A Bit of Federal Debt Math
Total Federal Debt, 20 January 2009: $10,626,877,048,913.08
Total Federal Debt, 31 July 2014: $17,687,136,723,410.59
Elapsed time: 5 years 6 months 12 days
Total additional Federal debt during this period: $7,060,259,674,497.51 ($7.060 trillion)
Average additional Federal debt incurred per year: $1,277,246,085,245.28 ($1.277 trillion)
Average additional Federal debt incurred per day: $3,496,909,199.85 ($3.497 billion)
Average additional Federal debt incurred per hour: $145,776,752.45
Average additional Federal debt incurred per minute: $2,429,612.54 (It should take around 1 or 2 minutes to read this article. During that time, Uncle Sam went between $2.4 million and $4.9 million farther in debt.)
Average additional Federal debt incurred per second: $40,493.54
Source: this article, plus basic arithmetic.
. . .
Yeah, that US economy is chugging right along. Happy days are here again.
Category: Economy
If you want a heart attack:
http://www.usdebtclock.org/
Bush’s fault.
Up $7T in 5.5 years?!!? WTFingF?!
Good thing that’s only a $54k (roughly) debt per citizen. Do you think they’ll take a check now so i don’t have to be bothered with the interest payment on my share later?
We are screwed or f**ked, not sure which but one way is without lube.
This is the Federal Government, they are too cheap for lube.
Groan. We who did not vote for teh empty suit, knew this was going to be bad.
Hondo…check out the “interview” he did for The Economist. Oy, to have his blinders.
lol @ 1st Black president running up highest debt in our nation’s history.
This is how stereotypes occur, Obama.
Circles, you are so right. A couple of years after Obama was elected, I wrote a piece for American Thinker pointing out that his behavior was reinforcing many of the most commonly held stereotypes for blacks, not just for white Americans but also for those foreign nations that that tend to hold blacks in low regard, particularly the Japanese and other Asians.
An editor at AT refused the submission and accused ME of reinforcing those stereotypes.
As an old friend pointed out to me many years ago, stereotypes exist for a reason. Regardless of race, if a particular ethnic or racial group has certain practices that are widely observable by other ethnic/racial groups, a stereotype will eventually come into existence regardless of societal efforts to downplay it.
It’s human nature.
Yep.
Whenever I begin to think that idiot is destroying all of the good that has been accomplished since Dr. King’s work, I hold up the image of folks like Dr. Ben Carson, LTC Allen West, et al, in my mind as a kind of Obama-bane.
Real debt taking into account unfunded liabilities is probably north of $70 trillion…
More like double that, if you include the unfunded liabilities and the normally tracked debt.
Just ask any 0bamite about this, and they’ll blame Bush.
Excellent blog article below by Karl Denninger about deficit spending and math. Math never lies. http://market-ticker.org/akcs-www?post=229264
What happens when China wants their money back?
For a good idea, maybe we should ask the Weimar Republic. If you think it was war reparations that caused Germany to go into the worst deflation in human history, you’re sadly mistaken. After WWI the US government and businesses had loaned Germany millions and even billions of marks. When the US economy tanked with the collapse of Wall Street in 1929, the US, naturally, wanted it’s money back. The German government began printing unbacked money by the train-load, which caused massive deflation of the value of the mark. This in turn led to mass unemployment, a huge recession, and the rise of the National Socialist Party who promised to bring them out of the mess. The rest, as they say, is history.
If you think that can’t happen here, you’re a damned fool.
Learn how bonds work, dumbass. You can’t just “call” a Treasury bond, note, or bill. Who gives a shit if China “wants” their money back?
Not to defend him either, but look who owns most of that debt, it’s actually us. It’s like pulling $5 out of the cookie jar and saying you’ll pay yourself back later, but you never do, so you turn on the computer, print off a $5 and throw it in, then promptly take it back out.
Expect in this scenario you can change the cookie jar and printer to the federal reserve, and the $5 to trillions of dollars.
Um, fella . . . you’re mixing two different events: the hyperinflation in Weimar Germany and the German economic crisis of 1931. The hyperinflation occurred from 1921-1924, and indeed saw the massive devaluation of the Mark and indiscriminate printing of money. However, there was no such “printing of money by the trainload” during the 1930s; that occurred during the earlier period. During the latter period the Mark was quite stable – and gained in real value.
Further: since the hyperinflation occurred 5+ years before the 1929 stock market crash, claiming that the stock market crash caused the earlier hyperinflation would be absurd.
The German economic crisis/deflation of the early 1930s was in part caused by demands for return of capital following the US stock market crash of 1929 – but that was only a minor contributor to that crisis. The primary cause of that deflationary period was the fiscal austerity program intentionally undertaken by the German government.
That said: economic hard times do sometimes cause societies to do exceptionally bad things. In Germany, it led to the rise of the Nazis. Here, it gave us the beginnings of the welfare state (make no mistake – Social Security is a tax-funded income transfer program, NOT any kind of retirement savings plan) that is now threatening to bankrupt our Federal government.
I’d prefer not to see what happens if the system collapses. It could indeed be very nasty.
A thoroughly depressing post, Hondo. I don’t see how anyone except the Lord God can fix this. The numbers are too enormous and the politicians are too spineless.