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U.S. National Debt 2010

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So just how big is the U.S. national debt in 2010?  Well, according to the U.S. Treasury Department, on June 1st the U.S. National Debt was $13,050,826,460,886.97.  For those not used to seeing such big numbers, that is over 13 trillion dollars.  To give you an idea of just how much a trillion dollars is, if you had started spending one million dollars every single day when Christ was born, you still would not have spent one trillion dollars by now.  And yet somehow the U.S. government has accumulated a debt of over 13 trillion dollars.  This is a debt that we have callously placed on the backs of future generations of Americans.  Somehow we have the gall to expect our progeny to pay off the biggest mountain of debt in the history of the world.  What we have done to future generations is beyond sickening.

But hey, if you are feeling especially generous today, the federal government is actually taking online donations that will go towards paying off the national debt.

Yes, it is true.

Please try to resist the urge to laugh.

This request comes from the same government that spent $2.6 million tax dollars to study the drinking habits of Chinese prostitutes and $400,000 tax dollars to pay researchers to cruise six bars in Buenos Aires, Argentina to find out why gay men engage in risky sexual behavior when drunk.

Perhaps they should not hold their breath while waiting for our donations to show up.

Or perhaps they should get their own house in order before expecting donations.

But the truth is that they continue to recklessly spend our money as if they have not learned anything.

This year, it is projected that the U.S. government will issue nearly as much new debt as the rest of the governments of the world combined.

Yes, getting into debt is another thing that we Americans dominate the rest of the world in.

It is estimated that the U.S. government will have a budget deficit of approximately 1.6 trillion dollars in 2010.

Now remember, when Ronald Reagan took office, the U.S. national debt was only about 1 trillion dollars.

So, from the founding of the United States until Reagan took office we accumulated a total of about 1 trillion dollars in debt.

In just the last 30 years we have accumulated 12 trillion dollars more.

You know, the truth is that it is really, really hard to even spend one trillion dollars.

If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.

Hopefully that gives you an idea just how fast the U.S. government is getting us into debt.

And now we are officially in the danger zone.

According to Dr. Jerome Corsi,  the U.S. national debt is now equal to 90 percent of gross domestic product.

Most economists consider a level of 100 percent debt to GDP to be an absolute nightmare scenario.

But things look even worse when you total up all forms of debt in the United States.

The total of all government, corporate and consumer debt in the United States is now equal to 360 percent of GDP.

That is far greater than at any point during the Great Depression.

Yes, we are in a LOT of trouble.

So can we just raise taxes on everybody just a little bit and get rid of this budget deficit?

Well, unfortunately no.

According to the Tax Foundation’s Microsimulation Model, to erase the U.S. budget deficit for 2010, the U.S. Congress would have to multiply the tax rate for every American by 2.4.

That would mean that the 10 percent tax rate would become 24 percent, the 15 percent tax rate would become 36 percent, and the 35 percent tax rate would have to be 85 percent.

Would you like to pay 85 percent of your income in taxes?

And that would not reduce the national debt one penny – all that would do is eliminate the U.S. budget deficit for this year.

The truth is that it is simply not possible to pay off the national debt.  Most economists realize this and speak of more realistic goals such as getting our debt growth down to a level that is “sustainable”.

But the reality is that we are way beyond being able to get this debt under control.  If the U.S. government cut spending enough to make a real difference it would crush the economy and tax revenue would take a sharp nosedive.  If the U.S. government borrows even more money and increases government spending even more it will help the economy in the short-term, but it will make our long-term problems even worse.

No, the truth is that we have created an economic nightmare from which there simply is no escape under the current system.  The national debt will never be repaid and the never ending spiral of debt and paper money that we have created is doomed to failure.

So what will happen someday when the current economic system does collapse?

That will be for the American people to decide.  Hopefully they will learn from our mistakes and will return to our constitutional roots and devise a financial system based on solid economic principles.

How to Survive the End of the World as We Know It

  • Jimmy

    I find it very interesting that Congress has spent more money….than there is money.

