It may sound like an exaggeration but it’s not, but remember all the spending the government has been doing over the past year or so? Well thanks to the Bush/Obama spend-o-thon, every household in the United States owes $546,688.00.

The national debt is in fact so large that to pay it off would cost all of us $25,000 per household, per year, for fifty years according to Ace. Keep in mind we’re not going to pay that much, so it’ll take a heckuva a lot longer than that. And we’re STILL adding to it.

The debt is a hodgepodge of obligations, including Social Security, Medicare, and all of the unfunded obligations and guarantees the government makes. Oh yeah, and don’t forget that we also bought General Motors.

Obviously President Obama isn’t responsible for all of this, but he is in fact responsible for 12% of it, and he’s only been in office for four months now. Also, while he may not be responsible for all of the debt, he is responsible for how his administration deals with it. And so far they are doing nothing but adding to it… a lot. And that’s before he nationalizes the health care industry… which unfortunately is still on the horizon.

How bad is the national debt? So bad that Tim Geithner is quickly becoming the laughing stock… of China:

China is the biggest foreign owner of U.S. Treasury bonds. U.S. data shows that it held $768 billion in Treasuries as of March, but some analysts believe China’s total U.S. dollar-denominated investments could be twice as high.

“Chinese assets are very safe,” Geithner said in response to a question after a speech at Peking University, where he studied Chinese as a student in the 1980s.

His answer drew loud laughter from his student audience, reflecting skepticism in China about the wisdom of a developing country accumulating a vast stockpile of foreign reserves instead of spending the money to raise living standards at home.

So we’ve got Pravda talking America’s decent into the dark ages of socialism, and the Chinese laughing at the notion that our dollar will be worth the paper it’s printed on. Wonderful.