US debt has almost doubled under Obama

by NW Spotlight

“Our debt is now bigger than China’s entire economy.”

A government report released yesterday revealed the national debt has shot up from 40% of the economy at the end of 2008 to 70% at the end of this year. The report, the Congressional Budget Office’s (CBO) 2011 Long-Term Budget Outlook, also noted that this kind of spending growth will cause the federal debt to grow to unsustainable levels.

Under the more optimistic CBO scenario, the federal debt held by the public (does not include debt held by the federal government itself) would grow from 69% of the economy this year to 84% in just under 25 years. Under their more realistic scenario, the debt would exceed the size of the entire economy within 10 years, and would come close to doubling the economy in less than 25 years.

The options outlined by the CBO are: “increase revenues substantially as a percentage of GDP, decrease spending significantly from projected levels, or adopt some combination of those two approaches.”

On the heels of the CBO’s budget report, Stuart Varney of the Fox Business Network, reported that “Our debt is now bigger than China’s entire economy.”

Democrats controlled both houses of Congress from 2008-2010, as well as the White House. They still control the US Senate and the White House, and the Republicans now control the House of Representatives. Democrats took control of both houses of Congress in 2006, two years before the end of George Bush’s second term.

The current US debt is $9.7 trillion. That doesn’t include debt held by the federal government itself, which is another $4.6 trillion, bringing the total public debt to $14.3 trillion. The current US economy (GDP) is $14.8 trillion.

When President Obama took office on Jan 20, 2009, the US debt was $6.3 trillion; debt held by the federal government itself was $4.3 trillion, bringing the total public debt at the time to $10.6 trillion. The total US economy (GDP) in mid-2008 was $13.9 trillion.

Additional Resources:

US Treasury TreasuryDirect – The Debt to the Penny and who Holds It

US Debt Clock

 

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Posted by at 05:00 | Posted in Economy | 71 Comments |Email This Post Email This Post |Print This Post Print This Post
  • SorryIvoted

    So has the number of deaths in our military.
    This guy is so clueless he gives a whole new meaning to the word.

  • Bigspender

    I am proud of this man. He saved us from a recession or worse by his brave spending. I love this man. He is a nice man and a good father except for all the time he is away from the kids playing golf.
    I will be voting for him again.
    Who cares about the future debt? We need this help now.

    • wnd

      The ignorance of one voter in a democracy impairs the security of all.

      John F. Kennedy

  • Rupert in Springfield

    I think the best quote I have heard so far is the Obama presidency has shown us just what a great Senator this guy could be.

    We have seen two big changes in the Afghan war since Obama assumed office. One – hyper pronunciation of some countries names is particularly attractive to Obama. He thinks it sounds intellectual, and shortening an “A” is pretty easy. Two – In the war Obama criticized Bush for his performance in, we have seen US casualties increase five fold.

    That’s it. That’s all this man has done with Afghanistan. Hyper pronounce the name and increase the death toll. It’s time to get out and adopt a new strategy:

    The war in Afghanistan is costing us six times the nations GDP each year. That’s insanity. It would be cheaper, and likely less costly monetarily and possibly  in terms of lives, to simply re invade should the country devolve to is pre 9/11 condition, than it is to stay there and national build so as to try and prevent that occurrence. Pull out now, re invade as necessary. Drop the dopey pronunciation thing, it’s as unimpressive as the 20 something local newscaster trilling the R’s for Spanish names while making no attempt to pronounce Beijing with a Chinese accent or pronouncing Saudi Arabia “Saw-dee”.

    Obama has shown he is uniquely horrendous as a military leader. God knows what the man occupies his time with. He has made a hash of Afghanistan, due to ignoring it and has somehow managed to start yet another war, Libya. That one was supposed to be a few days, and now shows no end in site. The Osama capture was good, but lets get real, when the National Security Adviser walks in and says “we found Osama” deciding to proceed with the mission isn’t exactly profound decision making. That’s why Obama didn’t get much of a boost in the polls for it, despite his endless preening.

