Debt hits 18 trillion!

[Madison320]

Yay!

http://www.treasurydirect.gov/NP/debt/current

 

[dannno]

Is it hot?

 

[Danke]

In B4 Zippy.

 

[Lucille]

Woooo! We're number one! Exceptional even.

"The United States is the largest debtor nation in the history of the world."
--Jim Rogers

 

[helmuth_hubener]

 

[HVACTech]

I think this makes it official. the debt has officially DOUBLED while the current potus has been in office.
nope.
2007 it was 9 T
2008 it was 10 T
I bet this really makes the Bernanke happy.

 

[Zippyjuan]

Notify your congressman/ woman to write a smaller budget. All spending bills must originate in the House of Representatives and then the Senate must concur. The president only signs spending bills (or he can veto them).

I think this makes it official. the debt has officially DOUBLED while the current potus has been in office.
nope.
2007 it was 9 T
2008 it was 10 T
I bet this really makes the Bernanke happy.

Not quite- as of January 2009, the debt was $10.6 trillion. A double would be $21.2 trillion- not $18 trillion- which can still happen.
http://www.washingtontimes.com/news/2013/oct/9/obamas-national-debt-rate-on-track-to-double/

When Mr. Obama became president in January 2009, the total federal debt stood at $10.6 trillion.

Another note- spending under Obama actually started in October, 2009- the start of the new fiscal year. Until that date, we were under budgets passed under the Bush administration. Debt then was $11.9 trillion. http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm

Not arguing in favor of debt but just correcting some info. That is an AWFUL lot of money we are talking about.

 

[Deborah K]

A debt that can never be repaid, and serves only to enslave future generations. And no one has a problem with that. smfh

 

[Schifference]

Notify your congressman/ woman to write a smaller budget. All spending bills must originate in the House of Representatives and then the Senate must concur. The president only signs spending bills (or he can veto them).

Technical note as well- spending under Obama actually started in October, 2009- the start of the new fiscal year. Until that date, we were under budgets passed under the Bush administration. Debt then was $11.9 trillion. http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm

Another note- as of January 2009, the debt was $10.6 trillion. A double would be $21.2 trillion- not $18 trillion- which can still happen.
http://www.washingtontimes.com/news/2013/oct/9/obamas-national-debt-rate-on-track-to-double/



Not arguing in favor of debt but just correcting some info.

What is wrong with this input?

 

[Occam's Banana]

Notify your congressman/ woman to write a smaller budget.

Moar SWLODs! That'll do the trick!

 

[tod evans]

 

[Lucille]

LOL, Schifference.

Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama
http://www.zerohedge.com/news/2014-12-01/total-us-debt-rises-over-18-trillion

Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated today, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.
[...]
It also means that total US debt to nominal GDP as of Sept 30, which was $17.555 trillion, is now 103%. Keep in mind this GDP number was artificially increased by about half a trillion dollars a year ago thanks to the "benefit" of R&D and intangibles. Without said definitional change, debt/GDP would now be about 106%.

It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently.

And now we wait for the US to become Spain, and add the estimated "contribution" from hookers and blow to GDP, once again pushing the total debt/GDP ratio below the psychological 100% level.

 

[Occam's Banana]

And now we wait for the US to become Spain, and add the estimated "contribution" from hookers and blow to GDP, once again pushing the total debt/GDP ratio below the psychological 100% level.

Speaking of which ...

http://www.abc.net.au/news/2014-05-23/drugs-prostitution-set-to-boost-italy-gdp-result/5473548

New EU rules want countries to try to include all economic activity- legal and illegal.

Drug trafficking, prostitution revenue set to boost Italy's GDP result
Posted Fri 23 May 2014, 1:35pm AEST

Italy has announced it will start including estimated revenues from prostitution and illegal drug sales in official gross domestic product (GDP) figures.

The country's National Institute of Statistics says starting next year, the GDP result will also include estimates on the value of the black market in cigarettes and alcohol.

The move has been driven by new European Union rules requiring nations to include all activities that produce income in their national accounts, regardless of their legality.

The institute says the procedure would be it will be "very difficult for the obvious reason that these illegal activities are not reported".

The Bank of Italy in 2012 estimated the value of the criminal economy at 10.9 per cent of GDP.

Theoretically, that could mean Italy's GDP result with the new calculation will come in far higher than the government's 1.3 per cent growth estimate.

Eurostat earlier estimated the average GDP increase for EU nations due to the new calculation to be at 2.4 per cent.

The highest rises were estimated for Finland and Sweden at 4 to 5 per cent, followed by Austria, Britain and the Netherlands at 3 to 4 per cent.

The increase for Italy would be around 1 to 2 per cent.

The "grey economy" of businesses that do not pay taxes is already calculated in Italy's GDP and was estimated to be worth between 16.3 per cent and 17.5 per cent of the economy in 2008 - the last year for which the calculation was made

 

[kcchiefs6465]

A debt that can never be repaid, and serves only to enslave future generations. And no one has a problem with that. smfh

I have quite the problem with that.

I believe I would regardless if I were not in the generation expected to pay for things they will never see.

 

[HVACTech]

That is an AWFUL lot of money we are talking about.

Money and currency are not the same thing Zip.
the Bernanke worked for a private contractor. who has license to create our currency.

what IS our currency today? 1's and 0's on a computer screen.
sorry to bust your "bubble"
but Bitcoin is not a new idea.
"printing" "money" is SO..
60's?
somebody help me out here, how long has our currency been digital?

 

[navy-vet]

We need a miracle, like a break through in technology that will change everything.
Like fracking for instance is doing for us now in the energy sector. How about a replicator technology, like that envisioned by the late Prof Clarke and depicted on Star Trek, where any inanimate object can be synthesized from energy.
We have the capability of creating things that could alter the very existence of humankind making this all mute. In fact we already have become masters at creating wealth from thin air.

 

[FindLiberty]

SO MUCH DEBT "Must work harder..." (and pay those taxes?) LOL, it can't be undone.

It's really just runaway fiat currency debasement that proceeds the collapse.

 

[oyarde]

Woooo! We're number one! Exceptional even.

"The United States is the largest debtor nation in the history of the world."
--Jim Rogers

Yep

 

[heavenlyboy34]

SO MUCH DEBT "Must work harder..." (and pay those taxes?) LOL, it can't be undone.

It's really just runaway fiat currency debasement that proceeds the collapse.

I hope it all crashes in my day so future generations don't have to be slaves. I look at the youngsters in my family, at church, etc, and the crimes that have already been committed against them make me want to cry. :'(

 

[Madison320]

A debt that can never be repaid, and serves only to enslave future generations. And no one has a problem with that. smfh

I doubt that will happen. We're going to have a currency collapse, then I think we're going to restructure both our currency (gold backing) and our debt.