Congressman Bill Posey, of Floridas 15th congressional district, recently wrote this to his constituents:
I wanted to highlight some numbers that I found interesting concerning our national debt. As of June 30th of this year, the national debt stood at a whopping $11,545,275,346,431 or approximately $11.5 Trillion. That works out to $37,609.05 for every man, woman and child in America.
During the month of June, the national debt increased by $223.7 Billion, an increase of $7.5 Billion a day. That’s an hourly increase of $310.7 Million or $5.2 Million per minute and $86,295 per second. The government spent $18 billion just on interest alone in June, which works out to $600 million a day in interest payments.
At the end of April, the U.S. government owed China $763.5 billion. This year alone our debt to China has increased by $36.1 billion. We owe Japan $685.9 billion and we owe oil exporting nations such as Saudi Arabia, Venezuela, the United Arab Emirates (UAE), Bahrain, and Kuwait $189.5 billion. When Congress overspends, other nations will come in and buy up our debt through the purchase of U.S. Treasuries and it’s a bill that our children will eventually have to pay back, with interest.