    Obama is many things, a man dedicated to golf who knows how to relax and enjoy the finer things in life and can set aside work to do so. That’s not a bad quality. An ability to set aside work and spend time with family is important for parents. Golf is a great game and a lot of fun. However one would hope for a little more from the president.

    Yes, its good we are getting out. However the reasons why are not particularly good and the explanation why is getting a little tedious and non believable. All would agree with the first part of the Obama campaign slogan.

    “Yes American, things suck now.”

    However the second part is increasingly grating.

    “But they would suck even more were I not your president”

    We elect a president to make decisions, not excuses. The endless excuses have essentially turned this presidency into a waiting game. Will the Republicans nominate someone at all winable. Or will we have four more years of explinations why things suck, but would suck worse if he weren’t here, and the suckness is not his fault anyway?

    • valley person

      So…we had an economic meltdown, the economy was shrinking at a 7%
      annual rate when Obama took office, the projected 2009 deficit left by
      Bush was $1.4 trillion, Obama cut taxes, extended other tax cuts, and
      spent a ton of money to stabilize the economy, and the debt went way up.
      Boy…this is really breaking news. Lets reprise:

      1) Bush inherited a surplus and blew it due to being a moron
      2) Obama inherited a deficit and expanded it due to a collapsing economy

      Reagan, Bush and Bush were deficit expanding presidents. 20 out of 20 years. So please…Republicans…stop lecturing Democrats about deficits. Get your own house in order and then talk to us.

      ” One – hyper pronunciation of some countries names is particularly attractive to Obama”

      Think of it another way. Imagine…and I know this is hard….that you are a citizen of another country. And the president of a country that has a lot of influence over your country can’t even say the name of the place right. Obama’s correct pronunciation of other countries is for them, not us, and not just to show off his linguistic skills.

      I told you that would be hard to imagine. Its easier to think he is just showing off.

      Yes, Obama is such a horrendous military leader. He has managed to ease us out of Iraq with minimal further loss of American life and the Iraqis able to hold themselves together. He has the Taliban on the run and has knocked off 2/3 of the leadership of al Queda, including the big kahuna himself. And he has not “started” another war in Libya. That war was started by the people of Libya trying to free themselves from a loathesome dictator. We are helping a bit, at little or no risk to American soldiers. Republicans used to like this sort of thing.

      By the way Rupert, the NSA director did not waltz in and say “we found Osama. Obama made finding Osama ( I know this is confusing) a priority, allocated resources to the effort, and then they found him. But I know you can’t give credit when it is due to Obama. I understand. our head would explode and we don’t want that to happen.

      • Rupert in Springfield

        >Obama made finding Osama ( I know this is confusing) a priority.

        Oh good lord, you aren’t even aware of Panettas comments and that this started under Bush are you?

        You never cease to astound me.

        I suppose the fact that you buy into the hyper pronunciation idiocy should be a clue, but I am always flabbergasted by your ignorance of even a guy you support.

        Oh sure, Obama hyper pronounces anything with a short A but goes right ahead and says Saudi Arabia, Iraq or Iran in good ol folksy Amurican. And saps like you soak it all up dont you? lol

        • valley person

          Of course it “started” under Bush. He initiated the war in Afghanistan. But it was Bush who redirected resources away from there to Iraq, and it was Bush who disbanded the special unit that was hunting for Osama, and it was Bush who said he didn’t care one way or the other if they got Osama or not. Bush could not finish what he started. Obama did. Give him some props and stop being a whiner.

          I don’t police Obama’s speech patterns. I don’t know if he pronounces Saudi Arabia the way it is pronounced in that country. For Iraq and Iran, I have heard him use the long, not short a.

          Let me ask you this. Why woulds Obama make a point of using the presumably correct pronounciation of  some countries but not others? If he wants to appear folksy to us, why doesn’t he do that all the time?  Uh oh…head exploding….

          You should at least consider Rupert, that you are the sap here. You are the one buying right wing radio jock critiques of Obama.

