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United States Of Indebtedness

September 5, 2012 by  

United States Of Indebtedness
PHOTOS.COM
The national debt continues to grow at a rate of about $2 million every minute.

On Tuesday, the Democratic National Convention got under way as a historical landmark in American history took place: U.S. debt reached $16 trillion.

The debt racked up by American leaders represents 104 percent of the Nation’s gross domestic product, making it larger than the entire economy. The national debt has tripled under the previous two Presidential administrations.

“This is a grim landmark for the United States,” Senator Jeff Sessions (R-Ala.), the top Republican on the Senate Budget Committee, said in a statement. “That’s more government debt per person than Portugal, Italy, Spain or Greece. Yet the president seems strangely unconcerned.”

The message coming from the DNC will likely downplay the enormous debt burden, as Democratic operatives contend that too rapidly attacking the massive debt could create a spiraling economic downturn.

“What’s necessary is to stabilize the debt and then work from there,” Obama senior campaign adviser David Axelrod said during a weekend interview. “You can’t balance the budget in the short term, because to do that would be to ratchet down the economy.”

Obama’s debt-reduction plan calls for lowering the national deficit to the tune of $4 trillion over the course of the next decade, but it is often criticized for a reliance on hefty tax hikes and the lack of a long-term debt solution.

“The problem with the Obama plan is basically that it doesn’t contain a long-term strategy for tackling the debt, which they will concede,” Bob Bixby, executive director of the Concord Coalition (a group in Arlington, Va., that advocates deficit reduction) told Bloomberg.

The national debt continues to grow at a rate of about $2 million every minute.

Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • RevNowWhileWeCan

    The only answer IMO is to end fractional reserve banking and stop borrowing from a privately owned (fed) central bank. The government must issue it’s own fully transparent and heavily monitored form of currency. A metal backed system is not feasible as it still gives the power to those who own it. Remember, it’s not what backs the dollar but who controls it’s quantity. A control that the government handed over in 1913.
    This best documentary of 2010 explains the current system and how to fix it. A must watch for ALL people that have ownership of 1 penny of the current fiat money.
    https://www.youtube.com/watch?v=swkq2E8mswI&feature=player_embedded

    P.S. DaveH, before you post a link to Mises, know that I am now subscribed to the Mises Institute and am reading from it almost daily and have a firm grasp of the Austrian’s view on monetary systems. Thanks for all of the other mises links because without them I might not have came across Ludwig and his great philosophies! :) :)

    • Robert Smith

      The Bush tax cuts are responsible for much of the debt.

      Rob

      • bUCKEYE8

        yOU HAVE YOUR STATEMENT RIGHT AS 46% OF THOSE MAKING OVER $250,000.00 DO NOT PAY any taxes. Obama took over an 11 trillion dollar debt but the repubs never ever mention this fact.

      • momo

        That’s part of it, but fighting two wars and borrowing forty cents of every dollar spent by the feds is the other part. Bush was an idiot, but Obama is doing nothing to make things better. Running trillion dollar deficits and making this country beholding to tis creditors doesn’t work in the long run.

        • Kathy

          Bush wasn’t any more of an idiot than Oblamer is and at least he loved this country. Bush got us into 2 wars. Oblamer promised to have us out in 14 months. That did not happen. Blaming Bush is a cop out and a distraction. Time to move on.

  • KG

    Austrian School economics were tried before. It was called the NAZI PARTY. Now it’s the REPUBLICAN PARTY.
    Without a system of banking, how do you expect to have an economy?
    I can’t eat gold.

    • http://boblivingstonpl.wordpress.com Bob Livingston

      Dear KG,

      This comment is ignorant drivel. It demonstrates you know nothing of Austrian economics.

      Best wishes,
      Bob

      • Robert Smith

        Mr. Livingston, are you suggesting that people can eat gold?

        Our problem is a simple one. Debt is also caused by not enough income. The Bush tax cuts to the 1% are killing the middle class. Why not return the taxes to the days of the great Ronald Reagan?

        Rob

        • http://boblivingstonpl.wordpress.com Bob Livingston

          Dear Robert Smith,

          Are you still beating your wife?

          Best wishes,
          Bob

      • TIME

        Dear Mr. Smith,

        There is little to say about your post but this covers it quite well. OMG!
        Would you please eat ten tubes of “CREST TOOTH PASTE” for lunch.
        Do Get your affairs in order first so as to not burden your children.

        Peace.

      • Kathy

        What was the national debt the beginning of 2007 (last 2 years of Bush’s administration) when the Democrats had control of both Houses?

        • http://boblivingstonpl.wordpress.com Bob Livingston

          Dear Kathy,

          Sept. 2006–$8.5 trillion
          Sept. 2007–$9 trillion
          Sept. 2008–$10 trillion
          http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm

          Best wishes,
          Bob

          • Kathy

            Thank you for the information and the link. The Democrats have done nothing to slow the rate of acceleration of the debt. They doubled the debt!! 8.5 trillion to 16 trillion (last 2 years of Bush Aministration with Democrats in control of House and Senate, PLUS 4 years of Obama). 4 more years of Obama is a recipe for disaster.

      • momo

        Robert Smith says: “. Debt is also caused by not enough income.”

        Really? Debt is caused by living beyond your means. If your income is 1,000 a month and your expenses are 1,500 a month, you’re in debt. The easiest way to fix the problem is cut back on your expenses. Now try that simple formula on a national scale!

      • Sirian

        Bob,
        LOL!!! Lord is that a good one to tack onto Robert Smith!! LOL!!! Don’t stop, please don’t stop. . . :)

    • momo

      Get an education, you’re going to need one.

