(CNSNews.com) - If Americans under the age of 18 were required as a group to pay off the entirety of the federal government’s debt in equal shares, each would now need to pay about $218,676.
That is more than the $130,468 average price tag for four years at a private college or the $173,100 median price for an existing one-family home in the United States.
During the time Barack Obama has been president, the U.S. government debt has increased from approximately $143,255 per American under 18 to approximately $218,676 per American under 18--a climb of $75,421 or about 53 percent.
As of Nov. 1, the total national debt was $16,221,685,381,838.28, according to the Bureau of the Public Debt. On Jan. 20, 2009, when Obama was inaugurated, it was $10,626,877,048,913.08. Thus, during Obama’s presidency, the U.S. government debt has increased $5,594,808,332,925.20.
The 2010 Census said there were 74,181,467 people in the United States under the age of 18. Thus the total U.S. government debt of $16,221,685,381,838.28 equals about $218,676 per person under 18, and the $5,594,808,332,925.20 in new debt accumulated under Obama equals about $75,421 per person under 18.
The Census Bureau’s 2012 Statistical Abstract of the United States said the median price of an existing one-family home was $173,100 in 2010 (the latest year included in the abstract).
The U.S. Department of Education’s National Center for Education Statistics says that in the 2010-2011 school year the average price for total tuition and room and board for a full-time undergraduate at a four-year private college or university was $32,617. Were that rate to remain constant for four years, an undergraduate degree from a private college would cost about $130,486.
Neither borrowing all the money needed to pay for a four-year private-college education nor borrowing all the money needed to buy a median-priced home would put as much debt on the shoulders of young Americans as the federal government already has.
Enjoying your CNSNews.com article? The MRC is NOT funded by the government like NPR - but as a non-profit, your tax-free contribution will keep the MRC your conservative premiere Media Watchdog! Support us today by completing the form below. Enjoy your article!