15 Trillion.. National Debt

Discussion in 'Politics' started by Lumpy 1, Nov 16, 2011.

  1. Lumpy 1
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    Lumpy 1 Diamond Member Supporting Member

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    Just thought you ought to know..

    The debt was $10.626 trillion on the day Mr. Obama took office.

    Also.. when President George W. Bush took office, our national debt was $5.768 trillion.

    Gads.. and on a personal note.. the market value on my home has dropped from 415 thousand to 98 thousand since Obama took office...:eek:.. with no positive track to recovery..

    -------------------:eusa_doh:

    Don’t look now, members of the “supercommittee” battling the national debt, but the amount the U.S. owes topped the $15 trillion mark Wednesday afternoon.

    That’s a lot of George Washingtons, as you can see here live at USdebtclock.org.

    With a week until the committee’s deadline to reach agreement on cutting $1.2 trillion to $1.5 trillion from the federal deficit over the next 10 years, the Joint Select Committee on Deficit Reduction still has no agreement to stem automatic cuts to the budget.

    A Democrat on a special deficit-cutting supercommittee Wednesday questioned whether Republicans are still interested in negotiating after the panel’s top GOP member said Republicans have “gone as far as we feel we can go” on tax hikes, the Associated Press reported.

    A sense of deep pessimism has gripped the supercommittee, and judging from the limited public statement by panel members, a debt bargain could be out of reach.

    “We need to find out whether our Republican colleagues want to continue to negotiate or whether they’ve drawn a hard line in the sand,” said supercommittee member Chris Van Hollen, a Democrat from Maryland. “The question is whether they’ve kind of said ‘take it or leave it.’ ”

    The deficit has ballooned to nearly $48,000 for every man, woman and child in the U.S. This year alone, the U.S. will spend $1.3 trillion more than it takes in.

    The debt has expanded at an alarming pace, from $7.5 trillion in 2004 and $5.6 trillion in 2000. At the current rate, Debtclock.org reckons that the debt will top $23 trillion in 2015, though the nonpartisan Congressional Budget Office puts the estimate at $17.6 trillion.

    Back in August after a protracted fight, Congress voted to raised the national-debt ceiling by $2.7 trillion to $17 trillion, while requiring $2.7 trillion in deficit reduction by 2021.

    Compared with other developed nations, the U.S. has a debt to GDP ratio of 85 percent, compared with Germany at 74 percent and Japan at a whopping 194 percent. World debt clocks can be found here.

    http://abcnews.go.com/blogs/business/2011/11/u-s-debt-will-top-15-trillion-mark-today/
     
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    Last edited: Nov 16, 2011
  2. WillowTree
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    WillowTree Diamond Member

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    go bama go bama!
     
  3. iamwhatiseem
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    iamwhatiseem Gold Member

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    And Obama announced today that we would beef up military in Australia.
    They don't get it, and won't get it until we are at the precipice of ruin.
     
  4. Jackson
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    Jackson Gold Member Supporting Member

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    Wasn't it two Democrats that walked away from the table. All of them have to have their heads in a grip and forget about their damn parties. It's time to make a big compromise for the country. Can't we learn from Europe for Goodness sakes? What do we need to get some Congresspeople to get serious about the condition of this country?
     
  5. idb
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    idb Gold Member

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    Congratulations USA.
    I should get you a cake...that sure is a lot of candles though...
     
  6. Jackson
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    Jackson Gold Member Supporting Member

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    How is New Zealand doing?
     
  7. Lumpy 1
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    Lumpy 1 Diamond Member Supporting Member

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    So anyway, do any Democrats want to convince me to vote for Obama, without the standard excuses?
     
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  8. idb
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    idb Gold Member

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    Not too bad ta.
    Ratio of around 32% as far as I can tell.

    We are fully into election campaign mode at the moment so there's plenty of entertainment and both major parties are promising to balance the books by 2015.
    I'm looking forward to that.
     
  9. rdean
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    rdean rddean

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    You guys are hilarious. You hand Obama a pile of shit and then scream that he's incompetent because he didn't turn it to gold. You handed him shit. Republicans held both houses and the presidency for six straight years. Their ruinous policies kick in full blast and you blame your mess on Obama. We know what Bush and the Republicans spent it on. What did Obama spend it on?

    Even the tens of thousands of soldiers that came from Iraq and will cost this country unknown billions will be blamed it on Obama by the nutbag right wing.
     
  10. MeBelle
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    MeBelle Mebellien Mothership © Supporting Member

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    Just a wild guess here...not Rdean? :eusa_angel:

     

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