While most of us were ringing in the new year, the federal government was busy going on a borrowing binge.
On just one day – December 31st – the federal government added over $125 billion to our national debt.
CNS News estimates that this adds up to approximately $1088.60 worth of borrowing for every single household in America, and that was just in one day!
This one day borrowing binge happened on the last day of the first quarter of the fiscal year, which, added an astounding $614 billion to our federal debt in that quarter alone.
That adds up to about $5,336 for every household in America.
It's inconceivable that we can continue to borrow at this rate. At some point, the bill will come due for our children or grandchildren. What kind of freedoms and opportunities will they be able to enjoy if they are saddled with the burden of paying off the money we are currently borrowing?