Over the past century or so, the US of A accumulated $23.2 Trillion of debt.
We all know that debt can be created by excessive spending, deep tax cuts or combination of two.
Both parties pointing fingers at each other and saying they're one to blame. Most of websites that comment on debt are biased to the point that you cant trust pretty much any of them. Since numbers don't lie, I thought, what if I look at the raw data, along with historical events, and come to conclusion on my own, and I'll try to lay it out as it come. By doing so I learned a lot about how did we get into this mess, and as libertarian I re-affirmed many of the previous beliefs.
Watch this short video about US debt.
U.S. Debt Increase by Fiscal Year (by President) Since 1914
One of the numbers that jumps out is $1.9T spent between 2001-2017 on "war on terror". In the same time period US rose from $5.8T to $20.2T, or total of $14.4T. If we subtract $1.9T spent on war on terror, that leaves us with $12.5T that is unaccounted for, or spent on "other things".
The federal budget is a public document, most of us don't read it because it's hundred pages long, even people who vote on it, probably don't read it most of the time. In that time period, two years grab attention, 2009 and 2010, when stimulus passed, along with ACA. Those are also years when Barry and Democrats held WH and Congress. Why is that important, I'll try to explain in one of following posts.
Although we keep hearing that we racking debt because of military and wars, during those two years, spending on military according to budget was relatively small, $636B and $666B. Comparing to that, $700B went to Department of Treasury, $726B went to Social Security, $796B given to Department of HHS.
We've been also told that $700B was spent on financial bailouts, later that number they "adjusted to $1T, but it's much much worse than that.
Numbers don't lie. GAO-Federal Reserve System
Total money given to all banks was $16.1 trillion.
Out of those $16.1T some money has been already paid out, around $4.6T, that brings us to debt increase of $11.5T. That's $11.5 trillion owed by the government to the banks. For what reason? Because they asked for it. I know $11.5T is not $12.5T from the top of topic, but we're getting closer.
It does NOT matter who is the president now, or in next twenty or thirty years, what laws are passed and by whom, and no matter how much people try to put in savings, or 401k, or pay in taxes, our debt will be $11.5T plus interest, because "we owe it" to the banks.
That also is not worse of our problems.
(To be continued.)
We all know that debt can be created by excessive spending, deep tax cuts or combination of two.
Both parties pointing fingers at each other and saying they're one to blame. Most of websites that comment on debt are biased to the point that you cant trust pretty much any of them. Since numbers don't lie, I thought, what if I look at the raw data, along with historical events, and come to conclusion on my own, and I'll try to lay it out as it come. By doing so I learned a lot about how did we get into this mess, and as libertarian I re-affirmed many of the previous beliefs.
Watch this short video about US debt.
U.S. Debt Increase by Fiscal Year (by President) Since 1914
One of the numbers that jumps out is $1.9T spent between 2001-2017 on "war on terror". In the same time period US rose from $5.8T to $20.2T, or total of $14.4T. If we subtract $1.9T spent on war on terror, that leaves us with $12.5T that is unaccounted for, or spent on "other things".
The federal budget is a public document, most of us don't read it because it's hundred pages long, even people who vote on it, probably don't read it most of the time. In that time period, two years grab attention, 2009 and 2010, when stimulus passed, along with ACA. Those are also years when Barry and Democrats held WH and Congress. Why is that important, I'll try to explain in one of following posts.
Although we keep hearing that we racking debt because of military and wars, during those two years, spending on military according to budget was relatively small, $636B and $666B. Comparing to that, $700B went to Department of Treasury, $726B went to Social Security, $796B given to Department of HHS.
We've been also told that $700B was spent on financial bailouts, later that number they "adjusted to $1T, but it's much much worse than that.
Numbers don't lie. GAO-Federal Reserve System
Total money given to all banks was $16.1 trillion.
Out of those $16.1T some money has been already paid out, around $4.6T, that brings us to debt increase of $11.5T. That's $11.5 trillion owed by the government to the banks. For what reason? Because they asked for it. I know $11.5T is not $12.5T from the top of topic, but we're getting closer.
It does NOT matter who is the president now, or in next twenty or thirty years, what laws are passed and by whom, and no matter how much people try to put in savings, or 401k, or pay in taxes, our debt will be $11.5T plus interest, because "we owe it" to the banks.
That also is not worse of our problems.
(To be continued.)