A $9,000,000,000,000 national deficit?
I wish we lived in a country where national debt actually alarmed voters. The White House is predicting predicts a 10-year federal deficit of $9 trillion! We are told that is more than all previous deficits since America’s founding combined. Additionally, the White House says by the next decade’s end, the national debt will equal three-quarters of the entire U.S. economy. Why are Americans not absolutely outraged and pressuring lawmakers to cut the government credit card? Perhaps we don’t mind because we all live this way in our personal lives, with credit cards, home-equity loans, and so on.
One must wonder if people really understand what $9 trillion dollars means? Here’s what it looks like: $9,000,000,000,000. This is what Americans need to see in order to understand that this is where the nation’s debt is headed unless we take radical steps to stop borrowing money to spend on hunches, social experiments, and programs we know will not work. To do otherwise is nothing less than grossly irresponsible.
According to The Associated Press story linked to above, the public national debt, made up of amounts the government owes to the public, including foreign governments, posted Tuesday at $7.4 trillion. Excuse me, I should have written, “$7,400,000,000,000.” In the private sector only a banker who was hoping to get fired would allow an institution with this much-leveraged debt to borrow one penny. Politicians, however, are more than willing to put future generations of Americans at risk of national bankruptcy for sound-bites and reelection.
Wouldn’t it be great if the Obama administration, in light of these asinine numbers, announced an end to deficit spending, saying, “OK, America, we have to develop a better approach to solving America’s problems other than allowing politicians to shackle future generations to monumental debt”? I know this may sound radical, but perhaps Americans should consider voting out of office any politician, regardless of party, who believes that best way reduce the national debt is to slow the economy further by increased spending on untested programs, borrowing more money, and spending even more money than the nation has access to use.
As such, proposing a $1,000,000,000,000 ($1 trillion) healthcare reform initiative makes absolutely no sense—even if it’s smoked-screen as “increasing competition.” There are also crazy talks of another stimulus package as if we have the billions in cash to throw at problems. In the days to come what will be most pathetic is having to listen to gut-wrenching political spin from proponents of big government who will argue (1) that this is George Bush’s fault, and (2) that we need to spend more borrowed money in order to escape recession and reduce the deficit. “Serenity now! Serenity now!”




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back to top57 Comments to “A $9,000,000,000,000 national deficit?”
Let’s see: in a human lifetime, the heart should beat 2 billion times…
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I can’t wait til our currency attains the value of Zimbabwe dollars.
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Good thing is the ChiComms are there ready and willing to buy all our debt instruments. Can you imagine what a big magilla it would create if the Beijing Big Boys put the kabosh on Washington’s money-printing machine?
One shudders to think of it.
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Sleep soundly at night knowing Barney Frank and BHO have the interests of tax-payers everywhere uppermost in their minds
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Anthony: Why are Americans not absolutely outraged and pressuring lawmakers to cut the government credit card?
Frank: Why is World Magazine not covering HR 1207, Ron Paul’s attempt to get the ball rolling in that regard by a full audit of the Federal Reserve?
FYI, HR 12907 has 282 cosponsors. (Last time Paul wrote a bill requiring the Fed be audited — in the mid 80s, I believe — he only got a mere handful of sponsors.
Maybe Americans are absolutely outraged, but the organs of the right and left aren’t listening.
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$9 Trillion?
Pffft! That’s a drop in the bucket. The real deficit is at least twice that much by the time you add in medi-care/aid and social security.
What’s another $2 Trillion when our idiot Congress is involved? They’re not going to do anything about it til it’s too late anyway…
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Sawgunner,
You’d best not wait until our currency attains the value of Zimbabwe dollars!
I’m holding two thirds of my short-term emergency savings in precious metals. I recommend you folks look into it.
“A prudent man foresees evil and hides himself; the simple pass on and are punished. ” ~ Proverbs 27:12
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Frank I would load up on precious metals too but I think before I do so I’d better buy an assault weapon to defend the gold pile!
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I think we should ask these other countries to forgive our debt.
Or…
We could simply create a new currency and stop honoring the old one. No transfers allowed.
Or…
We could threaten everyone with our nukes to ensure our currency doesn’t lose value.
Or…
Maybe we repackage all our loans through a credit counseling agency to get a better interest rate.
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I’m getting a headache!
Blessings Roger
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If the country declares bankruptcy then perhaps we could restructure. How about we give Obama a severance package or a bonus and then let him go run China.
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Ineterestly, everyone thought China would eventually attack us and take over, but it seems more likely they’ll just purchase us. On the bright side that might hurt less.
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How long will it take to pay off $9 Trillion at a rate of a million dollars a day?
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18,000 years.
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Just for a point of reference….