  • Trevor

    The U.S. national debt should be defaulted on immediately. Just think of it as a “strategic default”. Then let’s hear the do-gooders talk about our moral responsibility to pay off the Chinese. There simply is no better solution. Yes, most people will feel enormous financial pain, but you are going to have those consequences anyway. The worst that could happen is you won’t have a currency the following day, but that is guaranteed on the road that we are on.

  • Trevor

    I just have one question regarding the donations to the national debt: Is it tax deductible?

  • bowssen

    Good article. I’m a student at a university, and I’ve been very conscious of the debt in America since high school–but what is more shocking than the debt itself is the attitude towards it; no one seems to realize the threat it poses to our future, or perhaps they just don’t care. In any case, it is going to have to addressed at some point, and all the facts seem to indicate the day of reckoning is upon us, but still no one is seriously considering addressing it. The corporate media doesn’t address it at all, and if and when they do, they fail to bring the incomprehensibly large amount into perspective. The government continues with it’s uninhibited spending, leaving the problem to be addressed by later generations, to which I’m taking personal offense. It seems the only way out of this cycle of debt will be its collapse, which I expect to see in my lifetime. It’s not a good feeling, and I hope all American who share this pain will stand against the system of corrupt capitalism that has put us in this position.

  • Something Wicked This Way Comes

    Ya’ know what blows my mind? Everyone is just carrying on like nothing has happened.

    We have struck the iceberg folks. The US is the debt Titanic. There is no escape. We have written a check our a$% can’t cash. No amount of GDP growth can change this, our oil dollars are lining the mideast coffers, our jobs are forever lost to the Pac Rim and Mexico.

    We are toast. This debt would be no different than some 20 buck an hour dude ringing up 10 million on a charge card. It is game over.

    Zombie nation doesn’t understand large numbers but ohhhh…when interest rates rise soon and we are forced to finance this mess into 5, 6, 7, 8, 9, or 10% rates…we will know pain that will make the 1929 depression look like a bad hair day.

  • kolchack

    And why is this? Pure politics. Dick Cheney famously said erly on during his vice presidency that “deficits don’t matter.” And in fact Clinton gained no political advantage from having balanced the budget and Bush paid no political price for throwing it out of whack again. I knew when Bush started making noises about tax cuts during the 2000 campaign and Gore rolled over on his boss’s only real accomplishment as President and starting shouting, “me too!” that this day was going to come.

    The problem is that the deficits really don’t matter to voters. They don’t care how much moeny the government borrows as long as their taxes don’t go up. And they will continue to not care until the whole system collapses, and then it will be too late.

  • Lennie Pike

    The United State’s government debt won’t be defaulted on. That would mean the ones who profit from it and who are in control would be hurt. The debt will be inflated away to place the hurt on us unless they lose control which is very unlikely. This will be the case if there is NOT a plan to intentionally destroy the currency of targeted countries. And now (not just recently) since all governments are ruled by thugs why wouldn’t these criminals all work together, they have a lot to gain by cooperating to achieve total control of the world. Their common denominator is that they believe they are greater than God so now the fact that they are idiots also comes into play meaning that all of their ideas and solutions will be total failures.
    The evidence shows that China and the Western Banking Cartel are working together and have joined forces. We are pretty much a province of China now so expect the same level of control to arrive in your daily life soon, they are half way there already. I was recently in the DCA airport coming through the A/C ductwork, body contorted, disguise on, and I thought I was in China as I racially profiled everyone, ever heard of that?
    Since the devaluation of the Dollar is the result of government debt, we should not think of government debt separately from all of the other ways that the Dollar is devalued that are hidden from us by the illegal (unconstitutional) foreign owned Federal Reserve – many more unknown quantity of trillions of Dollars to bail out the big banks (themselves) to pay for their gambling loses which put us and many other countries into a depression, billions to prop up the stock market through the Plunge Protection Team, and now billions to bail out other country’s debt to this gang so that bigger bailouts to Wall Street won’t be needed. Ha! And we have done nothing. We will work even harder and our standard of living will fall even further. It has dropped nothing compared to what is coming and that is the good scenario, the one without the one world government with thugs in charge of almost everyone.
    WAKE UP!!!! WAKE UP!!!!!! WAKE UP!!!!!!!!! DO SOMETHING!!!! DO SOMETHING!!!!!!! DO SOMETHING!!!!!!!!! NOW!!!!!!!!!!!!!!!!!! TODAY!!!!!!!!!!!!!