      • Dean Apostal is a Loser

        Dean Apostal is a lying loser.

      • Ronglynn

        A bunch of Democrats and Republicans are responsible for the economic mess we find ourselves in. Obama is just the latest imbecile in charge. I do not believe anything coming out of his mouth. Regarding the Libyan freedom fighters. Who is backing them? The CIA. NATO is bombing target in a city of two million and civlians supposedly are not killed. What was the military target at the university in Tripoli. I do not believe hardly anything coming out of the news now days. We have been lied to over and over again.

        • valley dude

          A bunch of democrats and republicans elected by the bunch of we citizens who want government services and wars but don’t want to have to pay for them.  And a bunch of greedy bankers and financiers who decided that housing was a casino with the odds stacked in their favor until the last fool rushed through the door. And all the fools who rushed through, the realtors who coaxed them, and on down the line. We have met the enemy and they is us.

          As for Libya…its simpler than that. People got tired of a dictator, saw successful rebellions on either side of them and started their own rebellion. The US and Europeans, after waiting to see what would shake out, decided to jump in on one side. War is hell, and innocent people end up getting bombed.No need for any conspiracy theories.

          Of course we are lied to. That is politics. Being an adult is being able to tell when you are being fed a bunch of bs. Being a kid is expecting absolute honesty from politicians.

    • just doing the math

      So, you don’t remember how Bush Junior was able to convince a reluctant
      and skeptical American public to get on board with the 2003 invasion of Iraq?

      Maybe by using the highly popular and respected Colin Powell, who put his
      reputation on the line when he gave a speech to the United Nations Security
      Council six weeks before the invasion to convince everyone that Iraq possessed
      nuclear and biological capabilities that posed a threat to the US.

      Those WMD’S were found to never exist, Colin Powell quit, and now we were
      in a money draining, soldiar killing war, with no exit strategy.

      Obama inherited this mess. He is now going to be drawing down 33,000
      troops by 2014. So what is McCains (sp) response? Paraphrase, the Obama
      draw down is to drastic.

      With respect to the golf comment, you kinda of forgot to mention Boehner.

      • Rupert in Springfield

        I guess you forgot that Obama went after Bush for ignoring Afghanistan and called it “the war we had to win”.

        I dont really give a rip what Obama inherited. Just because you inherited it doesn’t mean you were elected to make excuses rather than solutions.

        Obama went off on Bush for paying to little attention to Afghanistan during the campaign – Great, well, he then went on to pay so little attention to the war that he multiplied our casualty rate several fold. If you cant be intelectually honest enough to say that was a mistake, then its hard to take your argument with any seriousness.

        Just some advice – Its all Bush’s fault wore thin with the American public over a year ago. It’s pretty much a joke these days. Hating Bush isn’t going to solve the countries problems and likely wont win elections either.

        • just doing the math

          But Rupert, we should have never entered the wars in the first place.
          Bush and Obama should have looked at history and learned that
          a war in Afghanistan would be doomed. And Bush got us into Iraq
          with flawed intelligence gathering.

          I am not making excuses for Obama, I believe his draw down is way to
          slow. But you have to admit, he is getting resistance to the 33,000
          troop withdrawal.

          Hating Bush, no, I just think he won the election on the coat tails
          of his Daddy.

          • Rupert in Springfield

            How the hell does someone win two elections on his daddies coat tails when daddy was thrown out after one term? That doesn’t make a lot of sense. you just want to bash Bush, because thats all you guys really have left.

            Id pull out of Afghanistan immediately. Big woop.

            And please, of course you are making excuses for Obama. Your entire post goes into a tirade about WMD’s. Those had nothing to do with Afghanistan, and Bush didn’t sell WMD’s as our motivation for going into Afghanistan. You only bring it up to bash Bush.

            Try and have at least a semblance of intellectual honesty please. You are looking to excuse Obama for his poor handling of Afghanistan by bashing Bush. That’s why you bring up WMD’s which had nothing to do with Afghanistan.