The 2008 annual Gross Domestic Product for the US was $14,264,600 Million. Is that $14 Billion?
http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)
$20 Trillion is a lot to pay off even using numbers from a whole country. Our government needs to get the heck out of the way and let the small businesses in this country go to work.
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#11
The Chinese respond: “No thanks, been there, done that”
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Elections have consequences. Wrong man elected. Wrong party as well. Never vote Democrat Again! Never vote for Barack Obama again!
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Look, I just had a major discussion with a co-worker and she has no problem with increasing the national debt by a trillion if that’ll mean everyone is insured. Hey, as she says, someone has to pay for it.
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÷÷÷÷÷÷÷÷÷÷÷I hope that co worker is not your boss, NJ. Some people should not be let out of their cages.÷÷÷÷÷÷÷÷÷÷÷
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I’d be interested in seeing someone develop a chart of various countries national debts (or national savings) compared with the U.S.
Hmmm, let’s see China has a positive net savings of 9 trillion and we have a debt of 9 trillion. We can’t pay them and they can’t collect on us. Wonder if they’ll come over and try to thump us since we’ve been getting all the goodies off the backs of their working class.
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She is NOT, Monty. Her daughter was recently hospitalized and because it cost $42,000 and only $8,000 was covered, she believes that the government should pay the rest, not to mention for all bandaids at the ER.
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I agree with Frank. I think people are outraged, but the politicians still think this will go back and forth between the two parties. That’s where they are wrong.
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Make it Man is right. The 9 trillion excludes the baby-boomer baloon-bust that will also hit in ten years. The estimate also errs on the low side with unrealistic growth estimates and government spending caps. That means a middle-class tax hike or value added tax is likely. I heard that we could pay off the interest in 48,000 years at a million a day.
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This is a stupid comment, I know, but what is the significance of “more than all previous deficits since America’s founding combined?” The deficit grows (and grows, and grows) every day, so how do you “combine” all previous deficits? Just askin’
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This is just disheartening. Really.
But, I see it in my own life where my husband and I are finally learning to budget better.
I wish our government would try it.
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Mommy – good question. I think the idea is that a deficit is a one year thing – how much more you spend that year than you take in. So you can add up all the single-year deficits since [what 1776 or 1789?] and the total sum is less than $9 trillion. I may be wrong, but I think that’s what the author meant.
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The debt does alarm voters, just like the health bill does –
We are doing a great job of stopping the health bill as it was presented – the money Obama has spent as though he were off on an extended spending toot can’t be recaptured – what would you have us do Anthony? – what are YOU DOING?
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Frank,
Do you actually have possession of your precious metals? For instance are they in a safety deposit box somewhere or do you own a slip of paper that says you own precious metals?
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Why are Americans not absolutely outraged and pressuring lawmakers to cut the government credit card?
“Because the sentence against a misdeed is not executed quickly, therefore the hearts of the sons of men are given fully to do wrong.” Eccl 8:11
Or put another way, because no one will feel the effects of this disaster until Obama is long gone, they don’t really care. After eight years of viscous wall to wall hate against Bush, they want the Democrats to have a turn for a while and see what happens.
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Mommy, “more than all previous defecits….” means it is completely out of control.
Bottom line, There ain’t that much money. I recently read that the GDP of the entire world is 60 trillion dollars. Where does a 9t debt leave us?
As Sawgunner says, invest in Zimbabwian money, it may soon be worth more than ours.
Frank has a good idea about gold. However, Roosevelt outlawed gold, and the law stuck. It used to be illegal to own except jewelry and rare coins. That could happen again.
But then, it may be that everyone will be issued a credit card embedded in their hands or foreheads. With an identifying number, say some equivalent of 666 to activate it.
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Victoria, I needed you this afternoon! My head is still spinning. I have now met SteveG in person and her name is Lillian. She accepts anything and everything the government — under Obama — tells her. Vote on a bill not written yet? Sure, go ahead. Incur a trillion dollars more debt? Well, sure, someone has to pay for health care.
I swear, they are like that dumb blond joke: How can I be overdrawn? I still have checks!
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NJL, did SteveG want you to out her?
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OK NJL, what’s the deal, |PLEASE EXPLAIN| LOL – I’ve been doing too much research today, my HEAD is SPINNING – are you serious? – too bad you live so far away, you could come for dinner and a great glass of wine -
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No, Chas! Lillian talks like SteveG, only with a dumb blond accent. They are not the same, though neither questions anything the government says or does under Obama.
Victoria, I wish you had been there to tell her that the people are alarmed about the debt. At least you told Anthony here, who, I have to admit must be living under a rock if he doesn’t know that people are upset about the debt — normal people, I mean. What does he think we’ve been complaining about?
