U.S. debt hits historic $16 trillion

SPRINGFIELD, Mass. (WWLP) - This week the national debt reached $16 Trillion dollars, which is the largest in U. S. history.

If you break it down, that is $50,000 of red ink for every man, woman and child in the country and it’s more than most make in a year.

As American International College Professor John Rogers explains it’s also about 40 cents of every dollar of taxpayer money spent.

Rogerssaid, "That's the concern that this debt is large, it's huge."

Where that money went depends on who you ask

Republicans blame President Obama's fiscal policies and a giant debt calculator was the center of their convention.

But, Democrats say the debt started piling up long before Obama took office.

As far as the solution, Republicans call on spending cuts and Democrats want to raise taxes on the rich.

Rogers says it will likely require a combination of both.

He explained,"One of the real problems is a chunk of the spending is already spoken for, the social security, Medicare and other entitlement programs so there isn't much room for negotiation so that's why most people will say any real solution to the debt is a broad based agreement on entitlement reform and tax reform. ”

Young people in particular are becoming concerned about their future and the economy.

Dee Nguyen of Springfield said, “It just seems like people are living longer and there's not going to be enough money for all the future retirements out there."

Jose Perez agreed, saying, “I do worry about it, it's a big issue for us younger people because we kind of carry the debt I mean somehow it has to get paid." 

Currently, the debt ceiling is set at $16.39 trillion, so if the red ink continues to flow, there will be another debate in Washington to raise it even higher.