Posted on 02/01/2016 1:25:27 PM PST by jpl
Today, America's national debt hit the staggering total combined amount of $19 trillion. It has been a little over fourteen months since it hit $18 trillion. Since President Barack Hussein Obama was inaugurated into office a little more than seven years ago, he, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by nearly $8.4 trillion:
Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
1/20/2009 6,307,310,739,681.66 4,319,566,309,231.42 10,626,877,048,913.08
1/29/2016 13,657,155,197,715.49 5,355,672,500,702.44 19,012,827,698,417.93
In this time period, the debt has increased precisely $8,385,950,649,504.85, and worst of all, the overwhelming bulk of this is debt held by the public which has been borrowed from foreign governments like the communist Chinese, and printed by the Federal Reserve Bank, significantly devaluing the precious U.S. dollar. The publicly held debt has incredibly more than doubled under this administration! This is an absolutely mind-blowing increase of nearly $3.3 billion each and every single day of the Obama presidency. 8.4 trillion dollars is approximately $26,000 for every single man, woman, and child in the United States. And given that true economic recovery appears to be nowhere in sight and the federal government continues to recklessly overspend, with fiscal responsibility nowhere in sight, it is pretty much a certainly that the next trillion dollars of debt will be accumulated before we know it within the next couple of years or so.
The 10 year treasury rate in 1982 was 14.59%.
If the cost of paying interest on the debt was to become a mere 10% then the approximate cost of interest on the debt would become close to 2 trillion a year. I believe that actual government revenue last year was only a little over 3 trillion.
LBJ called the president or CEO of a pants manufacturer and told him he needed some pants with the crotch longer because it cinched his “nuts”. LBJ was assured there’d be no charge.
That’s like the wealth of 19 million milionares or 19 thousand billionaires. Is their that many in the US? The answer is obvious.
The US does not have a tax collection problem. We have a tax SPENDING problem. Until we spend about 17% of GDP and tax at 19% of GDP, we will continue to have a spending problem. At least until the nation goes broke.
yup, Trump is frugal. Doesn’t seem it with the jets and all, but if you read his books he is very careful about what each aspect if a deal costs and says a little at a time can lead to overruns.
Trump is the only candidate talking about the debt. The others haven’t even mentioned it!
Mexico will pay for illegals’ health care!
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