  • Matt

    Don’t bother me with this mumbo-jumbo. I’ve got more important things to do – catch up on Dancing With The Stars, American Idol, who LeBron is going to play for, etc.

  • Sparticus

    I would recommend people start looking at history. The bankers (early on, trade guilds, then lenders, then became what evolved into bankers) in the middle ages took ownership of Europe, starting with Italy, in this fashion. Seriously, it wasn’t long before before they owned every castle, throne and the ‘kings’ that sat on them. They dictated policy to the royalty that they installed, forcing them to cede control of the lands to the guilds (bankers), accumulate more dept (placing them into further bondage), dictating with whom and when to war, make treaties, trade… and when the heat came down, threw them to the wolves and started over with the new ‘king’. What do you think dept is all about? It’s even better for them now. Back then there at least had to be real money (gold/silver/something) backing it. Which meant it was conceivable it could be paid off. But how do you pay off dept now? Create more dept to pay off the dept? Which creates even more dept? Which creates even more dept? See the insanity of this system? But it’s only insane to the ignorant masses. The ones that have been conditioned to be imbeciles. Because certain people understand this system, and this system is functioning exactly as planned. People are talking about defaulting on the dept. I say outright repudiation. Even trials for crimes against humanity, treason, all that. Confiscation of the REAL properties acquired though accumulation of wealth built from charging interest on dept / currency created out of nothing. All we need is enough people to understand this sleazy, horrific system of abuse and what the people behind it are really up to and it can’t last. I honestly believe that the end game is designed to reduce the population at large into a state of utter servitude, so that a small cadre of ultra wealthy and powerful can live like gods over the rest of us. I mean Caligula style living. Is that paranoid?

  • Boty49

    Gold is money, and nothing else is.
    J. P. Morgan

  • Yes i agree end the bleeding of america by the government. Making it go bankrupt an there for have bad credit rating where no other country will ever led it a dime. So by doing this the gov has to live within its means year by year. And out taxes be back to since again

  • reddog

    Lets look at few things:
    1. It takes 2757 years at $1m/day to equal a trillion.
    2. All commentators and commentators need to start counting the debt in a GAAP (generally Accepted Accounting Principles) way. meaning like every corporation in America HAS to, but the Gov’t. is permitted NOT to.
    3. With GAAP – which includes Soc. Security< the two Medi's, and the drug benefit (thanks Bush II)…we're CURRENTLY $105T in the red.
    Thats about $360,000 for every living American. I'm married with 5 kids, do the math…My FAIR share is$1.8m.
    4. oh but wait – of the 142m tax 'Filers', 52m paid ZERO tax.

    See this:
    And this:
    5. Of the 90m that did pay tax – the top 25% of taxpayers paid 80% of the tax…25% of 90m is about 23m taxpayers. They'll have to pay the tax. $104T divided by 23m taxpayers is a) not payable, and b) a huge ass number and c) equals $4.522m each.
    6. I'm in that top 25% and I would be bankrupt in 60 days paying the interest and principal on this addl. debt. 6a. 95% of that top 25% are in the same boat.
    7. It is un-payable. Flat out un-payable.
    8. the US Gov't can try and chip away at this (though they have NO Will to do so), but increasing taxes – with diminishing returns, by reducing the size, scope, and commitments of the gov't…not happening, they can inflate, do some of each…and/or default.
    9. Pick you PAIN, and/or Poison.
    10. within 5 years – you will regardless of the above…be in great pain. WE as a country will be in great pain. We may lose our sovereignty. we may become Serfs ( read Heyek 'Road to Serfdom'). There may be a war.
    11. The question(s) are when, and how…Korea, Israel, immigration, peak oil, a dirty bomb, EMP? , financial breakdown with speed and momentum? Who knows.
    12. Consider as Jim Roger and Marc Faber suggest..learning to Farm, and become in all ways self and community sufficient.
    13. 'Things fall apart The circle cannot hold" – Yeats
    14. consider some Food and some gold as insurance…maybe some self defense…maybe a community you can count on, maybe some medical supplies and extra clothing
    15. Man up, and Study up on your options and choice, and your skills. Consider starting here:

