Skip to comments.America's $9,815,000,000,000 debt
Posted on 10/03/2007 5:55:55 AM PDT by fweingart
Last week, Congress allowed itself to continue overspending by raising the maximum national debt. The new debt limit, $9,815,000,000,000, is $850,000,000,000 larger than it was before.
A Heritage chart puts this mind-boggling figure in perspective. Nine trillion dollars in one dollar bills would:
Fill the Empire State Building nine times; Cover the entire state of Maine (35,387 square miles, including water); or Stretch 218 times longer than the total length of every road and highway in the U.S. To put it another way, this $9 trillion could buy:
A quarter of the nation's 125 million homes at last year's average sales price of $305,900; One $3.85 latte for every American, every day for 21 years; or Three new cars for every U.S. household at last year's average sales price of $27,800. Take our poll: Should Congress rein in the out-of-control growth of federal spending, especially on entitlement programs?
Heritage budget expert Nicola Moore writes in a new analysis that this debt is equivalent to $29,700 per American or $78,680 per household. Furthermore, this ever-growing debt is unsustainable.
She continues: "While today's $9 trillion debt seems high, it is small compared to the debt that future generations stand to inherit. In order to spare them this crushing burden, Congress must act now to reform entitlement programs, which will become the main drivers of government spending and borrowing. If it does not, Congress will have to raise the debt limit many more times, and future generations will pay the price."
Congress blames the war only trouble is your don’t go into that debt in just 6 years. It took over 50 years to create this mess.
What politician has the courage to tell the voters he’s bought that they aren’t going to get paid?
Hey, that’s only $37,500 for every man, woman, and child in the USA. If they quadruple taxes, it could all be paid off by 2009. Then we can start eating again. ;-)
If they quadruple taxes, it could all be paid off by 2009. Then we can start eating again. ;-)
You thought I was serious?
You thought I thought you thought that was a good idea?
I didn’t really think that you thought that I thought that was a good idea. I just didn’t understand that your understood that I understand the consequences. ;-)
What really disappoints me is how much a Republican congress and Republican president contributed to this in the last few years. Dems doing this is expected. R’s doing this is disappointing.
Sometimes the best dry humor is to take an absurd notion absolutely seriously and drive it to its conclusion.
This confuses the heck out of anyone not getting the joke.
I’m more than disappointed! Their treachery will be long remembered.
I am no lover of debt but I believe the country had higher debt as a percentage of gdp in the forties than we have now. And I think you’ll find that countries like Japan have a higher national debt in relation to their gdp than we do. I believe it is around 150% while ours is around %75. Most European countries have higher national debts in relation to their economies as well, and most are running higher yearly deficits per percentage of their economies than we do.
In fact, the average American home owner is probably managing a higher debt to income ratio then the USA. As an example - yearly income $75k - mortgage $300k (720k over 30 years) - income to debt ratio is %400. This does not include student loans, car payments, credit card debt.
Also, the USA government (all of us) own 65% of the land/resources in the country. What is that worth - 20-30+ trillion dollars? For example almost all the oil shale formations are on government land - 800-1000 billion barrels. What is that worth 5-10 trillion dollars?
I’m not defending deficit spending and it would be great if the federal goverment was cut in half. But when we have these discussions we only talk about the debt part of the equation and not the income part.
$850 billion here, $850 billion there ... pretty soon, you're talking about a lot of money!
Three new cars for every U.S. household at last year's average sales price of $27,800.
This REALLY puts it into perspective. Wonder how many people could be made instant tax-free millionaires in a lottery with this much money?
But hey, at least we have the UN and the Agency for International Development and the World Bank and the IMF and the rest of the world loves us for all ... errr never mind. and all the food aid that gets squandered every year and military debts to our enemies that can be forgiven and on and on and on.
There's a bright side, just gotta look for it. ;(
Well, we had better stop immediately all foreign aid. We can't afford it. Let those countries go into debt, theey can ask Oprah and Soros, Micheal Moore, Bonehead (Bono) and the rest of those filthy rich celebs who think the working person should be robbed via force of law and their money given to those less fortunate. Let them give Mugabe and other African dictators and Islamic warlords loans they never have to pay back.
I end up paying far more than that every year. So why do I have to pay more than my fair share? I should never have to pay taxes for the rest of my life.
Unfortunately, the tax system is a good example of how Hillarycare will work.
Those who work and generate money, and jobs for other to make money, end up paying for those too lazy to work and pay their own way.
Socialists think they have a right to what I worked for, like the ant and the grasshopper story.
Our US fishing and shrimping industry is all but gone. Asian (and South American) seafood is flooding our markets. We don't even can sardines any longer
Another thing about our shrimping industry. Due to the fact that those states bordering the Gulf of Mexico are growing nothing but corn to feed the idiotic ethanol industry the waters are flooded with chemicals. This has created a dead zone where prime shrimping is now caput. Thanks to the simpleton Congress who see ethanol as a panacea.
If someone doesn't arise out of the ashes of this overly lengthy primary season to save America we're in deep trouble. We need another eight years of the Clintons like we need Osama bin Laden as Mayor of Detroit!
I admire your attitude.
Yes, there is a bright side, for those who stand to gain by it.
(hint) It ain't you and it ain't me.
On one hand, this is an utterly astronomical number. On the other hand, if people around the world are willing to accept infinitely printed fiat, why shouldn’t the US govt print as much as it can?
Oh, you mean, one day they might not?
Oh, you mean it drives up the cost of things for US eaters?
Well, as long as Goldman Sachs makes most of it, I guess it can’t be too big a problem.
It is doing that.