            Don’t try and make Afghanistan out to be some phoney war Bush got us in to, not when Obama campaigned on it as “the war we must win”. That line of logic wont fly.

          • just doing the math

            Bush did sell WMD’S and their threat to the US as a reason to march into Iraq.

            And again, you are not reading my post. I wrote BOTH Bush and Obama
            should have learned from history that a war in Afghanistan was doomed.

            So, Rupert who do you suggest would make a good president? Newt?
            Mitt?  Gee, maybe Sarah Palin if she decides to run?

            As far as bashing Bush, from what I am reading on these posts, you just
            want bash everyone that disagrees with you. Chill out and grab a beer to go
            along with your popcorn.

          • valley person

            Learn to read Rupert. 3H didn’t say Bush won 2 election on daddy. He said THE election. THE ELECTION is a singular.  THE ELECTIONS is a plural.

            Had Bush’s dad not been a president, Bush would never have made it to governor let alone getting elected, sort of president of the US. And had he not won the first time he could not have been re-elected.

            Bush lacks the native talent, smarts, or any other tools to have succeeded on his own past the city council level. No dad no Yale, no Harvard, no national guard spot, no nothing. He would have been unheard of. What a pleasant thought.

        • valley person

          “Great, well, he then went on to pay so little attention to the war that he multiplied our casualty rate several fold.”

          Come on Rupert. The casualty rate increased because Obama did exactly what he said he would do, which was to put more resources, meaning bodies, into the fight. More bodies = more patrols = more IED hits.  You are trying to have your little argument all ways here. Obama didn’t know what he was doing, didn’t really increase his attention to the Afghan war, only he now has more casualties because he put in more troops? Doesn’t your head hurt from spinning around so fast?

          As for “winning,” if that means vanquishing the Taliban and creating a modern, democratic state, forget it. Not gonna happen and Obama knows that. If it means no more al Queda using Afghan as a base, and no Osama, then we seem to have already won. A phased withdrawal is now the wisest strategy. Too bad it took 10 years to get to this point. 

          “Its all Bush’s fault” will wear thin around the same time as it is all Jimmy Carters fault will wear thin. I mean, who did Reagan rescue America from exactly?

          Hating Bush? No. Its about remembering so we know how we got into this and to avoid going right back to the same policies. Try being objectively analytical about this for 5 minutes and see where that leads you other than to a headache. 

      • just doing the math

        33,000 troops from Afghanistan. Not getting the wars confused, just pointing
        out both wars were well in place before Obama was elected.

      • just doing the math

        Actually, it is by 2012 for the 33,000 troop withdrawal in Afghanistan. Just
        correcting a mistake.

    • 3H

      Currently, we were on track to spend approximatley 80 billion for the Afghanistan war.   The 2010 GDP for Afghantistan was 29.81 billion.  That is 2.7 times Afghanistan’s GDP, not six.    Six does not equal 2.7

      Unless there a different set of figures you’re looking at.  Feel free to share them.

      • Rupert in Springfield

        Yawn – Check with Public Televisions “News Hour”, thats where I got the stat on last nights program. Afghanistans GDP is around $20B for 2010

        http://www.gfmag.com/gdp-data-country-reports/334-afghanistan-gdp-country-report.html#axzz1Q80S7LXv

        Cost of war? About $120 billion

        http://www.nytimes.com/2011/06/22/us/politics/22costs.html

        Nice try but you’re done. You made a mistake, move on. Stop trying to blame people for headlines, or the fact that you mistook ‘the” for “our” and call it good. Your just digging yourself deeper my friend.

        • 3H

          No, not done.  We just have different sources.  According to the State Department (and the CIA World Fact Book), the GDP in Afghanistan was 27 billion in 2009, and they had (or were projected to have) an 11% increase in their GDP for 2010. 

          http://www.state.gov/r/pa/ei/bgn/5380.htm

          I only saw one site that mentioned the 80 billion figure, and that may have been budgeted amounts and probably doesn’t include addtional requests, so I’m willing to back off that number and accept the 120 billion. The numbers are awfully fluid, so lets go with the high number.