  • DMyers

    In response to Bowssen, when I started college I also became aware of the budget deficit and had exactly the same concerns expressed by Bowssen. That was about forty years ago, seriously. This has been going on for that long with the same apparent catastrophic end at hand. I don’t say that to argue your concerns are wrong because, look, these terrible things have not happened in all these years, so you’re overreacting and there’s nothing wrong with deficits. Rather, I say it to point out that the argument, “it ain’t happened yet”, is a major factor that has kept it going, sans crash.

    A more accurate statement of this reasoning, or attitude, whichever it is, goes as follows: “We really just don’t know where the end is, or what the limits are, until we reach them.” To boil this down even further, we aren’t going to stop until we have to, which means until we hit the wall, encounter utter disaster.

    An alarming aspect of the current spending madness (a literal, not metaphorical description) is that the minds in charge of prolonging it toward imposed disaster are intelligent, educated types. If all of us realize this as unsustainable madness, then they must have some sense of this as well. There are many explanations for this, based on political considerations that are best illustrated by the “keep kicking the can down the road” metaphor.

    I offer another, even more cynical, explanation for thought. What if those in charge of our spending, insiders relative to the rest of us, have information that the end is, in fact, nigh. They may, for example, by virtue of information that they have and the rest of us don’t, know with near certainty that our economy and the dollar cannot be saved at this point and will soon crash into a fire-ball of disaster(much as many argue above). It’s so far gone we can’t even make it any worse, so let’s just go wild and spend like mad men.

    They may have complete knowledge on the peak oil question and agree with something like Richard Duncan’s Olduvai Theory, that energy supplies and infrastructure will collapse in the near future sending modern civilization back into the Stone Age. As late as 2007, Duncan showed that his decade old theory was right on course, and he predicts the new Stone Age will commence in 2030.

    A third possibility involves advanced scientific (or historical) knowledge about long-term cyclical changes. The elite rulers of this country may have applied their immense resources to figuring out exactly what will happen when we cross the galactic plane in 2012, and it may be they know it is going to be the end of the world as we know it.

    In short, though the madness of deficit spending and money printing is hard to fathom on this scale by any rational mind, if the power elite know of a coming apocalypse, then their propensity to live like there’s no tomorrow goes from blur to focus. Of course, if they were to have knowledge of this sort, they would certainly not share it with the rest of us, for obvious reasons

  • Bildo

    I’m getting tired of having to write the same thing over and over. I think after this one I’m going to copy/paste.
    We haven’t had our own government in America since the late 1800’s when a corporation was formed to pay off the civil war debt. This corporation went bankrupt in 1933 and was taken over by it’s creditors. Any time you vote you are electing corporate officers. NOT government.
    If you all knew what they’ve done to you with the selling of your birth cert. and what your Social Security account really is and what it’s tied to you’d crap yourself. Get out of this system. A corporation built up all this debt-are you responsible because of your contracts with this corporation? I’m not! Yeah, yeah, I know, just another wacko. C’mon, face the truth.

  • TLC

    As Mr Bernanke stated in his famous speech “But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.” So why should we worry about the deficit? PRINT and pay it. We won’t talk about what you will be able to buy with those printed dollars- since it won’t be much….

  • RobertM

    Ending the National Debt

    “Dr. Strangemoney or How I Learned to Stop Worrying about the National Debt and Hate The FED”.

