Life_Long_Dem!
Member
The economic crisis and our national debt combined together proves that it is inevitable that our taxes will have to go up to pay for programs and for paying off debt...at least Obama has been up front and realistic that taxes will have to go up some how somewhere....
Its the surge you wont hear anyone boast about.
Never before in U.S. history has the national debt increased as much and as rapidly as it has over the past month.
Since September 30, the day the national debt hit the $10-trillion mark for the first time, the government has run up over $500 billion in new debt.
Thats more than the federal deficit for the entire 2008 fiscal year, which ended September 30. And its the most rapid increase in the national debt ever: over half a trillion dollars in less than a month - 23 days to be exact.
The governments latest calculation of the national debt stands at $10,530,893,033,778.21 - thats $10.5-trillion for short. It took less than four months for it to rocket to that level from $9.5 trillion on July 21.
Less than four months! To put it in perspective, consider this: it took the U.S. government over four decades, from 1940 to 1982, to run up its first trillion dollars of debt.
The second and third trillions were racked up much more quickly - each in just four years. And it only took from 1990 to 1992 for the national debt to hit $4 trillion.
On the day President Bush was sworn in, the debt stood at $5.7 trillion. Less than eight years later, the its within days of having swelled $5 trillion dollars on his watch - an embarrassing milestone for a president who considers himself a conservative and an advocate of fiscal discipline.
Whats to blame for the most recent surge in the debt? Above all else, its the federal government's response to the financial crisis
National Debt Soars $500B In Under A Month, Financial Bailout Plan The Primary Culprit In Record-Setting Debt Accumulation - CBS News
Its the surge you wont hear anyone boast about.
Never before in U.S. history has the national debt increased as much and as rapidly as it has over the past month.
Since September 30, the day the national debt hit the $10-trillion mark for the first time, the government has run up over $500 billion in new debt.
Thats more than the federal deficit for the entire 2008 fiscal year, which ended September 30. And its the most rapid increase in the national debt ever: over half a trillion dollars in less than a month - 23 days to be exact.
The governments latest calculation of the national debt stands at $10,530,893,033,778.21 - thats $10.5-trillion for short. It took less than four months for it to rocket to that level from $9.5 trillion on July 21.
Less than four months! To put it in perspective, consider this: it took the U.S. government over four decades, from 1940 to 1982, to run up its first trillion dollars of debt.
The second and third trillions were racked up much more quickly - each in just four years. And it only took from 1990 to 1992 for the national debt to hit $4 trillion.
On the day President Bush was sworn in, the debt stood at $5.7 trillion. Less than eight years later, the its within days of having swelled $5 trillion dollars on his watch - an embarrassing milestone for a president who considers himself a conservative and an advocate of fiscal discipline.
Whats to blame for the most recent surge in the debt? Above all else, its the federal government's response to the financial crisis
National Debt Soars $500B In Under A Month, Financial Bailout Plan The Primary Culprit In Record-Setting Debt Accumulation - CBS News