U.S. NATIONAL DEBT CLOCK

The Outstanding Public Debt as of 28 March 2009  was $11.2 trillion.

 

The Outstanding Public Debt as of 27 July 2010 was:      $13,314,000,000,000   (13.3 trillion dollars)

The estimated population of the United States is 308,604,315
so each citizen's share of this debt is $43,000 and the share of the average family of 4 is $172,000, with corresponding share of annual interest on the national debt of $6,780.

The National Debt has continued to increase an average of
$4.05 billion per day since September 28, 2007!

http://www.brillig.com/debt_clock/

 

Additionally the U.S. annual current accounts trade deficit for 2007 was over $718,000,000,000 ($718 billion), but was down to $378 billion in 2009, helped perhaps temporarily by the decrease in world oil prices.  (U.S. BEA)

 

The current major factor in this is the growing U.S. imports of energy (oil, coal, natural gas) and the price increases for these. Florida imports over $50 billion per year in energy imports.   This represents a massive outflow of capital from the U.S. economy,  making us collectively poorer, and according to the International Monetary Fund(IMF) threatening collapse of the world economy.  

 

The current deficit is fueled by the much reduced Government revenues due to the recession that started in 2007/2008 and the interest on the huge national debt.      According to a retired Silicon Valley business executive, the roots of the jobs crisis and recession stretch back to the Ronald Reagan presidency when conservative economic ideology began to dominate American political discourse. At the forefront of this philosophy were three malignant notions: helping the rich get richer will inevitably help everyone else, "a rising tide lifts all boats;" markets are inherently self correcting and therefore there's no need for government regulation; and the US does not need an economic strategy because that's a natural consequence of the free market.

 

 

In 2007, the primary economic concerns centered around: high national debt ($9.4 trillion), high corporate debt ($9 trillion), high mortgage debt ($9 trillion), high unfunded Medicare liability ($30 trillion), high unfunded Social Security liability ($12 trillion), high external debt (amount owed to foreign lenders) and a serious deterioration in the United States net international investment position (NIIP) (-24% of GDP),[6] and high trade deficits.   In 2006, the United States had its lowest savings rate since 1933.

http://en.wikipedia.org/wiki/Trade_surplus

 

Foreign-owned assets in the United States increased $346.6 billion in
the fourth quarter of 2007, following an increase of $276.6 billion in the third.  U.S. liabilities to foreigners reported by U.S. banks increased $94.9 billion in the fourth quarter, following an increase of $68.4 billion in the third.

 

Since 1952 the international reserve position of the U.S. has fallen from 50% of the world's total to a 2.4% ratio - - a 95% drop. The decline continues.

The U.S. is the world's largest debtor, a long fall from being the world's largest creditor when I was a young worker. Americans are increasingly paying taxes to finance the interest on federal bonds held by foreigners.  The dollar has depreciated by about 20% since the start of 2002. 



For decades Americans enjoyed the game of consuming more than we produce, borrowing from the future to make-up the shortfall with unprecedented ratios of domestic and foreign debt increasing much faster than national income. These are dramatic facts, with significant long-term implications for the currency, international economic power, relative standard of living, and possible national security of our nation's children into the future.

This lack of savings and over-borrowing from foreign interests cannot continue forever.

The signal to free-up our economy from debt addiction is clear

http://mwhodges.home.att.net/reserves.htm

 

Presidents Reagan, Bush I, and Bush II administrations were responsible for all of the historic national debt since WWII through the end of 2008.   

No other administrations added to the debt until the current debt added in 2009 for stimulus and bailouts by the Obama Administration.  

 

Presidents and the Federal Debt

 

 

 

White House Data Confirms: Reagan-Bush Administrations
Created Post-WWII Federal Debt
GRAPH OF DEBT HISTORY SHOWING PRESIDENTS

 

 

 

For Your Web Site: the National-Debt    $ 9,679,927,587,074

 

 

 

http://zfacts.com/p/461.html

 

 

 

 


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Cost of Iraq War to U.S.   over 3 trillion dollars

Cost share of Tallahassee, Florida $720,000,000

(based on 0.8 trillion $)

Instead, we could have paid for 83,000,000 children to attend a year of Head Start

 

we could have hired 11,400,000 additional public school teachers for one year.

 

we could have health insured 320,000,000 children for one year.

 

we could have provided 11,000,000 students four-year scholarships at public universities

 

we could have fully funded global anti-hunger efforts for 19 years

 

 http://costofwar.com/

           

http://zfacts.com/p/447.html

Total economic impact of Iraq War , over $3 trillion

www.reuters.com/article/topNews/idUSN2921527420080302?feedType=RSS&feedName=topNews&sp=true