    There’s a lot of talk going around about how the national debt is killing the economy and I want to tell you to stop worrying about it. So what is the national debt and how did we get here? Whenever the government needs money, it prints up some Treasury bonds and sells them to investors. Whatever it doesn’t sell, the Federal Reserve (which is not federal and doesn’t keep much in the way of reserves…more about that later) buys them. What most people fail to understand is that the FED doesn’t use real money, as you know it, to buy them. It creates the money out of thin air with an accounting entry. If you or I did that, we would be in jail for counterfeiting. Let’s suppose for a moment that the FED is actually a federal agency. The left hand needs some money so it asks the right hand to borrow some, which the right hand gladly does by printing up some cash and accepting an IOU in return. Is this really as absurd as it seems? The government is actually borrowing money from itself and paying itself interest on it?

    The simple truth is that the Federal reserve is privately owned by its 12 member banks and by extension hundreds of other banks. You see, when your local bank gives you a loan, they don’t use your deposits to create loans as you might think. In fact they create the loan by an accounting entry. In other words, out of thin air. If a bank has $1000 in deposits, it can loan $900, without ever touching your $1000 deposit. The extra $900 is created *in addition to* the $1000 in deposits. The bank now has $1900 in assets. When the money is paid back the $900 is destroyed. This is called fractional reserve lending. Many years ago, some unscrupulous goldsmiths figured out that they could create receipts for 10 times the amount of gold they had on hand because, at any one time, only 10% of the people who stored gold at their vaults would come to retrieve it. It is, at it’s essence, a form of counterfeiting.

    The problem comes with the interest you must pay the bank. It was never created! Every dollar in your wallet represents a debt someone else owes on a loan. Confused yet? It was designed to be confusing. The FED made it that way to hide the fact that they are slowly draining money away from the middle class straight into their pockets. It’s a hidden tax. This expansion of the money supply is what we call inflation, meaning the cost of the products you buy must continue to go up over time and the government *must* increase the federal debt. If all the loans in America were paid off tomorrow, we would all be broke.

    What about the money that was loaned to us by other countries? It too was created by their central bank out of thin air. It is also true that the FED returns 90% of the money it “earns” back to the government but you have to ask the question why is this any different than the mob skimming off the top from casinos. In 1913, a Congress very similar to what we have today- part ignorant, part stupid, part corrupt and way too few heroes, passed the 16th Amendment (the income tax) and the Federal Reserve Act. What the FED leaves out is that tiny fact that almost ALL of our money is not created by the FED but by the smaller regional banks. In other words, the same place you got your car loan from.

    Many people confuse wealth with money. Money is a medium of exchange and a measure of value. Money could be made of red, white and blue poker chips. Dollar bills are merely paper. What gives them value is the government. Our forefathers had it right when they gave the power to create money to the government. It is absurd for the government to borrow it’s own money. If the people demanded it, we could end the national debt with the click of a mouse. If the government printed up the money it needs to run the government and provide services, we could end the federal income tax tomorrow. This isn’t some far-fetched idea. We’ve done it before. Our revolutionary war was funded by the Continental currency as was the Pennsylvania colonies. None other than Benjamin Franklin figured out how this would work.

    The standard argument against this method is that it would create runaway inflation. A closer look at history proves all of these arguments wrong. The Continental currency was destroyed by the British army counterfeiting millions. Lincoln’s greenbacks (this is where our current dollars get their color) worked well too until his death and the bankers seized control again. There has been a tug of war for centuries between the people and the bankers. Germany’s Weimar Republic inflation was caused by currency speculation, not government spending. Inflation can be controlled by tying our currency to a wide ranging basket of commodities, like the Consumer Price Index so that a gallon of milk today costs the same as it would in 10 years.

    What has happened to our economy is the result of the mathematical certainty of compound interest. There will always come a time when the interest due exceeds the ability to pay it. This is called the debt saturation point- where all your excess money goes to paying your bills. You can’t dig your way out of a hole. Soon the government will not be able to pay the interest on the national debt. They will say we are broke and we need to raise taxes and cut services. To this I say, BULL! We can fix this problem with very little pain (that is unless you’re one of those whose job depends on being a parasite on the backs of workers).

