U.S. NATIONAL DEBT CLOCK
The
Outstanding Public Debt as of 28 March 2009 was $11.2 trillion.
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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 |
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White House Data
Confirms: Reagan-Bush Administrations |
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For Your Web
Site: the National-Debt $
9,679,927,587,074 |
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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
Total economic impact of Iraq War , over $3 trillion
www.reuters.com/article/topNews/idUSN2921527420080302?feedType=RSS&feedName=topNews&sp=true