          By my numbers, that is approximately 4 times their GDP.

          I’ll also apologize for my flippancy.  Sometimes I try to be funny and it doesn’t work so well.. and other times I simply react to your willingness to devolve debate into a personal attack.  I shouldn’t. 

      • Rupert in Springfield

        If its any consolation to you though, I didn’t believe the stat when I heard it last night. It was so outrageous I looked it up when the panel member said it. Turns out its true. That’s probably what you should have done from the outset, wouldn’t find yourself in this position.

    • Ronglynn

      I like the way Obama pronounces Taliban.

    • Buggy

      He really does like to live the life of the rich an famous while in office.  After he’s gone in 2012,  I bet he becomes a major pain in the —-neck.

  • 3H

    Rupert: “The war in Afghanistan is costing us six times the nations GDP each year.”

    The GDP for 2010 was over 14 trillion – are you seriously arguing that the war in Afghanistan is costing us over 84 trillion dollars a year?  The Federal budget for 2010 was 3.6 trillion, the current public debt, according the article above, is at 14.3 trillion.  If the entire budget and entire debt were going to Afghanistan, that only accounts for 18 trillion (rounding up) dollars.   Where are they getting the other 66 trillion dollars?  

    And speaking of the article above – the public debt in 2008 was 10.6 trillion.  The current public debt is 14.3 trillion.   That is roughly a 40% increase in the debt – but nowhere near being “almost doubled”.  If it had been a 95% increase, I’d give you almost doubled, but not at 40%. 

    It looks like some conservatives on here need to brush up on their math skills.

    • valley person

      Rupert sucks at math. 

      • Rupert in Springfield

        Actually I’d probably slam you at math. But thats an educated guess. On the meaning of words, its a provable conclusion given your mistake here.

        Please, both of you, take just two seconds before you do these inane pop offs and make yourselves look as utterly ridiculous as you do now.

        “the” and “our” are two very different words. Learn them. Most do by first grade. Obviously you two didn’t.

        • valley person

          “The” could be our nation or their nation. Its neutral.

          As for math, its basic math you never seem to get. Don’t even get me started. 

    • http://oregoncatalyst.com/ Editor

      The ‘almost doubled’ is based on the analysis in the CBO report (growth from 40% to 70%). Quote from the CBO report: “Recently, the federal government has been recording budget deficits that are the largest as a share of the economy since 1945. Consequently, the amount of federal debt held by the public has surged. At the end of 2008, that debt equaled 40 percent of the nation’s annual economic output (a little above the 40-year average of 37 percent). Since then, the figure has shot upward: By the end of this year, the Congressional Budget Office (CBO) projects, federal debt will reach roughly 70 percent of gross domestic product (GDP)—the highest percentage since shortly after World War II.” http://www.cbo.gov/doc.cfm?index=12212

      • 3H

        Now.. that makes sense – the debt has nearly doubled as a percentage of GDP.   In fact, your headline could read – Under Obama US debt as percentage of GDP has nearly doubled.  Not as sexy, I know, but infinitely more clear.

        • Rupert in Springfield

          Or you could have actually read the report before going off half cocked. But here you are again, blaming someone else for your mistake. In this case, its because the headline wasn’t clear. Not that you were wrong for not reading the report as linked to in the article, not that you couldn’t take the time to read and consider. Nope, its all the headlines fault.

          Pass the popcorn Mildred, we gotta live one here, watchin’ this little guy wriggle around is better than a case of beer and a bug light on a hot evenin’!

      • valley person

        You should also point out then that taxes paid are at their lowest share of GDP since the 1950s. So there is no coincidence we have large budget deficits since we have decided to not bother taxing ourselves to pay for government.

    • Rupert in Springfield

      Ok – word time, and what words mean.

      See the word “the” referring to the subject of the sentence?

      Now, see the subject, thats a bigger word, Afghanistan.

      Notice how I dont use the word “our” which would be the word one would use if referring to the United States in that sentence.

