According to the Treasury Department, the U.S. National Debt has topped $16 trillion. Here’s a visual courtesy of USDebtClock.org.
So what exactly does this mean?
Just under $5 trillion of the national debt is owed to the Social Security Trust Fund and federal pension systems. A little more than $11 trillion is owed to foreign and domestic investors and the Federal Reserve, which buys up treasuries in order to drag down interest rates through quantitative easing.
It’s the first day of the Democratic National Convention, President Barack Obama has added $5 trillion to the debt since taking office just four years ago and he has no plans to get the debt clock ticking backward. The Republican National Convention had two debt clocks ticking inside the forum where Mitt Romney spoke last week when he vowed to pay down the debt. The Democratic National Convention in Bank of America Stadium, doesn’t have debt clocks in it and President Obama hasn’t provided the American people with a plan, should he win a second term, about how to pay the now $16 trillion.
The RNC is already out with an ad slamming Obama for his reckless spending, reminding him of his own promise to cut the debt, not increase it.