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America's $9,815,000,000,000 debt
Heritage Foundation email ^ | 10/3/2007 | Staff

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."


TOPICS: Business/Economy; Extended News; Government; News/Current Events
KEYWORDS: congress; outofcontrol
FYI and comment. I personally feel it is a disgrace that has encouraged Americans to follow the example of our worthless Congress.
1 posted on 10/03/2007 5:55:57 AM PDT by fweingart
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To: fweingart
The question is... How much more are Americans going to take?

An American Expat in Southeast Asia

2 posted on 10/03/2007 5:59:48 AM PDT by expatguy (Support Conservative Blogging - "An American Expat in Southeast Asia")
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To: fweingart

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.


3 posted on 10/03/2007 6:03:52 AM PDT by bmwcyle (BOMB, BOMB, BOMB,.......BOMB, BOMB IRAN)
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To: fweingart

http://www.brillig.com/debt_clock/


4 posted on 10/03/2007 6:15:29 AM PDT by panaxanax (Ronald Reagan would vote for Duncan Hunter!)
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To: fweingart

What politician has the courage to tell the voters he’s bought that they aren’t going to get paid?


5 posted on 10/03/2007 6:17:53 AM PDT by Mr. Jeeves ("Wise men don't need to debate; men who need to debate are not wise." -- Tao Te Ching)
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To: fweingart

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. ;-)


6 posted on 10/03/2007 6:29:09 AM PDT by SampleMan (Islamic tolerance is practiced by killing you last.)
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To: SampleMan
Incorrect. In a depression tax receipts go way down and spending goes way up. Quadrupling taxes would cause the debt to explode.

If they quadruple taxes, it could all be paid off by 2009. Then we can start eating again. ;-)

7 posted on 10/03/2007 6:33:02 AM PDT by DManA
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To: DManA
Incorrect. In a depression tax receipts go way down and spending goes way up. Quadrupling taxes would cause the debt to explode.

You thought I was serious?

8 posted on 10/03/2007 6:46:47 AM PDT by SampleMan (Islamic tolerance is practiced by killing you last.)
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To: SampleMan

You thought I thought you thought that was a good idea?


9 posted on 10/03/2007 6:48:18 AM PDT by DManA
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To: DManA
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. ;-)

10 posted on 10/03/2007 6:54:07 AM PDT by SampleMan (Islamic tolerance is practiced by killing you last.)
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To: fweingart

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.


11 posted on 10/03/2007 8:10:47 AM PDT by SmoothTalker
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To: DManA; SampleMan

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.


12 posted on 10/03/2007 8:20:36 AM PDT by ctdonath2 (The color blue tastes like the square root of 0?)
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To: SmoothTalker

I’m more than disappointed! Their treachery will be long remembered.


13 posted on 10/03/2007 9:27:03 AM PDT by fweingart (Tom Tancredo Will Get The Job Done! (How is Mumia Abu-Jamal these days?))
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To: All

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.


14 posted on 10/03/2007 10:57:56 AM PDT by DHerion
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To: fweingart
$9,815,000,000,000, is $850,000,000,000 larger than it was before.

$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. ;(

15 posted on 10/03/2007 11:20:52 AM PDT by HeartlandOfAmerica (The way to stop discrimination on the basis of race is to stop discriminating on the basis of race.)
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To: fweingart
"The new debt limit, $9,815,000,000,000, is $850,000,000,000 larger than it was before."

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.

16 posted on 10/03/2007 12:33:35 PM PDT by Nathan Zachary
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To: SampleMan
"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. ;-)"

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.

17 posted on 10/03/2007 12:41:42 PM PDT by Nathan Zachary
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To: Nathan Zachary
...and stop spending billions of dollars we don't have to improve the shrimping and fishing industries of Thailand, Vietnam and (of all places) China!

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!

18 posted on 10/03/2007 1:46:55 PM PDT by fweingart (Tom Tancredo Will Get The Job Done! (How is Mumia Abu-Jamal these days?))
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To: HeartlandOfAmerica
"There's a bright side, just gotta look for it."

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.

19 posted on 10/03/2007 1:54:14 PM PDT by Designer
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To: fweingart

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.


20 posted on 10/03/2007 2:16:56 PM PDT by Attention Surplus Disorder (This post sold by weight, not volume. Content may have settled during shipment.)
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To: Attention Surplus Disorder
...why shouldn’t the US govt print as much as it can?

It is doing that.

21 posted on 10/04/2007 5:42:08 AM PDT by fweingart (Tom Tancredo Will Get The Job Done! (How is Mumia Abu-Jamal these days?))
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