Just 247 days after topping $ 11 trillion and 414 days since passing the $ 10 trillion mark, America’s national debt is now above the eye-popping level of twelve trillion dollars:
It’s another record-high for the U.S. National Debt which today topped the $12-trillion mark. Divided evenly among the U.S. population, it amounts to $38,974.34 for every man, woman and child.
Technically, the debt hit the new high yesterday, but it was posted on the Treasury Department website just after 3:00 p.m. ET today. The exact calculation of the debt is a 16-digit tongue-twister and red-ink tsunami: $12,031,299,186,290.07
This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion – more than triple the previous year’s record high.
Much of the increase in the deficit and debt is attributed to government spending outpacing revenue – both exacerbated by the recession and the government response to it – including hundreds of billions in bailouts and stimulus spending and tax cuts along with decreased tax revenues due to rising unemployment.
In recent days, President Obama has spoken of the need to bring the rising deficit and debt under control.
“I intend to take serious steps to reduce America’s long-term deficit – because debt-driven growth cannot fuel America’s long-term prosperity,” he said in remarks prepared for delivery to the leader’s meeting last Sunday at the Asia Pacific Economic Cooperation summit.
The National Debt has increased about $1.6 trillion on Mr. Obama’s watch, though less than $4.9 trillion run up during the presidency of George W. Bush.
Of course, Obama has only been in office ten months, not eight years.
Since Barack Obama took the Oath of Office, the national debt has increased from $ 10,626,877,048,913.08 to $ 12,031,299,186,290.07. That’s an increase of $ 1,404,422,137,376.99 over 302 days, or $ 4,650,404,428.40 per day, $ 193,766,851.18 per hour, $ 3,229,447.52 per minute, and $ 53,824.13 per second.
Anyone want to bet how long it will take to get to $ 13 trillion ?
My guess is August 15, 2010.
By December 31, 2009 if one choose not to think linearly
Assuming his deficit pace continues unchanged, in 8 years he will have run up national debt by extra 13 Trillion (13,000,000,000,000) dollars which ~2.5x rate Bush did.
Subject: National Debt
I have studied this subject very deeply. Even Macro economic Professors are confused. The general gist of the situation is that at this point and for quite a while it doesn’t matter what party is in power. The financial state of the US is in the hands of private individuals that control the federal reserve. The plan is to continue to inflate the economy until the system is at the brink of collapse. Then then the UN in the form of European banking will step in and offer us a solution that we cant refuse. That is to join the one world economy. They will issue Ameros, American currency at equal value as the Euro. Everyone with think Oh what a saving grace! But it will be a knife in the back because then we will be controlled economically by a power that is not our own. It will bleed it’s way into the social structures and the laws and before you know it we have world wide pseudo-socialism. Unfortunately this is not conspiracy theory. I wish it was.
About the only economic alternative would be for us “the US” to:
1) Take ownership and control of the Federal Reserve
2) Cancel all debt owed to the federal reserve ( a reduction of 45% of deficits)
3) Hunt down the corporations that have profited from this exploitation and take ownership of them.
4) Pay down the remaining debt with the proceeds obtained.
Can you please go to http://defeatthedebt.com/help-us/ and sign their petition? Also can you donate some money to them too? they are going to march around the white house to convince the president to pay down the debt.
Spread the word!
Congress passed an act in 1961 which allows people to donate to the bureau of national debt. You can donate any amount of money to them.
the adress is:
Department of public debt
P.O Box 2188
Parkersburg,WV 260106-2188