Posted on 11/16/2011 12:29:35 PM PST by jpl
According to the official numbers just put out today by the United States Department of the Treasury, the U.S. government yesterday reached the dubious milestone of being a total combined fifteen trillion dollars in debt:
Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
11/15/2011 10,314,468,105,168.02 4,719,139,150,752.30 15,033,607,255,920.32
Since Barack Obama was inaugurated as President of the United States, the total combined national debt has increased by approximately 4.4 trillion dollars, a staggering rate of increase of approximately 4.3 billion dollars per day. And worst of all, the overwhelming bulk of this increase is debt held by the public which has been borrowed from foreign governments like the communist Chinese, and printed by the Federal Reserve, causing inflation and weakening the dollar. The publicly held portion of the debt has more than doubled in the last four years. Obama is on pace to easily surpass in just four years the amount of debt that President George W. Bush accumulated in eight years.
Fifteen trillion dollars is more than $48,000 for every single man, woman, and child living in the United States.
Yet not a peep about this from the OWS reprobates.
Milestone? Millstone, more like!
The only thing keeping us from the abyss is that we still have a reserve currency. And a darn powerful military that obama will use at the drop of a ‘way the dog’ hat.
It’s already too late. Hyperinflation here we come.
200 BILLION a month in spending. On what? Where is it?
Milestone@
Millstone is more like it.
We’re actually spending $300 billion a month now ($10 billion a day). I know, it boggles the mind; the numbers are so absurd they almost don’t even seem real!
Yes, but it's $90,566 for each member of the 53% and 0 for the other 47%.
We’ll we are actually ahead of schedule in reaching the financial meltdown. Five years is optimistic. Two years maybe optimistic.
We are at a Debt to GDP level of 73.7%. At 90% (less that two years at current deficit levels) some few people will stop buying US bonds and it will become very difficult for US businesses to compete with the government for capital. At 120% countries typically default. The obvious exception of course is Greece (150%) but they had the backing of Germany. We have no backing. No one will bail us out.
Obama can only hope of course that this happens before the inauguration and he can declare an emergency. It probably won’t but he can hope.
There’s really no way out of a painful collapse, including a “re-setting” of the currency.
During the painful time, the left, who caused this problem, will be going full-throated to blame “the rich” for it. And by “the rich”, they mean anyone that owns anything.
I heard a statistic that our debt obligation, that is debt that is owed in pensions, etc, and NOT currently on the books,
exceeds 20 times the total amount of currency.
Mark Levin added it up (debt not on the books; unfunded). and it came up to $62 trillion. I have seen estimates of $100 trillion elsewhere.
You're ignoring the $3 trillion in state and local government debt.
It’s being sent to my Czech bank account.
Shhh.
;)
It was $7T when Nancy Pelosi took over as House Speaker! It more than doubled under her. Remember, only the house is able to authorize spending!
That’s a good calculation but it neglects the fact that pensions don’t have to be refinanced, at least federal pensions don’t. Private pensions, of course, compete for financing with government bonds and with private financing for business expansion.
A real scary calculation is to sum the debt that has to be refinanced, i.e. federal debt in trade-able bonds (total government debt minus SS debt) plus personal consumer debt, i.e. Credit cards, consumer loans, variable interest mortgages, etc. All those debts are competing for the same pool of dollars. When people do that calculation, they decide that the Fed cannot tame any inflation by increasing interest rates, like Volker did, without causing a deep depression. Their conclusion is that the dollar must inflate negating all the savings tied up in long term (5+ years) bonds.
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