FedUpUSA

Debt Ceiling Breach: Objects In Mirror Are Closer Than They Appear

While it is possible that the federal government could play accounting tricks to try to postpone the day of reckoning until after Election Day, things aren’t looking good on that margin of safety for which Obama negotiated last August.

The math says September 9th is the current target date when the debt limit will be hit, since the current debt total is $15,618,088,043,505.60 and it has been rising an average of 5.19 billion dollars per day from the $14.294 trillion limit it was at on August 2, 2011, and the new limit is $16.394 trillion.

In the meantime the US Department of Labor is reporting average daily gross earnings of approx. 12.78 billion dollars (i.e. 110.8 million workers * $23.39 per hour * 34.5 hours/week) for all private sector workers in the USA during March. This means that the government is going further in the hole at the rate of 40.6% of our wages on a debt which will eventually have to be paid back in full with compounded interest.

See http://www.bls.gov/data/home.htm and http://www.treasurydirect.gov/NP/BPDLogin?application=np for the detailed data used to make this analysis.

h/t Degaston from the Forum

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