I just needed a someone to commiserate with, and when you said those encouraging words that we are having an effect on the passage of the health bill, I just wished you had been here to tell all this to Lillian. It was such a shock to meet someone who literally never questions ANYTHING her government says. She was shocked when I repeated Ford’s quote that the government that gives you everything you want will take everything you have. She really had no comprehension of what that means.
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NJL – what a hoot, I wish I had been there.
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Will we or can we elect a congress that cares? The definition of Patriot has been watered down to “I got mine”.We can thank the FED for most of this. The central bank not once stood up and said, “we can raise that kind of money”. No, they just crank up the bond sales. Like worthless parents that can’t say no to their kids, the FED just swipes the credit card over and over. Since it is nigh darn impossible to reform back to common sense from such a distance, our best solution is ?????? Beats me.
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NJL, thanks for clearing that up. You had me thinking SteveG was really a female. It can happen. You never really know the sex of someone here unless they tell you.
Genesis, as I said before, you elect conservatives and they get to Washington and get Potomac Fever. Consider Lindsey Graham, he’s an excellent example of that.
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Chas & Genesis – there’s a neat phrase in Thomas Cahill’s book, _How the Irish Saved Civilization_ in which he describes the condition of the Roman Empire shortly before its fall. He says something to the effect that it was dealing with “insoluble political realities and spiritual malaise.” (It may have been disease rather than malaise, I can’t quite remember.) When I read that it struck me as an apt description of Western Civilizaion which appears to be on the brink of collapse as well.
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The biggest difference between the government and those of us who have to operate on a budget is that we try and control our spending. The government thinks nothing of passing bills they haven’t read that have millions of dollars going places they don’t even have a clue what they do.
What should happen is that the government should take a pause….much like John McCain described during the campaign and assess what they really NEED to spend money on. This would mean that health care, cap and tax and the second stimulus being bantied about would have to be put on hold until the government could assess what they were going to EARN next year in income taxes. This is not that complicated….it is called a cash flow. Once they have that number and they assess how much they are going to spend on salaries and wages, leases on buildings, etc, etc. then and only then could they be allowed to look at new spending programs.
That is the only way the deficit is going to shrink. BHO and all his liberal/radical buddies think that the income of the Federal government will grow by taxing the “rich” which they loosely define and then change when it doesn’t appear that will work out. This will not work and will create even more of a deficit next year.
So, I am saying that as Frank stated above, the first step is get behind Ron Paul’s audit bill of the Fed. Then put the brakes on the Federal government and if that doesn’t work then perhaps we need to take seriously voting out every single person in Congress and the Senate in 2010 to show that we are serious as a country and we don’t want their entitlement programs.
If we don’t do any of this, the America of tomorrow will look like the Zimbabwe of today.
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About: it doesn’t matter. It isn’t about health, nor the environment, not cash flow. It’s bringing everything under control of the president.
Glenn Beck has an interesting program on Fox about how the Czars are appointed in order to bring the entire nation under control of Barak. We have two dozen of them so far. Only the Cultural Czar has been approved by Congress.
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I just heard about his program but have been studying the czars which the Obama administration wants to have called “special advisors” and these guys are just plain scary. One confessed communist – the green jobs czar, and many other radicals including the new czar appointed over the FCC and FTC. My question for all the BHO supporters is – how are these people paid? Are they paid with my tax money? If so, why does nobody get a say into who is being hired and how much are we paying these fine fellows?
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The other thing that will scare you is to go on the White House web page, http://www.whitehouse.gov/briefing_room/executive_orders/, and study the executive orders this guy has issued as well as the special memos. BHO concerns me greatly because he is surrounding himself with absolute radicals.
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Maybe I should take an economics class. I’ve never understood the big hoopla about national debt, considering its owed to…Americans. If you look at the American Citizenry as a single unit, we basically owe ourselves. So it seems like its all a wash.
The real situation, though, is that the government owes SOME people a lot and others nothing. For instance, I’m not one of the U.S. governments creditors, since I don’t own any bonds. I’m pretty sure the mutual funds I own don’t invest in govt. bonds either. At least not heavily. So if the govt. defaults on its debts, then I make out like a bandit right? At least, relatively speaking compared to those who actually *are* creditors? (Here I’m ignoring the utter turmoil such a default would cause.)
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Buddyglass, a lot of it is owed to foreign governments and foreign individuals. See:
http://hubpages.com/hub/The-American-National-Debt-Who-Do-American-Owe
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According to Buzzy’s link, we owe $1.762 Trillion to foreigners. I was surprised to see Great Britan on there. Also surprised to see that the OPEC nations was as small as it is.
China is the problem. They are not our friends.
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“China is the problem. They are not our friends.” True, but the more we owe them, perhaps ironically, the more they need us.
