Whenever I write an article on the public debt, Democrats leave comments with accusations against Republicans, and Republicans leave comments with accusations against Democrats.
What does this mean?
Both sides are guilty. Both receive an unsatisfactory rating.
If the Republicans really wanted to prevent the federal government from accumulating this debt, they would have done so.
If the Democrats really wanted to prevent the federal government from accumulating this debt, they would have done so.
Therefore, we will not pretend that the “hero” of this drama is one of the political parties.
For the damage caused, both sides will go down in history as having allowed the greatest carelessness in financial matters during this period of American history.
Unfortunately, neither side shows any signs of change in its line.
Neither Barack Obama nor Mitt Romney promise to eliminate the federal budget deficit in 2013. Both of them talk about how the federal budget will “someday” be balanced, but we have seen many times in the past that this “someday” never comes.
I did not intend to make this article completely political, but the truth is that the national debt threatens to destroy everything created by previous generations, and our politicians still offer nothing but justifications.
Next up are the 27 things that every American should know about government debt ...
№1 It took more than two hundred years for America’s national debt to reach 1 trillion dollars. In 1986, the US national debt reached 2 trillions of dollars. In 2005, the national debt was equal to 4 trillions of dollars. In 2005, the US national debt has doubled to reach 8 trillions of dollars. Now the national debt is close to the 16-trillion mark. How much can such exponential growth continue?
#2 If the average interest rate on US government debt rises to just 7 percent, then the US government will spend over a trillion a year just to pay interest on the national debt.
#3 If you start spending one dollar every second right now, in order to spend one trillion dollars, you need 31 for a thousand years.
#4 Since Barack Obama joined the White House, the US national debt has increased on average by more than $ 64000 per each taxpayer.
#5 Barack Obama will be the first president with an annual deficit of over a trillion dollars in each year of his first 4-year reign.
#6 If you lived at the time when Jesus Christ was born and spent a million dollars every day from the day he was born, today you would not spend one trillion dollars yet.
#7 Since the Republicans gained control of the House of Representatives, the US national debt has grown by 1,6 trillion dollars. So far, this Congress has added more to the national debt than the first 97 Congresses combined.
#8 During the administration of the Obama administration, the US government has accumulated more new debts than during the time that George Washington began the presidency until the beginning of the Bill Clinton presidency.
#9 If Bill Gates gives all his fortune to the US government, it will close the US budget deficit for just 15 days.
№10 As Bill Whittle showed, if you take every cent that every American earns in excess of $ 250000, this amount will close only 38 percent of the federal budget.
#11 Today the ratio of government debt to GDP in the United States is much higher than 100 percent.
№12 According to the forecast made in the recently revised directive document of the Navy “Analysis of the US financial imbalance with regard to generations. Who will pay and how? ”, By 2050, the US government debt will be 400 percent of GDP.
No.13 The US government debt per capita is already greater than in Greece, Portugal, Italy, Ireland and Spain.
No.14 At the moment, the US government is responsible for more than a third of the government’s debts around the world.
#15 The amount of US debt in the hands of foreigners is about 5 more than a decade ago.
#16 The US national debt is now more than 22 times as large as it was at the time Jimmy Carter took office.
#17 According to forecasts, the US national debt will exceed 23 trillion dollars in 2015 year.
#18 Mandatory government spending exceeded for the first time the total federal income in the 2011 fiscal year. It was assumed that this could not happen earlier than 50 years.
#19 Between 2007 and 2010 over the years, US GDP grew by only 4,26%, while US national debt increased by 61% over the same period.
#20 The US government has 2,7 trillion dollars in total assets, and 17,5 has trillion dollars in total liabilities. These commitments do not include 4,7 trillions of existing domestic debt.
№21 American families now actually receive more money from the US government than they pay the government in taxes.
#22 The US government spends money on the most stupid things imaginable. For example, in 2011, the National Institutes of Health spent $ 592597 on research to find out once and for all why chimpanzees throw poop.
#23 If the federal government used GAAP accounting standards as public companies do, the real budget deficit for the last year would be 5 trillions of dollars, not 1,3 trillions of dollars.
#24 Over the course of 2011, the Federal Reserve acquired about 61 percent of all US government Treasury bills.
№25 At the moment, the US government debt is more than 5000 times more than it was at the time of the creation of the Federal Reserve.
#26 If the federal government starts paying the US state debt at a rate of one dollar per second right now, it will take 480 thousands of years to fully pay off the national debt.
No.27 The official government debt figures are nothing compared to the huge unsecured obligations that the US government will face in the coming years. According to Professor Lawrence J. Kotlikoff, the US government will receive a budget deficit of 200 trillions of dollars in the near future.
As the US economy continues to collapse, more and more Americans are becoming financially dependent on the federal government.
For example, food stamp spending has doubled since 2008. Millions of Americans who have lost their jobs need government assistance. Since Obama became president, the number of Americans receiving food stamps has grown from 32 million to 46 million.
But the Obama administration believes that a much larger number of Americans can be signed on food stamps. Now the Obama administration spends millions of dollars on advertising calling people to sign up for coupons. In fact, their efforts to involve as many Americans as possible in the food stamp system are becoming quite creative ...
For Spanish-speaking citizens, radio broadcasts “novelas,” in which the use of food stamps is presented as part of the official task of increasing participation in the Supplemental Nutrition Assistance Program (SNAP).
Each story consists of a series of 10, called "PARQUE ALEGRIA", OR "PARK OF HOPE." In the semi-dramatic scenario, characters act to persuade people to get food stamps or explain how health benefits are for using them.
I’m ready to do anything to help those who can’t feed themselves, but do we really need advertising to encourage people to become more dependent on the government?
Of course, medical care (Obamakhranenie) greatly inflates our debts. Obamakranenie is supposed to add more than 2,6 trillions of dollars to US public debt in just the first decade.
So where do we get all this money?
We cannot spend money that we don’t have. We must prioritize. Each of the items of public spending should be reduced.
But instead, we behave as if we could rip off future generations of Americans, and nothing much will happen.
What we have done for our children and grandchildren is more than criminal.
The truth is that we should have listened to the warnings of our founding fathers about government debt. For example, Thomas Jefferson once said that if he could make another amendment to the constitution of the United States, he would impose a total ban on any borrowing of the federal government ...
I would like it to be possible to make one amendment to our Constitution, only one amendment, which would limit the right of our government to dispose of the true principles of the Constitution. I mean an additional article depriving the federal government of the right to borrow.
Where would we be today if we listened to the advice of Thomas Jefferson?
This is worth thinking about.