U.S. Debt Tops $14. 3 TRILLION for first time

[Stephanie]

hope and change baby

SNIP:

(CNSNews.com) - The national debt has passed another historical milestone, topping $14.3 trillion for the first time ever, according to data released by the U.S. Treasury late Monday afternoon.

When the Treasury opened for business on Friday, April 15, according to the Treasury’s Bureau of the Public Debt, the national debt stood at $14.27 trillion ($14,270,792,119,184.89). By the close of business Friday, the debt had climbed to $14.31 trillion ($14,305,336,580,992.11), an increase of $34.54 billion ($34,544,461,807.22).

Friday’s $34.54-billion jump in the national debt almost equaled the $38.5 billion the Republican House leadership said would be cut from spending for the remainder of this fiscal year by the continuing resolution that the Congress passed on Thursday and President Obama signed Friday.

read the rest here.
U.S. Debt Tops $14.3 Trillion for First Time | CNSnews.com

 

[editec]

Yeah.

But the whole "first time" thing is sorta silly.

The national debt has reached zeniths of debt "for the first time" frequently over the last half century.

Just about every annual national debt is a record breaker.

Not that this debt isn't obscene, but the fact that we're breaking a record now is so common as not to be significant.

 

[LilOlLady]

You do realize that $5 trillion of that belong to Bush. What we a paying for now is the effect of Bush out of control spending and borrowing. The fall out of 8 years of Bush. IF something is broken, it takes money to fix it. Tax cuts created jobs lose and lost revenue and still is. We have the power to rase taxes and cut spending and we should do both if we are any kind of serious about fixing the economy. This one want tax cuts and other want tax raises, spending cut and not spending cut. we have to come to a happy media and do both to some extent that it does not hurt and it can be done. but we all have to give. I have given and i am a senior a fix income. No COLA for two years, my home healthcare provider ceased, no energy assistance, no rent rebate, higher medicare and prescription cost, etc. I have done my share and GOP want more. Any more and I will be in the po house. Have to cut my meds in half. cannot get a new power chair. I have MS and need power chair to remain independent. If I cannot get it I will have to go into a rest home and cost will be much more than a healthcare helper and a damn power chair. That is the result of spending cut to the poor, etc.

 

[waltky]

Mebbe Washington should lissen up...

The 5 things to avoid if you’re in debt
4/29/2011 - The 5 Dumbest Things You Can Do if You Have too Much Debt

If you’re struggling with too much debt, you’re not alone. It seems as if the whole nation has a borrowing hangover. For years, credit was easy, and many people became overextended. But, we now live in an era of austerity and it’s time to get our affairs in order.

The five strategies you may want to avoid:

The first piece of advice from experts in the financial field is to be sure you don't make your situation worse by making common mistakes. In particular, try to avoid:

1. Paying only the minimum payment on your debt, as this will result in the amount you owe actually growing, and your problems will only become worse.

2. Relying on friends and family, as this can damage relationships with the most important people in your life.

3. Unscrupulous credit counselors that demand cash upfront or high fees for help they promise, but don't deliver.

4. Using new, high-interest loans to pay off lower interest rate loans. While it may be easier to just have one payment, it will actually increase the amount you have to pay back.

5. Declaring bankruptcy--this can have permanent and severe consequences on your financial future. Avoid it if you can, especially when debt settlement may work for you.

Debt Settlement

 

[uscitizen]

Yeah.

But the whole "first time" thing is sorta silly.

The national debt has reached zeniths of debt "for the first time" frequently over the last half century.

Just about every annual national debt is a record breaker.

Not that this debt isn't obscene, but the fact that we're breaking a record now is so common as not to be significant.

Yepper, my thought as well.
The US debt topped 1 trillion for the first time under Reagan.

 

[PLYMCO_PILGRIM]

Yeah.

But the whole "first time" thing is sorta silly.

The national debt has reached zeniths of debt "for the first time" frequently over the last half century.

Just about every annual national debt is a record breaker.

Not that this debt isn't obscene, but the fact that we're breaking a record now is so common as not to be significant.

Yepper, my thought as well.
The US debt topped 1 trillion for the first time under Reagan.

And bush and obama have made it 15x larger.

The whole "first time" thing is a great way to wake up those people who are dumb enough to still be asleep about the grave nature of our level of debt and how much worse our budget deficit will make it.

 

[uscitizen]

Yeah.

But the whole "first time" thing is sorta silly.

The national debt has reached zeniths of debt "for the first time" frequently over the last half century.

Just about every annual national debt is a record breaker.

Not that this debt isn't obscene, but the fact that we're breaking a record now is so common as not to be significant.

Yepper, my thought as well.
The US debt topped 1 trillion for the first time under Reagan.

And bush and obama have made it 15x larger.