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Ah. Interestingly, though, the U.S. public debt is not out of whack with other first-world countries when viewed as a percentage of GDP:
http://en.wikipedia.org/wiki/File:PublicDebtTriade.PNG
So we owe Japan, but apparently they owe a lot of other people.
Here’s a list of countries ranked by “external debt”, i.e. debt owed to foreign entities:
http://en.wikipedia.org/wiki/List_of_countries_by_external_debt
The U.S. is sitting at about 96% of GDP. The United Kingdom is at 375% of GDP. Germany is at 160%. So, we don’t seem to be doing that badly on a relative scale.
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NJL: They are not the same, though neither questions anything the government says or does under Obama.
Not that you care, but that really is NOT true.
Well, maybe it is for your co-worker, but not for me.
What is your problem with me, seriously? You never miss a chance to attack me personally. What have I done to you?
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Term limits – we should demand it! That won’t fix the current problem, but it will help avoid future ones.
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Buddyglass #46: Like I said (#37), it appears all of Western Civilization may be on the brink of collapse — through a combinaton of overextension and indulgence (not unlike the Roman Empire).
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“The U.S. is sitting at about 96% of GDP. The United Kingdom is at 375% of GDP. Germany is at 160%. So, we don’t seem to be doing that badly on a relative scale.”
This is like asking who is worse…the Nationals, the Lions, or the Clippers…
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Yes, Thorn. Should we really worry about which artery is spurting blood or the fact that the blood is flowing and the body will eventually die if it isn’t staunched at any of the wounds?
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I don’t know, Steve, but when somebody calls me a zombie — and that’s not the only thing, he gives up his right to complain! But that you can’t put two and two together is no surprise to me. I am responding to YOU!
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And you don’t question Obama on anything ever. Go read Chas’ comment in WV about the Cybersecurity act. Maybe not now that you’ve been warned, but the reason I laughed so hard is because I could imagine all your defenses.
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I remember two quotes from high-school history (a Christian curriculum, so we actually learned real history). Forgive me if I don’t get these exactly right, and I don’t remember the sources.
From a historian: The great democracies of history have lasted for approximately two hundred years. In every case, their demise came about when people came to realize that they could vote themselves money from the public treasury (i.e. vote for candidates who promise them the best benefits)
From a Soviet dictator: We cannot expect that the American people, with their love of freedom, will accept communism all at once. We can, however, feed them small doses of socialism, and one day, they will awaken and realize that they have communism. And then it will be too late.
Let’s see here…government takeover of the banking industry, the auto industry, a pending government takeover of health care, attempting to equalize by taking from the rich and giving to the poor, a media that will not question or say anything critical of the administration…yep, sounds like communism to me.
The United States of America no longer exists. Welcome to the People’s Socialist Republic of America!
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to NOPM #9…I like the idea of signing Congress up for credit counseling. Especially since anyone undergoing credit counseling, in return for the low interest rate, has to agree not to accumulate any more debt! Maybe you’re on to something!
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Interesting discussion so far. I’m heartened (per the NJL/Victoria exchange) that healthcare is an example of a noteworthy fraction of Americans standing up and saying Not So Fast. It isn’t over yet, however, and may well result in legislation only slightly less outrageous than first envisioned.
The problem, I fear, is that President Obama, far from a megalomaniacal dictator bent on bending every knee to his awesome power, is merely giving a majority of Americans exactly what they want. Exhibit A: NJL’s coworker, who speaks for millions like her. We have come full circle as a society. Once a land of pioneers coming here to make their own way and escape tyranny, we’ve become a nation of overgrown children who just want someone to take care of us.
Medical care we demand but cannot afford? “The government” should take care of it. Long for a shiny new car? Cash for Clunkers. Get your corporation into deep fiscal do-do? Convince some larcenous lawmakers that you’re too big to fail. Remember Peggy the Moocher, the subject of the viral YT video from the night of the election? Her exuberant claims that Obama will take care of all her troubles largely self-inflicted are only a more crass version of something millions of others believe but don’t yet openly say.
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#54: The first quote is typically attributed to Alexander Tyler, a Scottish historian. However, it seems this attribution is wholly fabricated. Gary North (hardly a liberal), writing on Lew Rockwell’s site (hardly a liberal site) debunks the quote.
http://www.lewrockwell.com/north/north484.html
If you were actually taught that in a history class, then your history teacher should check his/her sources better.
The second quote is attributed to Nikita Kruschev. However, it seems we have this only on hearsay. Ezra Benson, Eisenhower’s Secretary of Agriculture, claimed in a speech that Kruschev said this to him, but there’s no way to tell whether he actually did. Based on what I’ve found online, I’m going with “no he didn’t”.
http://urbanlegends.about.com/b/2008/11/13/bogus-khrushchev-quote-makes-the-rounds-again.htm
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