    In summary, the national debt is not a problem at all. We need to demand our government return the money creation power back to the people as it is spelled out in the Constitution. The banks need to return to banking in the way most people think they already do, by taking in deposits and loaning out money given to them for investments…..not by creating an ever-increasing supply of money out of thin air. The government would create money and SPEND it into existence for infrastructure and services like Social Security, Medicare, etc. Aristotle had it right centuries ago- “Money exists not by nature but by law”. As it stands now, we-the-people have little to no control over the money supply and inflation. That is in the hands of a few too-big-to-fail banks. Government is the only control we-the-people have and the government is made up of the people we vote in. If they won’t listen, vote them all out.

  • h

    According to this article, the US is 13 trillion dollars in debt, which is about 90 percent of GDP. But compared to nations like the UK, Italy, and Greece (all well over 100% of GDP and all of which have not collapsed), it should be manageable and reversible–what is happening, at the state and city levels, are budget cuts, to counter the decline in taxes as Americans lose their jobs and face declining wages. The United States might have to sell it’s assets, such as technology, land, natural resources to service it’s debt. If the 13 trillion was reduced by 3 trillion, that would only leave 10 trillion, and if that was pared down by 500 billion every year, it would a little more than 20 years to pay off, so I don’t know about future generations having to pay this debt off. So the debt is manageable, but we will just have to live within our means, and that probably means the party is over–time to get back to work.

  • Spencer

    42 000$ per American in national debt alone. Not to mention state and personal debt, and further unfunded liabilities.

    …simply crazy.

    Let’s tack on another 5K / American this year why don’t we?

    It will be mass government defaults around the world, or hyper inflation…both will suck. There’s no way people will accept massive taxation and no social programs (which is the only way to get rid of the debt).
    Give it a read, it’s very insightful….

  • Brittany Shelley

    Why is that countries like Finland and Sweden have less debt than this country even though they have more social programs? A good example is that in Finland college education is completely free.

  • Something Wicked This Way Comes

    Reddog is a genius. I have done the same math and reached the same conclusion.

    Apparently we are a vast minority. That’s why I am simply blown away at our ostrich response- up and down- social and educational strata. How long can this charade continue?

    Not long.

  • john

    Well, for a start, Finland and Sweden don’t spend over 500 billion dollars a year on military/foreign policy that destabilizes other countries so that they become more dangerous so that taxpayers can pay more taxes to support a military that then destablizes a few more countries so that they become more dangerous so that taxpayers can pay more taxes to support………..

  • Based on my financial calculations, I already assumed 13 trillion dollars would be the danger zone for the united states. I waited for that moment.

    I can’t wait no longer now.

    It’s here…

    All hope is not lost… But I cannot say the same for the efforts of America’s authorities at hand…

  • nader paul kucinich gravel mckinney

    much more

  • lostinmissouri

    13 trillion? Like that’s alot. We’re good till at least 100 trillion. Naw, make that 100,000 trillion…’s just paper.
    Of course, if you expect to be able to live through this, you had better find a place you can hunt, fish, farm. Lots of ammo and some gold will help.

  • Kenneth

    Some people say that US debt is manageable. Well, the problem is that 90% of US GDP is an immense amount of debt! It definitively cannot be compared to UK, Greece or Portugal.

    And there´s another problem, quite known in the UK: the quality of the debt. Most of US debt is structural, and therefore cannot be simply eliminated.

    The most important factor that holds the US together in economic terms is this: it controls dollar emissions. Since the dollar is globally accepted as an exchangeable currency, it can get heavily indebted, because it can print the money to pay the bills!

    Surely the US is heading towards a very rough way, but the rest of the world is not free from some bumps along the path too. Maybe there is some karma in this world after all (as a consequence of leading USSR to bankruptcy…).

  • farang

    Funny how one commenter here remembers that Bush promised “tax cuts” and then so did Gore…but forgets Gore promised a “lock box” on the FICA WE PAY INTO and our employers PAY INTO, and then Bush did too…how did that work out ferya Republicans??

