On the first day of fiscal year 2013, the federal government added more debt than was accumulated between the nation’s founding and sometime in October 1942, about ten months after the Japanese attacked Pearl Harbor, a span of about 166 years.
CNS News noted the $93,245,605,914.16 added to the debt on Monday “equaled about $816 for every American household.” And “since median household earns about $138.36 per day over a 365-day year,” the median household would need to give up all of the money it earns for nearly six days to pay off its share of the debt accumulated on the first day of fiscal year 2013.
According to CNS News, on September 30, 1944, “the total debt of the U.S. government was $91,057,523,886.72,” and by Oct. 31, 1942, it was $97,168,867,541.93.
The $93,245,605,914.16 in debt the country incurred on Monday also was “the second-largest increase on the first day of a fiscal year in the history of the country. The record ($99,500,170,215.20) was set on the first day of fiscal year 2009 when the country was mired in a banking crisis that resulted in massive government bailouts.
Below is how Monday’s debt increase compares with how much the debt increased on the first day of the last eight fiscal years:
FY 2012: $46,758,942,639.56
FY 2011: $49,224,554,918.30
FY 2010: $10,690,160,807.67
FY 2009: $99,500,170,215.20
FY 2008: $54,899,028,094.15
FY 2007: $41,410,211,399.05
FY 2006: $37,814,341,549.00