Wednesday, August 15, 2012

Wednesday Roll OUT

Money Makes the World Go Around

Ladies and Gentleman and all who haven't decided...We, that's you and me now owe at least $50,772.60 per the real time US National Debt Clock that is spinning faster the the big wheel on the Price is Right! Yes my pretties it seems that even though we may not know it or want to know about it, the national debt will eventually need some desperate attention with everything on the table. And I mean everything. This is not all about partisan politics or your entitlement is not as needed as my entitlement BS, its about the harsh realites of our inability to make some distinct and gut wrenching choices that will affect many of us. Yet within all this ballyboo, there's lot to consider about what our good taxes dollars go to cover, who's not paying their fair share of the taxes whether due to loopholes or otherwise and we can't ignore much of fraud, silliness and down right waste that ties this little debt package to together. If we want change or whatever that looks like then it will take a all of us to understand what it will take to deal with it as that "debt cliff" looms come January 2013. Need more... then just check out the info below courtesy of 

The US National Debt matters because higher debt results in: higher taxes, reduced 'benefits' and programs, higher interest rates, and a weak dollar. All of which will make the United States a much weaker and less free nation. It is stealing from the future by spending their money today and reducing growth now which hurts everyone in coming years.
  1. On January 1, 1791, the US National Debt was $75 million. It increases by that amount every hour today (2010).
  2. $1 trillion = $1,000 billion or $1,000,000,000,000 (that's 12 zeros).
  3. In 2010 the United States issued nearly as much debt than the rest of the world governments combined.
  4. The budget deficit for 2011 alone will end up being well over 10 percent of GDP. A very dangerous level.
  5. For 2010, debt as a percentage of GDP was 94.3% in the United States. For Greece, who is having massive problems, the figure was 115.1% (see here). Increasing at 10% per year (see above) means we will hit the Greece level in 2012 or 2013. [2011:Some estimates put it at 150% of GDP now, which the US could reach at 10% growth per year just a few years from now.]
  6. The World does not have enough money to lend the United States so for the nine months ending June 2011, the Federal Reserve purchased nearly all the debt issued by the United States Government. It did this by printing money out of thin air, "quantitative easing" in Washington double-speak.
  7. The U.S. government currently has to borrow approximately 41 cents of every single dollar that it spends.
  8. During President Obama's first two years in office, the U.S. government added more to the U.S. national debt than the first 100 U.S. Congresses combined.
  9. Just before the start of President Bush's term, at end of calendar year 2000, the debt stood at $5.629 trillion. Eight years later, the federal debt stood at $9.986 trillion.
  10. For President Obama, the debt started at $9.986 trillion in January 2009 and increased to $13.7 trillion, a 38 percent increase over two years, by January 2011. By May 2011 it stood at $14.3 Trillion - $600 Billion in 4 months.
  11. Spending one dollar per second, it would take twelve days to spend $1 million. It would take more than 31000 years (31709.792 years). The deficit presently stands around $1.5 Trillion per year. If you were alive when Christ was born and you spent $1 million every single day since that point, you still would not have spent $1 trillion dollars by now - you would have spent about $734 Billion.

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