Total Outstanding US debt is around 11.3 Trillion Dollars: Is Dollar Making it Worse? »
Posted By WikiMap 5 months, 4 weeks ago in NewsThe dollar is weak and getting weaker. Total outstanding US debt is around 11.3 trillion dollars. People are bailing out. US triple A rating on its debt may garner a similar warning of a downgrade like the UK debt just received. China wants a new international currency as a reserve to the dollar.
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nostalgia5 months, 4 weeks ago
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And Obama sent Pelosi to China to deal with climate change and emissions
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They finally realized that if we pass a carbon tax but China and India take no action, our economy will be devastated
HOUSE SPEAKER NANCY PELOSI IS IN CHINA .... WHERE SHE'S DROPPED HER USUAL COMPLAINTS ABOUT HUMAN RIGHTS IN AN EFFORT TO COURT THE CHINESE .... WHOSE COOPERATION SHE NEEDS TO PASS CLIMATE CHANGE LEGISLATION IN THE US CONGRESS. THE CONNECTION? PYLE says: "if we tax our emissions and other countries dont participate such as China and India 14:13:49 the net result will be little if any reduction in CO2 worldwide." THAT'S BECAUSE COAL IS A HUGE SOURCE OF CO2 OR CARBON DIOXIDE EMISSIONS .... AND CHINA IS EVEN MORE RELIANT ON COAL THAT THE US IS: ROGERS says: "let me give you some important statistics, in the next decade, china's going to build 800,000 new megawatts of new coal plants. to put that in perspective, that's 2 1/2 times the amount of installed coal capacity in the US." SO IF CHINA DOESN'T REDUCE EMISSIONS, EVEN PAINFUL US EFFORTS WOULD HAVE LITTLE IMPACT ON GLOBAL GREENHOUSE GASES... THOUGH THEY WOULD HAVE AN ECONOMIC IMPACT HERE AT HOME: KOVACS says "and if energy is more expensive, its going to make it more expensive to make a product and its going to make it more expensive for us to compete in the world." AND IF WE TAX CARBON EMISSIONS BUT CHINA DOES NOT, CHINESE MANUFACTURERS WOULD HAVE CHEAPER COSTS -- AN ADVANTAGE OVER AMERICAN COMPANIES, THE ECONOMIC EQUIVALENT OF UNILATERAL DISARMAMENT: PYLE says: "Manufacturing jobs will fly out of this country; they will go to where energy is cheaper more affordable and more reliable." THE US GETS HALF ITS ELECTRICITY FROM COAL, MIDWEST STATES THREE FOURTHS OR MORE. DEMOCRATIC LAWMAKERS FROM THERE SUPPORT PRESIDENT OBAMA AND MS PELOSI'S CALL FOR REDUCTIONS IN CARBON EMISSIONS --- BUT ONLY IF CHINA FOLLOWS SUIT:
http://www.newspusher.com/EN/post/1243299901-2/pel...
This is a very interesting article
I haven't noticed much in the way of coverage in the MSM
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CHAM5 months, 4 weeks ago
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Good Post Wiki but not really the total debt.
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The long term liabilities now total over $70 Trillion. And for the Bush lovers, the debt of $11.3 Trillion was about $5 Trillion when Bush came into office and the Long Term Liabilities was $20 Trillion when he came in.
So Bush brought that $20 Trillion to close to $50 Trillion and the $5 Trillion to about $10.9 Trillion in his eight years. The Bush total added debt then is about $55 Trillion of the $80 Trillion or about 69% of what is now owed. But around $25 Trillion or close to 30% of that total was there when Bush came in.
Therefore Obama has added less than 1% to the total outstanding debt.
Thought you Republicans would just love those bits of data.-
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nostalgia5 months, 4 weeks ago
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"Therefore Obama has added less than 1% to the total outstanding debt"
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In 4 months - that's a record to be proud of?
Where were both sides of the aisle when they were trying to reform Social Security - out to lunch
Now we have more boomers retiring earlier than expected
What do you think that is going to do to the system?
What do you advocate - when you are in a hole keep digging?
What do you think monetizing debt is going to do?
How high do you think inflation is going to be?
What do you think will happen if the govt loses it's AAA bond rating?
Someone needs to wake up in DC and realize they are piling on so much debt that our children and grandchildren will be buried
Did you support the Medicare RX drug program - the boondoggle? Let's get rid of that
How about closing EVERY Federal agency/department that is not specified in the constitution - starting with the Depts of Education and Energy?
