Posted on 09/01/2010 9:09:17 PM PDT by Steelers6
Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
01/20/2009 6,307,310,739,681.66 4,319,566,309,231.42 10,626,877,048,913.08
10/01/2009 7,505,894,097,177.82 4,414,625,067,141.60 11,920,519,164,319.42
08/31/2010 8,927,061,238,060.48 4,522,591,298,974.57 13,449,652,537,035.05
But according to US Treasury the National Debt for FY 2010 has increased by over $1.5 Trillion with an entire month to go. Does anyone believe that we will have a surplus of $200 billion in September? It's more likely to be closed to that in the other direction.
If Social Security is left out and anything else then they are likely running $400 billion annual deficit in off budget items.
It looks like next month or in early October Obama will pass the $3 Trillion in New national debt since he was inaugurated.
This is a number that I can’t even imagine. How does one pay off a debt this huge?
“How does one pay off a debt this huge?”
Indentured servitude to the Chinese for the next decade maybe?
A trillion and a trillion there and pretty soon you are talking real money. What a sad situation Obama has put us in.
Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
01/20/2009 6,307,310,739,681.66 4,319,566,309,231.42 10,626,877,048,913.08
10/01/2009 7,505,894,097,177.82 4,414,625,067,141.60 11,920,519,164,319.42
08/31/2010 8,927,061,238,060.48 4,522,591,298,974.57 13,449,652,537,035.05
I have one question. Is this a problem too big to solve or is there a solution to it?
It’s treason. High treason.
I'll cover the nickel.... No, it's fine, I got it.
The basic solution to resolve any debt is to produce more and spend less and pay down the debt. Eventually it will get paid off, but sacrifice and discipline is required.
This is not happerning in America, so it doesn’t look good.
It never will be paid off.
If we ever did have a surplus, it would never go to paying down debt. The Democrats would use the surplus to prop up more social services like free healthcare and free higher education. And the Republicans would lower taxes.
The way to survive financially in the world is go by the “Rule of 1/3rds.” When you have some extra money, you spend 1/3rd of it, you save 1/3rd of it, and you pay down debt with 1/3rd of it. That’s what the government needs to do when they finally get the budget in order. But I doubt they do that.
Too big to solve realistically.
Option 1 would be to repudiate the debt - doubt that.
Option 2 would be to devalue currency somehow so relatively speaking, 9 trillion becomes 4 or 5 trillion. I know the government and fed. reserve geniuses are figuring out how to do this without pissing off the Asians, Europeans, etc.
Simply cannot raise taxes or cut spending in any meaningful way to attack that number.
LOL! I used to have a link to what a trillion dollars looks like. It is hundred dollars bundled and stacked on pallets. Unbereebabul.
So print more money.
-liberal solution
“How does one pay off a debt this huge?”
Bake sale?
Well, it certainly cannot be said that congressmen don’t spend other people’s money with verve and alacrity.
Debt is deflationary. Keep up deficit spending and the deflation will accelerate job losses, home price declines, and salary reductions.
Enjoy all those government things that no one “can live without.”
Don’t worry. He has a whole month yet to get it over the magical mark of $2T for this fiscal year alone. I have great confidence in his ability to do that.
Lat night Dick Morris commented that from George Washington to George Bush, the US borrowed total 9 trillion dollars.
Since Obama (18 months) - the US has borrowed ANOTHER THREE (3) TRILLION.
When pressed to say whether the uS would default and bankrupt, Morris commented the govt has taxing authority and will use it to pay its creditors
(my note: at least the foreign ones)
And even if we do not go over the tipping point of not return and no way out, the payback will still cause great misery and change the way we and our children live.
Because we the people have ceded our govt to leftist ideological bitter dunces like obama and pelosi/reid, and now must recognize that even GOP are mostly spineless dunces who prefer to be gentlemanly with their malevolent colleagues than patriots who serve the people.
There is no real solution. We're now living through the early days of the final bubble (the explosion in government bonds) before the worldwide collapse of the Bismarckian/Rooseveltian welfare state as we've know it for the last eighty years.
It's impossible to predict exactly when this will happen, but I think it could happen within the next ten years. When it does, the civilized world is going to have upheaval and civil unrest like we haven't seen in decades, but what eventually comes out of the rubble will be much better and more sound than the insanity we have now. People will once again learn to live independent lives and not be so shamefully wasteful and irresponsible.
Thats 30k a year since the creation of the Earth 4.5 billion years ago....
This is what I was referring to on the other thread. These are some terrifying numbers.
There is a way out with a minimum of "quantitative easing" (love how they dream up these bland terms):
1)The federal budget has gone up about 20% under Lord Obama. A "retroactive freeze", rolling back the budget to 2007 levels, and continue the freeze for as long as necessary.
2)Complete exploitation of domestic energy. Offshore, shale oil, nat gas. We could be energy independent, or perhaps even a net exporter, in 5-10 yrs.
3)Complete overhaul of the tax code. No corporate or capital gains tax, just a flat tax, or perhaps a Fair Tax (not my personal favorite; hope I'm not starting something here!) That would bring a flood of capital into the country and reinvigorate US industry. As in #2, we need WEALTH CREATION!!! Say that again, and again, and again...
If a Repub ran on this platform (easy to understand and digest, like Reagan), and got in the face of any commie-dem who tried to demonize him or her, they would get 55-60% of the vote.
Is any of this going to happen?
Can't say I'm optimistic. But that's what I would do.
Your posting has made me a little more optomistic.
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