IMPLOSION UPDATE: DEBT PASSES $16 TRILLION; Feds spend $41,210 every second more than it takes in

(Source: Weekly Standard, based on Senate Budget Committe data)

“The Treasury Department said Tuesday that the federal government has now  officially topped $16 trillion in debt,” reports the Washington Times. “The announcement, which came just an hour before Democrats gaveled in their  convention in Charlotte, N.C., to renominate President Obama for another four-year term, immediately boosted the government’s grim fiscal picture back to  the fore of the national debate. Debt has risen at a meteoric pace under Mr. Obama — in less than four years  in office he has already eclipsed President George W. Bush’s eight years.” Meanwhile, a U.S. News & World Report story in August revealed that the federal government is spending some $41,210 every second more than it takes in in revenue. As I write in Implosion, this is absolutely unsustainable. Will anyone stop this madness before it’s too late?

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