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Klarissa5 months, 4 weeks ago
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"As of May 25, 2009, the total U.S. federal debt was $11,305,673,498,034.18,[2] or about $37,095 per capita. Of this amount, debt held by the public was roughly $6.999 trillion.[3]
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In 2007, the public debt was 36.8 percent of GDP,[4] with a total debt of 65.5 percent of GDP.[5] As of 2007, the debt of the United States ranked as the 22nd-largest in the world as a percentage of GDP.[6].
NOTE: As of May 2009 the debt was 82.0 percent of GDP based on current GDP. This level of debt has not been seen since 1951, with the nominal value the largest in recorded history.
The President's - Obama's- 2010 budget estimates that total debt relative to GDP will rise to 97% by 2010 and stabilize at approximately 100% thereafter.[7]
Public debt is the amount owed by the government to its creditors, whether they are nationals or foreigners.
External debt is the debt of all sectors of the economy (public and private), owed to foreigners.
In the U.S., foreign ownership of the public debt is a significant part of the nation's external debt. The Bureau of the Public Debt, a division of the Department of the Treasury, calculates the amount of money owed by the national government on a daily basis.[8][9][10][11]
The annual government deficit refers to the difference between government receipts and spending. Logically, the deficit is equal to annual increase in the debt.
However, there is certain spending (supplemental appropriations and the surplus tax receipts in the Social Security program) that add to the debt but are excluded from the deficit. For example, during 2008 the budget deficit was $455 billion but the national debt increased by $1 trillion, the first time it has done so in a single year.[12][13]The total debt has increased over $500 billion each year since FY 2003, considering both budgeted and non-budgeted spending.[14]
The Government Accountability Office (GAO), Office of Management and Budget (OMB) and the U.S. Treasury Department have warned that debt levels will increase dramatically relative to historical levels if entitlement programs are not reformed.
For example, projected expenditures for Medicare and Social Security programs exceed tax revenues by over $40 trillion over the next 75 years. Mandatory expenditures are projected to exceed federal tax revenues sometime between 2030 and 2040 if reforms are not undertaken.[15][16]
The severity of the measures necessary to address this challenge increases the longer such changes are delayed. These organizations have stated that the government's current fiscal path is "unsustainable."[-
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flyonthewallzz5 months, 4 weeks ago
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Hi Klarissa:
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That post has a bunch of good information in it.
Below I posted a link to a spreadsheet that shows a deficit in "off budget" (Social Security) income from 1976 thru 1984. Reagan fixed it once and it can be fixed again, we are not in as dire a situation in terms of off budget stuff now as we where then.
As a side note (just to be a pain) in his signing statement, Reagan did complain about the mess he inherited from the past administrations.
Andrew Jackson was the last president to clear our dept.
I spend a lot of time looking at lists of numbers from our government, and it would not be easy for me, but I would change my opinion if the numbers supported it.
Obama never was liberal enough for me, but the fiscal conservative arguments do not seem to match history. In my lifetime the only president who actually reduced spending was Johnson (1965 $300 million). and the only Presidents that left office with a surplus where Johnson and Clinton. (Coolidge, Harding, and Hoover worked towards that goal, but I do not think economic history speaks well of them)
It is a strange mix Dept, deficit, and revenue.
And the more I look at sheets of numbers the more I realize how politically they are organized.
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Klarissa5 months, 4 weeks ago
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http://www.federalbudget.com/
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"The interest expense paid on the National Debt is the third largest expense in the federal budget. Only Defense and income redistribution (The Departments of Health and Human Services, HUD, and Agriculture (food stamps)) are higher.
Do you have "Compassion" for the lower income earners? Social spending is the largest item in our federal budget.
Do you think your taxes are going to go down? Do you believe the U. S. Leadership on this? No matter who you are, your taxes will go up. Here's why. When you buy something, all the companies involved in producing that something and delivering it, were charged a wide range of taxes, and it's part of the cost of that something you are buying.
The U. S. Leadership is planning to raise taxes on power companies and all other businesses. The prices of everything will go up to cover that cost.
The U. S. Dollar is being replaced by the Euro as the international trade standard. Could our large national debt be part of the reason?
And now (2009) Congress has just passed the "Economic Stimulus" bill that will shift us from an "economic crisis" to a debt crisis!
