Hatch on Nation’s Debt Hitting Record $16 Trillion
SALT LAKE CITY – Today, U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, issued the following statement after the nation’s debt hit $16 trillion:
“How many warnings and alarm bells can go off before President Obama actually starts taking responsibility for our staggering $16 trillion debt and broken economy? The American people can’t afford more excuses, more blame, and more of the same from this stunningly irresponsible White House. After 42 consecutive months of unemployment over 8 percent, economic growth at paltry levels, and now $16 trillion in debt that will be borne by our children and grandchildren, our nation can’t afford a President who believes that he deserves an ‘incomplete,’ that the American people didn’t build it and that the private sector is fine. It’s time for the President to acknowledge that he has failed to tackle the problems as he promised.”
NOTE: The nation’s record $16 trillion debt represents 102.6 percent of gross domestic product (GDP). The U.S. now owes over one full year’s worth of its entire output of new goods and services.