Who do I pay? And do they take American Express... 
I could probably get a couple of first class airline tickets in the process... ;)
Posted on 11/18/2005 11:40:48 AM PST by Robert Drobot
According to the Treasury Department, from 1776-2000, the first 224 years of U.S. history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions, but in the past four years alone, the Bush administration borrowed $1.05 trillion. ... "No American political leadership has ever willfully and deliberately mortgaged our country to foreign interests in the manner we have witnessed over the past four years," said Tanner. "If this recklessness is not stopped, I truly believe our economic freedom as American citizens is in great jeopardy." [CNSNews]
I wonder if there are any implications...
"The facts are not partisan, and they're not ideological," said David Walker, the nation's comptroller general. He should know. He's the nation's chief accountant and signs off on the government's balance sheet. America's fiscal future, he said, "is worse than advertised."
When the government next reports these numbers Dec. 15, the total is expected to reach $46 trillion to $50 trillion.
How much is $50 trillion? About $166,000 for each of the almost 300 million Americans. [Seatle Times]
American "wealth" is an illusion based on borrowed funds that will soon be cut off, followed by creditor claims. Are you ready to repay the $166,000 spent on your behalf?
There's still time to stop it.
If I give them $166,000 do I get my Liberty back?
I hereby announce that I am defaulting on my part of that $166k. Go ahead and put it on my credit report. One more ding against my credit won't make any difference.
Wow, that's great that the government owes me this much. I'll be sure to buy bonds so I make money off the interest paid on this.
Can I pay it back now and not have to pay tax anymore?
I'll write a check.
But remember. Keep voting Republican because....because....because....well I know there's an excuse or two the party faithful remind us we have to keep voting Republican, but for the life of me I can't remember it...
Can you explain the implications of this in better detail? The comments up to now see to imply that massive debt is no issue and is of no concern.
Yup. Japan is gonna foreclose on us. Guess we'll just have to hand over the keys to the Capitol and become serfs.
Who do I pay? And do they take American Express... I could probably get a couple of first class airline tickets in the process... ;)
Me and my kids - 4 of us, owe $664,000? To who?
Naw. I'm passing my share on to the next generation. In fact, I'll do what I can to borrow more against their labors. /drippysarcasm
"According to the Treasury Department, from 1776-2000, the first 224 years of U.S. history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions, but in the past four years alone, the Bush administration borrowed $1.05 trillion"
Is this true? Seems to be to be complete irresponsiblity on the part of Bush if it's true.
To the Democrats in Congress who are spending your money at record rates.
What rock have you been hiding under?
That's what I was gonna say. Get in line - LOL.
Meanwhile, the new Medicare prescription plan already costs double what they first projected. Yet we went ahead with that without reservation.
There are no more Republicans or Democrats anymore. Just politicians who have spent too much time away from the private sector, producing for the consumer.
I see no end to this without economic collapse.
How about the Democrats in Congress?
Where is their blame?
Already paid mine and retired. Good luck!!!
A big one.
They'll take a check????? Wait right there.
Where do we go to pay? Each time an estate is large enough to be taxed, the full amount should be first reduced by the deceaseds amount owed to the national debt before it can be used in the general revenues.
All kinds of people would be dying to pay off the debt.
Uncle Sham.
You can make the check out to the US Treasury department.
So let's say we get into a real spat with China, which holds many of our bonds.
Default.
Thanks for the loan, suckers! We ain't payin' you back.
How do we get a "total" of "$46 trillion to $50 trillion"?
Screw them all, Democrat and Republican alike. And curses on GW Bush for letting this escalate to this point.
Oh, wait, I forgot. He is our Pres. in time of war and is beyond critisism.
Guess what? We'll be at war for the duration of his Presidency and he's abused his free pass from critique.
I'm sorta with you. Since the Govt owns the money printing presses, they can repay the debt by printing more money. Then, we'll have a big spike in inflation. To compound the problems, tax increases will be levied. It'll be hell on the regular citizens.
Its the evil cabal of the Federal Reserve and, of course, the Jewszzzzzzz fault. Better buy gold, because it's....shiny.
That is irrelevant. All the Democrats would need to do is oppose some of the spending bills along with a few Republicans.