    Clowns: S.S. is what we paid in, it is a “Trust Fund” and buddy, keep your ******* hands off my money.

    “Debt”, it was you “top 25% income earners” that got 90% of the tax cuts…now you whine after accepting it and putting us in a $12 trillion hole because of it (lost revenue since it was enacted, geniuses.)

    Poor widdle reddog….poor widdle puppy.

  • Merlin

    First the debt was not a Trillion when Reagan took office, he raised it to a Trillion to update the military that was still using WWII equipment; The Wall Street Journal headline read country bankrupt, can’t possible sustain a Trillion dollar debt.. Second the TOTAL debt of the Federal Government today is just over 61 Trillion, they only admit to and keep the focus on the 13 Trillion of the so called Public debt.
    It’s like that line in the movie The International; It’s all about controlling the Debt. Controlling is referring to owning it all and collecting the debt interest.

  • duggy dugg

    gee ; there is hope ; so many of you get it !
    BORROWING BY THE GOVERNMENT IS THE GODZILLA IN THE DINING ROOM ! the private central bank feeds godzilla with money made from nothing !
    the privately owned central bank , the “fed” is the biggest scam in history !! ! !
    the problem :
    the non-federal “fed”

    a solution:
    Banking :

  • spytheweb

    As long as we have the federal reserve banking system we will never be out of debt. Why does the US keep talking about attacking Iran? Because Iran is one of a few countries left that does not have a central banking system. Their country are not slaves to the bankers.

    How can other countries compete against a country that does not charge interest to use it’s money? Another country? North Korea.

  • steve

    actually it’s much bigger than that. if you add up welfare and social security, it adds up to about 60-70 tril or so. its in a documentary but for the life of me can’t remember the name

  • Rich Manley

    spytheweb and RobertM I am so glad that some of the world is waking up and can see what is really going on.
    What we really must do is expose those that are really controlling the whole dam thing.

  • Myths about the Deficit and Debt

    The deficit imposes a net burden on future generations. This was a major theme of Ross Perot when he was running for the Presidency in 1992. There is some truth to this statement, but not much. This statement conjures up an image that the younger generation(s) has this huge tax bill hanging over their heads which must be paid off entirely. But countries never die (or at least they never plan on dying). Therefore, there is no reason why our children and their children’s children cannot keep passing on the debt forever. In fact, so long as the economy continues to grow, future generations can continue to pass on ever-larger debts. Simarlarly, if I lived forever, I would never have to pay off my credit card debt entirely – just service the monthly interest payments.

    Moreover, payers and recipients of the debt are both primarily U.S. citizens, so income is simply redistributed from one group to another. Suppose Ross Perot was elected President and decided to pay off the national debt once and for all over a period of say, 5 years. How would he do it? He would have to raise taxes and cut spending so that we ran significant surpluses (on the order of $1 trillion per year). The government would then take the funds directly from the tax payers and indirectly from the citizens who lose the benefits they used to receive from government services, and pay off the bond holders. Does the money leave the country? No. It is simply transferred from all tax payers to the bond holders. In fact, many bond holders may find that the value of their bonds were offset by the higher taxes and/or lower level of government services.

    There is one case where the net burden argment may hold some weight. Right now, about 15% of US debt is held by foreign investors. To the extent that future generations must pay off this debt, and the income leaves the country, future generations are burdened with the current generation’s run-up in debt. Fortunately for the US, the foreign-owned portion of the debt is still fairly small.

    The national debt will bankrupt the nation. Huge debts have bankrupted some nations, but we are far from that scenario. The main difference is that most of our debt is internally owned. Also, the government never has to pay the entire debt off at one time since the government never “dies.” Furthermore, the government has an enormous power to raise revenue via taxation.

    • lela

      you had nothing better to od then write that whole thing ? i smell LOSERRRRR

  • lela

    this sucks and obama rules and he did nothing but make this nation better. You all are wrong and are obviously retarded. so go home and eat till you get fat and explode. this country is full of compalining idiots. You rock obama byeeee

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