The whole "first time" thing is a great way to wake up those people who are dumb enough to still be asleep about the grave nature of our level of debt and how much worse our budget deficit will make it.

You mean the ones who did not care as long as it was under a republicans watch?

I have always seen the debt as a major issue with long term impacts.
But Reagan proved the debt did not matter I suppose.

 

[PLYMCO_PILGRIM]

Yepper, my thought as well.
The US debt topped 1 trillion for the first time under Reagan.

And bush and obama have made it 15x larger.

The whole "first time" thing is a great way to wake up those people who are dumb enough to still be asleep about the grave nature of our level of debt and how much worse our budget deficit will make it.

You mean the ones who did not care as long as it was under a republicans watch?

I have always seen the debt as a major issue with long term impacts.
But Reagan proved the debt did not matter I suppose.

No I mean those who don't care no matter who's watch, those who don't care since its under obama's watch, and those who didn't care under bush's watch.

 

[expat_panama]

And bush and obama have made it 15x larger....

You mean the ones who did not care as long as it was under a republicans watch?

I have always seen the debt as a major issue with long term impacts.
But Reagan proved the debt did not matter I suppose.

No I mean those who don't care no matter who's watch, those who don't care since its under obama's watch, and those who didn't care under bush's watch.

Aint' it great, no matter who's president the opposition can cry that the clown in charge made the debt bigger, no matter if we have full employment, world peace, and free beer. Politics, ya can't beat it!

In real life debt matters in the way it compares to income and assets. Here's debt as % gdp:

--and no, W. Bush's debt was not as bad as Clinton's but not as good as Regean's, but Obama's debt is like WWII all over again.

 

[tigerbob]

Yeah.

But the whole "first time" thing is sorta silly.

The national debt has reached zeniths of debt "for the first time" frequently over the last half century.

Just about every annual national debt is a record breaker.

Not that this debt isn't obscene, but the fact that we're breaking a record now is so common as not to be significant.

I was thinking the same thing. Hit $14.3 trillion presumably just after hitting $14.2 trillion.

 

[KissMy]

You do realize that $5 trillion of that belong to Bush. What we a paying for now is the effect of Bush out of control spending and borrowing. The fall out of 8 years of Bush. IF something is broken, it takes money to fix it. Tax cuts created jobs lose and lost revenue and still is. We have the power to rase taxes and cut spending and we should do both if we are any kind of serious about fixing the economy. This one want tax cuts and other want tax raises, spending cut and not spending cut. we have to come to a happy media and do both to some extent that it does not hurt and it can be done. but we all have to give. I have given and i am a senior a fix income. No COLA for two years, my home healthcare provider ceased, no energy assistance, no rent rebate, higher medicare and prescription cost, etc. I have done my share and GOP want more. Any more and I will be in the po house. Have to cut my meds in half. cannot get a new power chair. I have MS and need power chair to remain independent. If I cannot get it I will have to go into a rest home and cost will be much more than a healthcare helper and a damn power chair. That is the result of spending cut to the poor, etc.

Wrong! - For the last 4-1/2 years the democrats totally controlled the spending. They have controlled congress since elected in 2006. They took office January 1, 2007 & since then they have racked up a $5 Trillion larger deficit. Bush could not spend any money or cut taxes unless the democrats that controlled congress said he could.

The U.S. was growing & jobs were being created until the democrats took office & blew a $5 trillion whole in the budget & simultaneously destroyed 14 million jobs.

 

[boedicca]

The TRUE Debt from a Liabilities perspective has exceeded that amount for quite sometime. Entitlement programs alone are over $30T in the hole on a present value basis.

The $14.3T is a cash accounting figure which masks the true state of federal finances.

For a more accurate view, read the Financial Report of the United States, prepared by the Treasury Department. It is based upon proper accrual accounting.

U.S. GAO - 2010 Financial Report of the United States Government

 

[PLYMCO_PILGRIM]

You do realize that $5 trillion of that belong to Bush. What we a paying for now is the effect of Bush out of control spending and borrowing. The fall out of 8 years of Bush. IF something is broken, it takes money to fix it. Tax cuts created jobs lose and lost revenue and still is. We have the power to rase taxes and cut spending and we should do both if we are any kind of serious about fixing the economy. This one want tax cuts and other want tax raises, spending cut and not spending cut. we have to come to a happy media and do both to some extent that it does not hurt and it can be done. but we all have to give. I have given and i am a senior a fix income. No COLA for two years, my home healthcare provider ceased, no energy assistance, no rent rebate, higher medicare and prescription cost, etc. I have done my share and GOP want more. Any more and I will be in the po house. Have to cut my meds in half. cannot get a new power chair. I have MS and need power chair to remain independent. If I cannot get it I will have to go into a rest home and cost will be much more than a healthcare helper and a damn power chair. That is the result of spending cut to the poor, etc.

its more than 5 trillion but its about .7 trillion/year for bush. Its 1.5 trillion/year for obama.

