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U.S. Debt On Track to Hit $16 Trillion Within Week
Cybercast News Service ^ | August 26, 2012 | Terence P. Jeffrey

Posted on 08/27/2012 10:12:15 AM PDT by Olog-hai

The federal government’s debt could hit an unprecedented $16 trillion this week while the Republican Party is holding its national convention in Tampa, Fla.

On Monday afternoon, at the opening of the convention. the Republicans will try to draw attention to the mounting debt by unveiling a debt clock in the Tampa Bay Times Forum, where the convention will be held. At an event in Waterloo, Iowa, earlier this month President Obama highlighted his own efforts to deal with the debt. …

At the close of business on Thursday, Aug. 23, according to the U.S. Treasury, the federal government’s debt stood at $15,976,519,029,144.14. That left it $23,480,970,855.86 short of the $16 trillion mark. …

Since Obama took office on Jan. 20, 2009, the debt has increased $5,349,641,980,231.06. That is as much as the entire debt accumulated by the United States from the founding of the country in 1776 until Feb. 28, 1997, when President Bill Clinton was in his second term. …

(Excerpt) Read more at cnsnews.com ...


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Government; Politics/Elections
KEYWORDS: 2012; democrats; obama; obamanomics

1 posted on 08/27/2012 10:12:19 AM PDT by Olog-hai
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To: Olog-hai

There IS no other issue that tops the out of control government spending.

Whatever pet issue anyone has (Abortion, gay marriage, environmental issues, liberalism run amuck) will mean what if monetizing our debt leads to runaway inflation? It will mean what when your life savings will now buy a well used car?


2 posted on 08/27/2012 10:17:40 AM PDT by listenhillary (Courts, law enforcement, roads and national defense should be the extent of government)
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To: Olog-hai

” Since Obama took office on Jan. 20, 2009, the debt has increased $5,349,641,980,231.06. That is as much as the entire debt accumulated by the United States from the founding of the country in 1776 until Feb. 28, 1997, when President Bill Clinton was in his second term. …”

Just a warm up if Obama wins again. Try 25 trillion.


3 posted on 08/27/2012 10:18:09 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: Olog-hai

Implementation of the Cloward-Piven Strategy of Orchestrated Crisis continues.


4 posted on 08/27/2012 10:33:45 AM PDT by Menehune56 ("Let them hate so long as they fear" (Oderint Dum Metuant), Lucius Accius (170 BC - 86 BC))
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To: stephenjohnbanker

To be fair, the starting point for Obama should be 30 September 2009.

This was the end of fiscal year 2009 which began on 1 October 2008 during the Bush Administration.

The CBO projected in January 2009 that the deficit for FY 2009 would be over $1.2 trillion, and they were correct.

So Obama really inherited it.


5 posted on 08/27/2012 10:34:34 AM PDT by moonshot925
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To: moonshot925; All

” To be fair, the starting point for Obama should be 30 September 2009.

This was the end of fiscal year 2009 which began on 1 October 2008 during the Bush Administration.

The CBO projected in January 2009 that the deficit for FY 2009 would be over $1.2 trillion, and they were correct.

So Obama really inherited it.”

Since Obama took office on Jan. 20, 2009, the debt has increased $5,349,641,980,231.06.

Since when does 5.4 trillion equal 1.2 trillion ?


6 posted on 08/27/2012 10:41:43 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: moonshot925
So Obama really inherited it.

I'm so sick of hearing that. So what if he did? Everything he's done since has made it gravely and intentionally worse.

7 posted on 08/27/2012 11:08:53 AM PDT by babyfreep
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To: Olog-hai

$5,349,641,980,231.06.


Money well spent.

Its difficult not to see all the positives all this targeted spending has had.
The Chevy Volt is like a shining light on a hill.
It’s difficult not to get all warm and fuzzy when one think about everything Obama has done for the employment numbers or the housing market.


8 posted on 08/27/2012 11:22:51 AM PDT by Leep (I'm a Chic-Fil--A-merican)
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To: Olog-hai

On a totally unrelated point, what comes after Trillion?


9 posted on 08/27/2012 11:26:12 AM PDT by Mark (Don't argue with my posts. I typed while under sniper fire.)
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To: stephenjohnbanker

You need to understand the difference between the budget deficit and the national debt.

The budget deficit is the difference between revenue and expenditures in a given year. For example, in FY 2009 the federal government took in $2.105 trillion of revenue and spent $3.518 trillion. So it had a $1.413 trillion budget deficit that year.

The national debt is the total amount that our federal government owes which is almost $16 trillion.


10 posted on 08/27/2012 11:31:20 AM PDT by moonshot925
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To: Mark

quadrillion


11 posted on 08/27/2012 11:33:20 AM PDT by listenhillary (Courts, law enforcement, roads and national defense should be the extent of government)
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To: Mark; listenhillary

Thousand - 10^3
Million - 10^6
Billion - 10^9
Trillion - 10^12
Quadrillion - 10^15
Quintillion - 10^18
Sextillion - 10^21
Septillion - 10^24
Octillion - 10^27
Nonillion - 10^30
Decillion - 10^33


12 posted on 08/27/2012 11:45:19 AM PDT by moonshot925
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To: Mark

Quadrillion, which is a thousand trillion.