      Lesson learned – Words have meanings and “the” and “our” are two different words.

      Got it now? Maybe if you learn these words you wont make such a fool of yourself next time.

      Thanks.

      • 3H

        So the war is costing us six times the GDP of Afghanistan.  I’m sorry you can’t write.  I’m really sorry that you can’t say “their” GDP.    ..”is costing us six times the nations…”   Presumably the “us” is the United States.  And since “us” refers to our nation, then your sentence is poorly crafted.  Don’t get pissy because you’re unclear and don’t know how to write. 

        • Rupert in Springfield

          Who’s getting pissy? When you make a mistake like that and demonstrate with crystal clarity your level of intellect I am over joyed. I find it hilarious. Pass the popcorn!

          • 3H

            You are getting pissy  :)  Allow me to refer you to Strunk and White, The Elements of Style, and you will be a much happier, and succinct, writer. 

          • valley person

            Rupert…the day you learn to write a clear sentence is the day my own head will spin around. By all means eat your popcorn. 

      • 3H

        And before you think people are making a food of themselves, please make sure you’re not the cause of the confusion.  Otherwise the only person looking foolish is yourself.

        • Rupert in Springfield

          Im sorry – you did make a fool of yourself. There isn’t exactly any me thinking it, its self evident. You going off on a rant because you didnt take the time to read or think a moment is hilarious, and its all you doing the work. I dont really have any part in it, other than pointing out your obvious error.

          Now you are compounding it by trying to make it out like your error was my fault. That’s frankly even funnier because it shows your level of intellect. You just simply can’t admit you were wrong and move on. Now we get to watch you twist and turn trying to blame me. Again –  pass the popcorn!

          • 3H

            Check out dangling modifiers my friend. 

            So.. in this sentence from a great song: “Sitting on the park bench –eyeing little girls with bad intent.”  Who has the bad intent?  The little girls or Aqualung?  Or… “This morning I shot an elephant in my pajamas”   The elephant is wearing his pajamas?   Before you go all crazy pulling out your hair and stuffing popcorn into your mouth, check out Strunk and White’s, The Elements of Style.  

  • 3H

    “Our debt is now bigger than China’s entire economy.”
     
    Which is a true statement.. it is now bigger than China’s entire economy (as measured by GDP).  But..  that’s been true at least back through 2001.  The implication is, of course, that “now” implies that it’s something new.  It’s not.  Why make such a misleading statement?  I wonder if Stuart Varney knew that it has been for the last 10 years, and he just likes creating drama.

    • 3H

      LOL.. and speaking of Strunk and White..  Implication and implies do not both need to be in the same sentence.

  • Bigspender

    This debt is a good thing, as it helps the Dems stay in power. Printing money and giving it to people who don’t work or are in a union is the way of the future.
    You can see that it is working, too, as America is finallyl coming back to its glory days under the proud leadership of the strong, brave O.

  • Demlover

    Debt is the US way.
    Keep it going is what I say!
    Who cares if you ever pay it back?
    Someone else will take up the slack.
    I need stuff and I need it now,
    If I can’t pay I need a cash cow.
    The government steps in and gives me dough,
    So I can buy what I want fast or slow.
    I love these Dems – they take from the rich,
    And give it to slackers who only bitch.
    They need more and they need it right away,
    No need to save for a rainy day.
    ‘Cause I gots to have my say,
    I need free money everyday!

    • valley dude

      The CBO has projected that if Congress does absolutely nothing, that is they simply implement current law, allow the temporary Bush tax cuts to expire as they were designed to do, keep Obamacare as is, and stop artificially raising reimbursement rates for doctors under Medicare, the deficit will be closed by the end of Obama’s 2nd term, or Romneys first term if you prefer. In other words, what we have is a lot of hand wringing over nothing. 