  • Pingback: Wednesday Morning News and Links | Darth Chipmunk

  • http://yahoo Glen

    L. Van Mises is right on the money. for 5000 years money was metal.

    Gold silver copper bronze. Now it is debt issued paper. End the Fraudulent reserve Bk.

    The Gov’t must issue its own debt free money. Our central bank is a Ponzie scheme.

  • Baloney Toney Mahoney

    The Mahoney Man says: Regarding Axelrod’s statement that a budget would only drive the economy down: I thought when you are spending too much, that is exactly what is needed !!! Isn’t that why the ratings of US bonds were lowered, because we are not doing this?

    You could tax everyone 100%, for 100 years & only put a dent in this monster, cutting spending is the only answer!!!!!

    • Kathy

      You’re right, spending has to be cut. Feeding the Federal and State burocracies has become like feeding dinosaurs and like the dinosaure will be come extinct and collapse under its own weight.

      I figured out that if you take the total assets of the top 400 wealthy people, you only get 1/3 of a trillion dollars. That wouldn’t even keep up with a year’s spending.

    • Ted Crawford

      Wasn’t it in this same interview that Axelrod made just the opposite arguement? He stated that the problem was that we didn’t spend enough on stimulus? I believe he felt we needed to spend another 3 to 4 Trillion Dollars on Stimulus!

    • Christopher Romero

      You are right, cutting expenses is the only solution. But our dear (want to be President) has other plans, he wants to destroy USA economy and he is getting there, he is dumb, as people think, but he has Castro, Chavez and all others Communist from all over the World guiding him how to get there. The only real solution to the problem is that this guy pack his back together with all the other bananas and go back to the Village in Africa where he was born.

  • Jamie Cameron

    that 2milion a minute is for Government Payroll and retired pensions. draining Us dry.

  • Beenthereand doneit

    I have lived through a printing-money routine in Hungary during 1945-6, The country’s gold reserves were somewhere in Austria or Germany (mercifully in US controlled zones), the country was seriously damged by the war and the country was severly punished in form of huge raparation payments for being a Nazi ally. The Soviet Army occupied the country and the communist-to-be leaders had strict order from Stalin to completely take over the country in less than four years.

    The means to pay for the the post war reconstruction and all the other payments was to start the printing presses. By July of 1946 the money supply was more than 10^25 monetary units (that is 1 followed by 25 zeros!!!). At the same time the minority Communist Party promised that new, stable currency was to be introduced on August 1, 1946 (they controlled the finances of the country in the coalition government). GOOGLE all that, please.

    On August 1, 1946 a MIRACLE happened: we woke up and had the new stable currency called FORINT. Was not that great? The miracle happened because the printing press was slowed down and the printing stencils were changed from the old monetary unit (pengo) to the new one (forint). BUT in the process every EVERY bank account, saving account, privitely held pension fund, life insurance policies, treasury bonds, equities have become worthless. First the privitely owned lands, foloowed by the banks, insurance companies, large corporations, small businesses down to mom-and-pop grocery stores were confiscated without compensation, two general elctions won by the left (in 1947 and 1949) through massive voting frauds and the Communist Party was firmly in control by the spring of 1949.

    My point is that loosing ones country can happen any place through uncontrolled (or artificially created) debts… It also happened in Germany after WW I. In 1956 I voted with my feet on the “idyllic” communist-socialist life and escaped from Hungary. Do you, dear reader suggest another good safe haven to an almost 80 years old person to escape to from the USA in 2012 if the present trends continue to 2016?…

    • http://Yahoo.com Dee

      That you leaves you scared it might happen here in the USA.all the info seems familiar for the last 4 years.

  • cawmun cents

    It just goes to show you that some people ENJOY being slaves.
    Borrow more so we can seem more philanthropical,and yet cause people who havent been born yet to be sold into endentured servitude.
    Progressive Liberal Democracy at your service….rather….you at their service.
    Meanwhile back in Washington,the fat cat polticos party on your inheritance.
    What a crock they have become…..lets rid ourselves of this filth.
    Slaveowners….the Democratic party,in league with the Republicans.
    Cheers!
    -CC.

  • Chris

    They all need to watch the movie “Dave”.

  • Jeremy Leochner

    My thought is we need to dedicate more money to paying off the interest on the debt and the debt itself. We need to generate revenue in order to do that. The republicans and in particular Mitt Romney have often said the government should be run more like a business. I am not a business expert but what I do know is a business cannot be successful if all it does is cut costs. It also has to generate revenue in order to make a profit. In this case taxes are the source of revenue. We need to have a combined strategy of spending cuts and tax increases. That way we can stop spending money on pointless or unnecessary expenses and focus as much money as possible on paying for the most important costs such as lowering the national debt or at least slowing its growth to a manageable level.

  • FreedomFighter

    America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves. -Abraham Lincoln

    Laus Deo
    Semper Fi

    • KG

      Dulce et decorum pro patria morte. – please – as soon as you can.

  • Dick

    it was People’s Liberation Army Senior Colonel Liu Mingfu who recently
    said,
    “To save itself, to save the world, China must prepare to become the world’s
    helmsman.”

    now that we’re all going to be led into a glorious future by the PLA, it’s
    obvious there’s no need to worry (about the debt, or anything else), right?

  • nnicko

    aS THE BEAT GOES ON, SO DOES THE DEBT CLOCK…FIGURED IT OUT…CONGRESS CAN’T COUNT THAT HIGH. THEY LOST IT AFTER 6 ZERO’S. oH WAIT, THEY PUT IN A SMART BEAN-COUNTER, TAX CHEAT GEINGHTER. THE DEMO CONVENE ARE MISSING TWO MORE SPEAKERS…CARNIVAL CARNEY AND HUH-GIBBS. CALL ME IF THEY PUT THEM ON FOR THEIR “DOG N’ PONY SHOW”

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