Perhaps you could remind me? Who has held both the Legislative and Executive branches over the past few years? Even in the majority you still try to blame the Democrats? Conservatives have known for years how fiscally liberal Republicans were.
All of the estate tax which some are looking to end should be re-dirrected to pay off the national debt since it was their debt as well.
A law would need to be in place though that would restrict the politicians from growing the debt or taking the estate tax revenue for other puposes (outside of war maybe).
Did anyone bother to look up what the debt was in 1992 and how much it raised under Bubba? The Chinese hold a lot of this debt, By all rights they should have wiped out what part they owed during Clintons term, The information he sold them was worth whatever it was.
Interest.
That is irrelevant. All the Democrats would need to do is oppose some of the spending bills along with a few Republicans.
Keep building it up. If I owe you a little, it's my problem. If I owe you a lot, it's your problem.
Historical Debt Outstanding - Annual
1950 - 2005
* Rounded to Millions
Includes legal tender notes, gold and silver certificates, etc.
Date Amount
09/30/2005 $7,932,709,661,723.50
09/30/2004 $7,379,052,696,330.32
09/30/2003 $6,783,231,062,743.62
09/30/2002 $6,228,235,965,597.16
09/30/2001 $5,807,463,412,200.06
09/30/2000 $5,674,178,209,886.86
09/30/1999 5,656,270,901,615.43
09/30/1998 5,526,193,008,897.62
09/30/1997 5,413,146,011,397.34
09/30/1996 5,224,810,939,135.73
09/29/1995 4,973,982,900,709.39
09/30/1994 4,692,749,910,013.32
09/30/1993 4,411,488,883,139.38
09/30/1992 4,064,620,655,521.66
09/30/1991 3,665,303,351,697.03
09/28/1990 3,233,313,451,777.25
09/29/1989 2,857,430,960,187.32
09/30/1988 2,602,337,712,041.16
09/30/1987 2,350,276,890,953.00
09/30/1986 2,125,302,616,658.42
12/31/1985 1,945,941,616,459.88
12/31/1984 1,662,966,000,000.00
12/31/1983 1,410,702,000,000.00
12/31/1982 1,197,073,000,000.00
12/31/1981 1,028,729,000,000.00
12/31/1980 930,210,000,000.00
12/31/1979 845,116,000,000.00
12/29/1978 789,207,000,000.00
12/30/1977 718,943,000,000.00
12/31/1976 653,544,000,000.00
12/31/1975 576,649,000,000.00
12/31/1974 492,665,000,000.00
12/31/1973 469,898,039,554.70
12/29/1972 449,298,066,119.00
12/31/1971 424,130,961,959.95
12/31/1970 389,158,403,690.26
12/31/1969 368,225,581,254.41
12/31/1968 358,028,625,002.91
12/29/1967 344,663,009,745.18
12/30/1966 329,319,249,366.68
12/31/1965 320,904,110,042.04
12/31/1964 317,940,472,718.38
12/31/1963 309,346,845,059.17
12/31/1962 303,470,080,489.27
12/29/1961 296,168,761,214.92
12/30/1960 290,216,815,241.68
12/31/1959 290,797,771,717.63
12/31/1958 282,922,423,583.87
12/31/1957 274,897,784,290.72
12/31/1956 276,627,527,996.11
12/30/1955 280,768,553,188.96
12/31/1954 278,749,814,391.33
12/31/1953 275,168,120,129.39
06/30/1953 266,071,061,638.57
06/30/1952 259,105,178,785.43
06/29/1951 255,221,976,814.93
06/30/1950 257,357,352,351.04
Also, the debt per person is about $26,000.
I do the same with my check book.
Source?
And all GWB would need to do is use his veto pen.
Apparently he has misplaced it.
Alaska looks like mixed-up Play-doh. BTW, leave the public lands alone, we'll need them to show the kids someday.
Lucky for you, you don't understand math or money.
$1T today in 1920 would be $50B.
The national debt in 1920 was about $26B.
Of course, the taxpaying population in 1920 was a third of what it is now and tax revenue as a percentage of income was much lower.
But why discuss facts when hysterics are the order of the day.
Did you know that Americans took out more in automobile loans in 2004 than all Americans combined between 1776-1920? It's a fact. We're doomed.
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