  • Ronglynn

    Let’s face it. We are in a race to the bottom. It does not matter who caused it. There is enough blame for both political parties and the American People. President Obama is a damn good scapegoat for the present. It is time to wake up to reality. We have a fiat money system which only has value because we say it has value. There is an upper limit to how much fiat money which is created. At some point, the current fiat money system will simply collapse and something else will have to be created for a medium of exchange. Look at history and examine the fiat money systems which have collapsed. In the meanwhile, prepare for the eventual collapse. Exchange some paper dollars for something tangible like food. You can eat food. You might want to learn how to grow food. Think about items which can be bartered. Toilet paper will be of great value. Do not depend on government and others to solve your problems in the future. You need to have some plan for yourself and your family.

    The hurricane Katrina is a good object lesson. Thousands of people sat on their hands and waited around to be rescued. Who will rescue you? When the chaos comes, who will protect you and the people you love? Millions of Americans will be waiting around to be rescued. If you have something, someone else will be willing to use force to take it from you. People with nothing to lose will do just about anything. A firearm maybe a good idea. Many will say this post is doomsday thinking. When you see dark clouds on the horizon, it means rain is on its way. Well, rain is on its way for America. Big cities are already showing the symptoms of things to come. They will not be able to build prisons big enough to contain all the criminals. You had better think shelter or be ready to face the storm with no plan for survival. Denial is the worse thing you can do. Saying “I can’t believe this happening!” will not help one bit.  

    Well, it was a great party while it lasted. However, the music is just about over and there will be a bill to be paid by someone.

    • valley dude

      “We have a fiat money system which only has value because we say it has value.”

      Sure. As long as people accept paper money or data transfers as equal to the value of an object or service, then the money has value. Same is true for gold or silver by the way.

      “There is an upper limit to how much fiat money which is created.”

      No there isn’t. The only upper limit is how productive society is. Since money is just a medium of exchange, if we continue to produce MORE goods and services then we can can also create MORE money. The only time this causes problems is if the money supply gets out of balance with the availability of goods and services. And we have a Fed that has tools for keeping these in rough balance.

      “Look at history and examine the fiat money systems which have collapsed.”

      Sure. And while you are at it look at history and see how many fiat money systems have been quite stable for decades or centuries, including the US dollar. We haven’t used gold as money for a long time now. Where is our collapse?

      “Thousands of people sat on their hands and waited around to be rescued.”

      Waited around? They were stranded on rooftops with water up to the eaves. Those who swam for it are the ones who drowned. Waiting for rescue is a pretty good strategy if you have a competent government. Wandering around when you are lost is not a good strategy.

      Lighten up dude. It ain’t that bad.

  • Moneybags

    I am sending a check to the US Government for $50. It is all I can afford right now, but I feel better knowing I have helped them out.

  • David Appell

    The numbers given here, and especially in the headline, are factually false.

    Debt numbers are archived at treasurydirect.gov. The increases since the day of Obama’s inauguration are:

    public debt: +54%
    total debt: +35%

    These are not “almost double.”

  • David Appell

    BTW, total debt during the GW Bush administration was up 86%.

    If you assume that a president isn’t responsible for the first year of debt under his administration, but is responsible for the first year following his administration, then total debt under Bush was up 108%. For Obama, so far, up 16%.

    Or, for Bush, up 14 percentage points per year.
    For Obama, up 11 percentage points per year.

    Finally: Increase in total debt in the last 3 months: down to $135B 

     

    • larsparson

      Jest in particular case you might mistake DA with Teeheeodore of SCAMania County and take on either bull by its horns, snort, snort… http://home.comcast.net/~davidappell/

  • http://twitter.com/BagsFoSho Frank Lukacovic

    10.6 trillion to 14.3 Trillion is nearly double??  LMAO.

  • Ken Bourns

    Bring all the tithes into the storehouse so there will be enough food in my Temple. If you do,” says the LORD of Heaven’s Armies, “I will open the windows of heaven for you. I will pour out a blessing so great you won’t have enough room to take it in! Try it! Put me to the test! Malachi 3:10  Hello  Then give more in offerings this opens the windows of heaven http://www.icr.org/article/18383/

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