The US government spends $41,120 it doesn't have every SECOND as deficit rises to the largest since WWII

http://www.dailymail.co.uk/news/article-2182357/Face-Facts-USA-Government-spends-41K-deficit-second.html

By Daily Mail Reporter

PUBLISHED: 17:26 EST, 1 August 2012 | UPDATED: 17:47 EST, 1 August 2012

The United States racked up $41,210 in debt every second of every day in 2011 — making the federal deficit the largest portion of the economy since the height of war spending in the 1940s.That shocking statistic was released by Face the Facts USA, a nonpartisan policy initiative, in an attempt to ‘wake up’ American voters and politicians to the rising piles of debt that the nation is accumulating.

At more than 9 percent, the $1.56 trillion federal deficit last year was the culmination of three years of major deficit spending in the wake of the recession.

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Counting seconds: The nonpartisan advocacy group Face the Facts USA hopes to raise awareness to issues by presenting cold, hard facts

The last time the deficit rose that high was 1946, when the nation was winding down from full-blow war production.

During the height of the war, the annual deficit was almost 30 percent of the country’s gross domestic product as the government spent billions on tanks, guns, airplanes and battleships.

In a dramatic video produced by Face the Facts USA, a group funded by George Washington University, a sweep second hand counts off the massive debt that government is accruing.

Using figures from the Office of Management and Budget, Face the Facts calculated that the government spent $114,000 every second in 2011 — but only took in $73,000 in tax revenue.

This left the American people accumulating more than $41,000 in debt each second.

Shocking: The video ends with this conclusion that the government has added $2.5million to the deficit in the time it took to watch the presentation

For dramatic effect, the group calculated that 41,210 dollar bills stacks nearly 15 feet high. In one minute, the stack rises to 886 feet — taller than the Titanic was long.

At the end of the one minute and 14 second-long video, Face the Facts reveals that the government has added $2.5 million more debt.

The government continued the dramatic deficit for this year’s budget — though decreased indebtedness slightly.

The government expects to spend $3.8 trillion next year, but only take in $2.5 trillion — leaving a deficit of just over $1.3 trillion.

None of this speaks to the the national debt — which currently stands at about $15.9 trillion, about $51,000 for each American citizen.

Read more:

• Face the Facts USA

Read more: http://www.dailymail.co.uk/news/article-2182357/Face-Facts-USA-Government-spends-41K-deficit-second.html#ixzz22MFRTC3a

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