portugal and Italy may be heading into debt crisis too. We thought that the US under Obama is not like Greece or Portugal. Well not exactly. US debt is bigger then the debt of Greece and Portugal, actually whole European Union's, combined. To spell it out for you. Our debt is bigger then the debt of UK, Spain, Italy, Greece, Germany, France, Poland and others combined.
The debt is now "only" $15.1 trillion ($15.5 trillion now - by the time you read it it may be 15.75). It was $10.5 trillion when Obama took office. So, it is the only thing that we can document that he actually increased. While Obama claims that he inherited the deficit how can he explain raising it by 50% in only 3.5 years?
At this rate, if Obama gets elected for a second term we can expect our debt to be around $22.5 trillion by 2016.
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