EVERY SINGLE MAN, WOMAN AND CHILD IN AMERICA NOW HAS A $166,000.00 PUBLIC DEBT

Robert Drobot | 18 November 2005 | Robert Drobot

[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?

[Robert Drobot]

Last I heard, the rats were in the minority.

[Rebelbase]

A big one.

[Cliff Dweller]

They'll take a check????? Wait right there.

[billhilly]

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.

[A CA Guy]

That is why the death tax should be directed to repayment of the national debt.
There needs to be laws in place that forbid government from spending the income elsewhere and with lots of wealthier people dying over the next 30 years, that wealth should go to pay off the debt they helped make IMO.
That would be the responsible, self-reliant and conservative thing to do, rather than let them leave the world and debt to the future generations. That IMO would be pathetic.

[taxed2death]

Uncle Sham.

You can make the check out to the US Treasury department.

[flashbunny]

Just sell off some of the federal land in this map, and we'll get that debt down in no time...

[Uncle Miltie]

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.

[manwiththehands]

Either I'm reading this wrong or there is a gap in your story. How did you get from the first 224 years of U.S. history, 42 U.S. presidents borrowed a combined $1.01 trillion and but in the past four years alone, the Bush administration borrowed $1.05 trillion to When the government next reports these numbers Dec. 15, the total is expected to reach $46 trillion to $50 trillion ...

How do we get a "total" of "$46 trillion to $50 trillion"?

[Rebelbase]

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.

[JeeperFreeper]

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.

[Pondman88]

Its the evil cabal of the Federal Reserve and, of course, the Jewszzzzzzz fault. Better buy gold, because it's....shiny.

[Robert Drobot]

Sorry, federal lands have already been hocked.

[H. Paul Pressler IV]

That is irrelevant. All the Democrats would need to do is oppose some of the spending bills along with a few Republicans.

[billbears]

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.

[A CA Guy]

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).

[sgtbono2002]

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.

[TheDon]

[taxed2death]

"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."

The simple version goes something like this:

The people / governments buying up US debt can not call in the debt. If they do, it will bust our bank. If that happens, they won't get paid. The best they can do is to make money off of the interest, thus prolonging the inevitable. See the beauty of this ponzi scheme?

"Elegant simplicity" at it's best.

Uncle Sham is Da Man!

[Robert Drobot]

Interest.