The derivatives market currently hovers around $1½ quadrillion in terms of outstanding derivatives. $1 quadrillion by itself is 15 times the G(D)P of the entire planet.


13 posted on 08/27/2012 11:47:52 AM PDT by Olog-hai
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To: Mark

“On a totally unrelated point, what comes after Trillion?”

apocalypse.....


14 posted on 08/27/2012 11:51:21 AM PDT by Kozak (The means of defence against foreign danger, have been always the instruments of tyranny at home JM)
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To: moonshot925
Beyond that we have “Googol” (aka 10 duotrigintillion) at 10100, “Centillion” at 10303, and ”Googolplex” at 10Googol.
15 posted on 08/27/2012 11:54:15 AM PDT by Olog-hai
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To: Olog-hai

If you were standing on the 1 yard line and kicked a football 1 trillion inches, how many field goals would you score?

roughly 27,778

If you went 1 trillion seconds back in time, where in history would you be?

roughly 29,000 BC

We are 16 times those numbers in debt.


16 posted on 08/27/2012 11:59:29 AM PDT by Tzimisce (THIS SUCKS)
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To: Kozak

“Event Horizon”, a black hole term, applies.

And we have passed the event horizon. It doesn’t look like there is an imminent danger, but there is an inevitable disaster that we are orbiting, gradually being sucked in, accelerating towards demise.

Two questions - are you prepared for it? Who do you want to have the reins of power when it occurs?


17 posted on 08/27/2012 12:06:09 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working fors)
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To: Olog-hai

I understand the pubbies are going to have a version of a debt clock. If the 16 trillion hits during the convention there should be a moment where some one prominent quotes Biden:”Ladies and gents, this is a big effin deal”

Don’t let a crisis go to waste...don’t miss the opportunity to kick the crap outta them.

They must be defeated. “Democratii” delenda est.

Etcetera etcetera and of course, etcetera.


18 posted on 08/27/2012 12:10:27 PM PDT by Adder (No Mo Bo)
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To: moonshot925

Bazillion - ?


19 posted on 08/27/2012 12:14:50 PM PDT by SampleMan (Feral Humans are the refuse of socialism.)
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Comment #20 Removed by Moderator

To: Slyfox

damn


21 posted on 08/27/2012 12:27:57 PM PDT by commonguymd (New media has not replaced the MSM. It has emboldened it. Never underestimate the power they have.)
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To: Olog-hai

A visualization of the U.S. debt:

http://usdebt.kleptocracy.us/


22 posted on 08/27/2012 12:32:13 PM PDT by Slyfox
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To: Slyfox

http://www.pagetutor.com/trillion/index.html

Here is an interesting picture that graphically shows $1T.
The person is normal sized 6’. The double stacked pallets are about 8’ high of $100 bills.
There are 10,000 pallets in the picture. Now multiply the picture by 16 and you get a sick feeling in your taxpaying wallet. Power to the ants, not the grasshoppers.


23 posted on 08/27/2012 2:46:06 PM PDT by 02000a
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To: 02000a
Hoping that the image owner doesn't get mad . . .

$1 million
 
$100 million


$1 billion


$1 trillion (with double-stacked pallets)


To fit sixteen of that last image on here, it’d have to be shrunken down to where the pallets wouldn't be visible.
24 posted on 08/27/2012 3:43:16 PM PDT by Olog-hai
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To: Olog-hai; Impy; GOPsterinMA; ExTexasRedhead; cripplecreek; traviskicks

This is astonishing and disgraceful. I dind’t know there was 16 trillion of anything until Obama became President. It’s amazing that anyone will vote for him now.


25 posted on 08/27/2012 6:31:31 PM PDT by Clintonfatigued (Obama and Company lied, the American economy died)
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To: Olog-hai
When the US finally has a “debt crisis” the government will cut a deal with china and we will have chinese accountants running all over the country telling all levels of government what they can and cannot spend.
26 posted on 08/27/2012 8:01:00 PM PDT by Aglooka ("I was out numbered 5-to-1, I got 4.")
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To: Olog-hai

For some reason I don’t think we’ll hear as much about it as we would if a Republican were seeking reelection.


27 posted on 08/27/2012 8:17:13 PM PDT by Aetius
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To: moonshot925

That is extremely misleading. The FY2009 included a 1-time bailout to the tune of 700 billion, and if I’m not mistaken, some of the stimulus money as well.

What does it say about Obama that he has now brought the budget deficit, without any special expenditures, to well over a trillion, more than the prior 7 Bush years combined?


28 posted on 08/27/2012 8:20:46 PM PDT by Cruising For Freedom
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To: Olog-hai

29 posted on 08/27/2012 10:49:51 PM PDT by Jeff Winston
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