Are you ready? It's your money Congress is spending!
And get this; If businesses could print their own money and then give it away to customers, many folks would be happy for a while, but the businesses would go bankrupt.
Well, that's what our government is currently doing, printing and giving away money." -
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Klarissa5 months, 4 weeks ago
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Repeating from above, incase you didn't know the 36% of debt/GDP in 2007,
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and the May 2009 the debt was 82.0 percent of GDP !!
In 2007, the public debt was 36.8 percent of GDP,[4] with a total debt of 65.5 percent of GDP.[5] As of 2007, the debt of the United States ranked as the 22nd-largest in the world as a percentage of GDP.[6].
NOTE: As of May 2009 the debt was 82.0 percent of GDP based on current GDP. This level of debt has not been seen since 1951, with the nominal value the largest in recorded history.-
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quackpot5 months, 4 weeks ago
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So, Klarissa, you had no problem with Bush's financing two wars and a tax cut via increased public debt, but you are highly critical of using public debt to allow the U.S. to emerge from Bush's Recession?
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Are you so selfish that you only like increasing public debt when it gives you a tax cut?
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stephen-johnson5 months, 4 weeks ago
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Remeber the 25 police officers in Columbus, Ohio who were with Obama on the Mar 6 "stimulus package" photo op? An update:
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"Columbus police will be pulled from highways, high schools and other duties if voters reject a proposed city income-tax increase on Aug. 4, Chief Walter Distelzweig said yesterday.
Nearly 300 officers would lose their jobs in layoffs. When added to the number of retirees who wouldn't be replaced, Columbus would have 324 fewer police than it has today.
Based on seniority, he said, officers hired over the last four years would face layoffs. That includes 25 whose jobs were spared in March when Columbus received $1.25 million in federal economic-stimulus money." -
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calitennflo5 months, 4 weeks ago
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US debt is a lot more than they are reporting...they owe for all the years they have been in power attop that hill in Washington...not just recently, but forever they will owe...a promise to owe...those they did not govern correctly...but focused on governing money instead.
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beavis617bComment removed: Retracted by user
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taxguy5275 months, 4 weeks ago
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THE OBAMA ADMINISTRATION IS A PACK OF NAIVE MARXISTS WHO HAVE ALMOST NO EXPERIENCE WITH BUSINESS, FREE MARKETS, OR CAPITALISM. FULLY 50% OF THE VOTERS WHO PUT THIS CAPITALISM-HATING ADMINISTRATION IN OFFICE DON'T EVEN PAY ANY FEDERAL OR STATE INCOME TAX, THUS THEY HAVE A MAJOR CONFLICT OF INTEREST WITH THEIR ONLY STRONG MOTIVATION TO SUPPORT THE CANDIDATE (in this case obama) WHO PROMISES THE LARGEST HANDOUTS FROM THOSE TO WORK HARD AND TAKE RISKS, TO REDISTRIBUTE TO THOSE WHO DO NOT. GOD HELP THIS COUNTRY.
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CHAM5 months, 4 weeks ago
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It's pretty sad that if you look at the debt when Bush came in and look at the debt when he left, the totality of debt went from about $25 Trillion when he cane in to about $80 Trillion.
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I see that as a $55 Trillion increase. Dividing by 8 that comes to about and increase of almost $7 Trillion per year. And that $25 Trillion when he came in was the accumulation since the beginning of the United States.
In your zeal to blame someone beside your Party, you just can't see your Elephant in the room. Hopefully though if we ignore it, it will just dwindle away never to be a force again. -
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CHAM5 months, 3 weeks ago
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Klarissa. I've sent you the links to the Government reports more than once.
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In those reports the fact is that when Bush came into office the total debt ( Long term liabilities plus annualized debt ) was approximately $25 Trillion. When Bush left eight years later, that total had grown to about $80 Trillion.
When I was in grade school I learned that to find the difference of two sums I had to subtract the beginning figure from the ending figure and the difference was the result.
So eighty minus 25 = 55. So the total debt under Bush increased $55 Trillion during his eight years. To validate the figures I gave you, you should have gone and looked at the Government reports.
I have helped you with your math and I gave you the links to the Government reports.
The question seems to be: Why don't you go look at the reports? Would you ignore those facts? Continuing to rant as you do without having the knowledge of whats in those reports makes you look very foolish. -
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