debt

The U.S. government is $14.3 trillion in debt. When we first neared the trillion-dollar mark in 1981, President Ronald Reagan said that the height of our debt amounted to a stack of $1,000 bills about 67 miles high. That's somewhere in the thermosphere.

Today, that pile of $1,000 bills would be floating in space, more than 900 miles above the Earth. There aren't any $1,000 bills in circulation anymore, so here's an astronomical analogy about today's debt: If you stack up 14.3 trillion dollar bills, the pile would stretch to the moon and back twice.

(photo by Steve Carmody/Michigan Radio)

Michigan congressman Tim Walberg describes today’s meeting between Republican lawmakers and President Obama as ‘congenial’.   Walberg was among the GOP members of congress who outlined their concerns about the budget during the 90 minute meeting with the president at the White House. 

Screen grab of New York Times web page
Screen grab from the New York Times

It's easy to criticize. Now you're in charge.

The New York Times has created a slick little interactive tool that displays different solutions to the country's projected budget deficits.

Debt levels among poor, near-poor and moderate-income households has ballooned over the past decade.
Steve Carmody / Michigan Radio

We collectively owe around $828 billion in revolving credit debt (that includes credit card debt), according to the latest numbers from the Federal Reserve.

Now, a column in the Detroit Free Press is reporting that for the first time ever, student loan debt has outstripped  revolving credit debt, coming in at $850 billion.

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