The federal debt is rising how fast?

Face the Facts usa is reporting that the federal deficit is increasing by a luxury suv’s worth of red ink—every second! It writes:

In every second of 2011, the government spent $114,253 while taking in only $73,043 in revenue. That means in each second, the federal government spent $41,210 that it didn’t have. Divided among every man, woman and child in the U.S., the 2011 deficit amounted to $4,158.

Does this really sound sustainable to anyone? Can Congress really justify this kind of spending?

The U.S. government borrowed more than $4,000 per person this year, but the really scary thing is that it borrowed even more during each of the past three years!

When you get into the hundreds of billions and trillions, it is difficult to picture just how much money the government is borrowing. Face the Facts usa did a great job in this regard. The government is borrowing the equivalent of a brand-new luxury suv each and every second—all year long. Actually, a pile of suvs that large is pretty hard to imagine too.

This kind of spending is unsustainable. Unfortunately, the economy is addicted to government spending. After the election ends and the tax hikes and/or spending cuts kick in, the economy will take a huge hit.

Conclusion: Start preparing now for higher unemployment and fewer government services. As always, now would also be a great time to reduce debt.