The national debt is huge now, but is actually growing slowly since about May 1, 2012. When was the last time it grew at this slow of a pace?
Well, I haven't look at every month, but I think the last time in which the debt grew this slowly was May 2008. The national debt on 5/30/2008 was $9389 bn.
If it continued at the rate of 0.579%/mo (which is the rate at which it will double in 10 years), the national debt would look like the following:
9/30/2008 $9,608 bn (actual $10,025 bn)
9/30/2009 $10,298 bn (actual $11,910 bn)
9/30/2010 $11,036 bn (actual $13,562 bn)
9/30/2011 $11,828 bn (actual $14,790 bn)
8/31/2012 $12,604 bn (actual $16,016 bn)
So we have borrowed $3.4 trillion more than if we had borrowed at the slower pace. What do we have to show for the money?
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