Here is what Sen Sander’s recently tweeted:
On October 31, 2001 the federal debt (excluding intergovernmental debt like the Social Security trust bonds) was $3,333,039,379,996. On December 31, 2008 when Bush left office it was $6,322,709,588,713 which is an 89.69% increase.
On August 1, 2016 total non intergovernmental debt is $13,968,476,305,648, a 120% increase over the end of 2008.
Now look at the annual deficits during the Bush years and the Obama years. The estimated 2016 deficit is higher than any deficit during the Bush years. Some people may be inclined to blame the extraordinary high deficits during the first term of the Obama administration on the Great Recession. Okay, but let’s remember the root cause of that recession was government policy to promote home ownership and sub-prime lending driven by Democrats such as Barney Frank and the HHS head Cuomo. But that still doesn’t explain an estimated $616 billion dollar deficit for 2016.
Total federal debt as of 8-1-16 is $19,358,707,115,589. The portion of total debt which is intergovernmental debt has been growing modestly in the last several years but that is because the Social Security Trust stopped lending to the Treasury in 2010 when there was no longer a surplus generated by incoming taxes to the Trust. Since then all the revenue (and some of the interest on existing Treasury Bonds owned by the Trust) has been required to pay benefits.
When interest rates begin to rise as they surely will, the portion of federal spending going to interest payments will increase substantially; that’s money that could go to more valuable investment by government. Then add the impact of the Social Security Trust redeeming its bonds of $2.8 trillion which will be done over the next eighteen years.
We be heading for big trouble. Which candidates are talking about that and the taxes that will be raised to cope😡