See the problem with both presidents yet?

Do you need the raw data? I have posted it several times in other threads.

 

[Norman]

You mean the ones who did not care as long as it was under a republicans watch?

I have always seen the debt as a major issue with long term impacts.
But Reagan proved the debt did not matter I suppose.

No I mean those who don't care no matter who's watch, those who don't care since its under obama's watch, and those who didn't care under bush's watch.

Aint' it great, no matter who's president the opposition can cry that the clown in charge made the debt bigger, no matter if we have full employment, world peace, and free beer. Politics, ya can't beat it!

In real life debt matters in the way it compares to income and assets. Here's debt as % gdp:

--and no, W. Bush's debt was not as bad as Clinton's but not as good as Regean's, but Obama's debt is like WWII all over again.

It seems to ignore half of the public debt though... For this day at least. I mean didn't they just pass 14 trillion? Which is close to the GDP of USA (which is kinda phony itself). And that is not accounting state and local public debt. Private debt is high too, but at least they have assets to cover it... hopefully.

 

[expat_panama]

...I mean didn't they just pass 14 trillion? Which is close to the GDP of USA (which is kinda phony itself). And that is not accounting state and local public debt. Private debt is high too, but at least they have assets to cover it... hopefully.

Ah, you mean the Total Public Debt and not the Debt Held by the Public (maybe the fact that I once worked for the Federal Government is beginning to show). Let me switch back from govspeak to English.

Right here on 'Debt to the Penny' it's got the money that the Federal gov owes the public at $9.7T, and they add it to the money the gov owes to itself ($4.6T) to get a total of $14.3T. Now, I know lots of people say that a total is a total, but as far as I'm concerned only the money I owe other people can affect my bottom line, not the money I want to 'pay' myself. I go with the $9.7T.

 

[Mr Natural]

How does that $14 trillion stack up against the total wealth of the country?

 

[expat_panama]

...The U.S. was growing & jobs were being created until the democrats took office & blew a $5 trillion whole in the budget & simultaneously destroyed 14 million jobs...

You're pointing out something that is extremely important and pretty much ignored everywhere I look, the fact that current job losses are at levels unseen for more than half a century. For 60 years America's job market's has grown at about three percent yearly and we've always hung in there until now:

 

[sparky]

U.S. Debt Limit 101

 

[KissMy]

...I mean didn't they just pass 14 trillion? Which is close to the GDP of USA (which is kinda phony itself). And that is not accounting state and local public debt. Private debt is high too, but at least they have assets to cover it... hopefully.

Ah, you mean the Total Public Debt and not the Debt Held by the Public (maybe the fact that I once worked for the Federal Government is beginning to show). Let me switch back from govspeak to English.

Right here on 'Debt to the Penny' it's got the money that the Federal gov owes the public at $9.7T, and they add it to the money the gov owes to itself ($4.6T) to get a total of $14.3T. Now, I know lots of people say that a total is a total, but as far as I'm concerned only the money I owe other people can affect my bottom line, not the money I want to 'pay' myself. I go with the $9.7T.

If you check the 'Debt to the Penny' page you will notice that under democrat control of congress we were adding $100 billion to the debt every 22 days. Since the republicans took control January 1, 2011 that rate has slowed dramatically. Also for the first time since the Census workers were laid off we started to add jobs after the republicans were elected to congress.

 

[Norman]

...I mean didn't they just pass 14 trillion? Which is close to the GDP of USA (which is kinda phony itself). And that is not accounting state and local public debt. Private debt is high too, but at least they have assets to cover it... hopefully.

Ah, you mean the Total Public Debt and not the Debt Held by the Public (maybe the fact that I once worked for the Federal Government is beginning to show). Let me switch back from govspeak to English.

Right here on 'Debt to the Penny' it's got the money that the Federal gov owes the public at $9.7T, and they add it to the money the gov owes to itself ($4.6T) to get a total of $14.3T. Now, I know lots of people say that a total is a total, but as far as I'm concerned only the money I owe other people can affect my bottom line, not the money I want to 'pay' myself. I go with the $9.7T.

Eh... The debt that government owes to itself is as real as any.... Just because there is some agency in between the trade doesn't mean much. If Government collected SS checks and spent the money, it still owes the people... People are waiting to get those checks and if the debt is denied as debt, then you also have to say the checks these people are waiting(and which are owed to them) don't exist.

Thanks for clarifying what the chart is though. 14 trillion is the right number here though.

Total assets of USA = 78 trillion? (this is according to debt clock)
Total unfunded liabilities = 113 trillion.
Trade deficit is listed as only 700 billion. I think there is some error in this though... It's way more than that AFAIK.