The Obama Debt Tracker: total combined national debt hits $18 trillion for the first time

United States Department of the Treasury ^ | Monday December 1, 2014 | United States Department of the Treasury

[jpl]

Today, America's national debt hit the staggering total combined amount of $18 trillion.

Since President Barack Hussein Obama was inaugurated into office a little less than six years ago, he, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by nearly $7.4 trillion:

Date                 Debt Held by the Public         Intragovernmental Holdings   Total Public Debt Outstanding

01/20/2009       6,307,310,739,681.66           4,319,566,309,231.42              10,626,877,048,913.08
11/28/2014       12,922,681,725,432.94         5,082,867,603,128.51               18,005,549,328,561.45

In this time period, the debt has increased precisely $7,378,672,279,648.37, and worst of all, the overwhelming bulk of this is debt held by the public which has been borrowed from foreign governments like the communist Chinese, and printed by the Federal Reserve Bank, significantly devaluing the precious U.S. dollar.

This is an absolutely mind-blowing increase of nearly $3.5 billion each and every single day. 7.4 trillion dollars is approximately $23,000 for every single man, woman, and child in the United States.

And given that true economic recovery appears to be nowhere in sight and the federal reserve continues to endlessly monetize the debt and pump countless billions into the markets via quantitative easing, it is pretty much a certainly that the next trillion dollars of debt will be accumulated before we know it within the next couple of years or so.

[jpl]

Obama has contributed more publicly held debt to our poor country in less than six years than all the previous presidents combined! God help us all, as his plan to fundamentally transform America is proceeding even faster than any of us could have expected.

[entropy12]

Since all spending bills originate in the House of Reps,
Congress is equally to blame. Like all superpowers in history,
this country will fall into the abyss with excessive debt and
excessive spending for non-productive causes such as welfare.

[Starboard]

And we’re going straight to $20T. Nothing is going to stop us now. We’re Number One! Biggest spenders on earth!

Future generations of Americans are going to have a massive debt burden or massive inflation. Maybe both.

We are on the road to destruction.

[a fool in paradise]

$18,000,000,000,000.00 #PRESIDENTZERO

[nascarnation]

The party will continue until the markets puke up the fake money.

The party has gone on far longer than I ever thought possible.

[Starboard]

And 18 Trillion is just the tip of the debt iceberg. Unfunded liabilities are another $115 Trillion.

Does anyone think there’s any chance the debt will EVER be paid down?

[MeatshieldActual]

For the Union as a whole, the only options are either default or going down the toilet of history. As individual states, secession is the solution. My beloved Texas is only responsible for a mere fraction of this monstrosity!

[Starboard]

With the growing size of Fedzilla and its ravenous appetite for taxes and spending, its not hard to see the end game coming. Maybe some states will find a way to form protective blocks as a way of resisting the coercive power of the government.

I used to travel to Texas. Always enjoyed my trips there.

[MeatshieldActual]

Oh, that reminds me, individual state currencies might help. The USD is not the only way to pay for things.

[griswold3]

Exponents
The Fed said they were prepared to raise interest rates around June 2015. Just how much will have to be collected just to cover the debt’s interest payments? That’s one of the reasons we’ll never gain escape velocity from this never ending recession. Those who understand how to create value have a bullseye on their back.
Anyone believing that we can come out of this in one piece is delusional.

[Conscience of a Conservative]

Obama has contributed more publicly held debt to our poor country in less than six years than all the previous presidents combined

Unfortunately, this is a problem that goes far, far beyond 0bama. The rate at which the debt has increased under 0bama (as a percentage) is actually pretty close to the rate under previous Presidents. Reckless spending isn't a Democratic problem, or a Republican problem, or even an 0bama problem. It's a Wa$hington problem, period.

[Daffynition]

[PGalt]

YOU

DID

build

that

CONgre$$

[P.O.E.]

Who Owns the U.S. National Debt? (You do)

"The U.S. debt is more than $17.6 trillion. Most headlines focus on how much the U.S. owes China, which is the largest foreign owner. However, the biggest owner is actually the Social Security Trust Fund, aka your retirement money. How does that work, and what does it mean?"

....

"....nearly half of the U.S. Treasury debt is held in trust for people's retirements. If the U.S. default on its debt, foreign investors would be angry, but the greatest harm would befall the average U.S. citizen."...

[jpl]

Very misleading article there. I don't own any U.S. Treasuries, so I don't "own" of the national debt at all.

In theory, what you and I do own is the Social Security and Medicare obligations we've earned in our retirement years from our work history.

In reality though, they're not even true obligations, as the U.S. Supreme Court ruled decades ago that they can be changed, reduced, or taken away completely by an act of law duly passed by Congress and signed by the president at any time. So they only remain obligations as long as the government says they do.

[SisterK]

US is not the only country with fake money...Apparently there is no currency in the world backed by gold. Bizarre.

[i_robot73]

And here I thought slavery (by debt) was outlawed ages ago.

Of course, if we were still a Constitutional Republic, this whole topic would be moot (gold/silver, fed [aka taxpayer] $$ given out like candy, $$ spent on things NEVER Const. authorized)

Amazing the damage done in exactly a hundred years when Socialism was voted, and allowed to flourish, into the Country.

[Deo volente]

In reality though, they're not even true obligations, as the U.S. Supreme Court ruled decades ago that they can be changed, reduced, or taken away completely by an act of law duly passed by Congress and signed by the president at any time. So they only remain obligations as long as the government says they do.

And there's no real "money" in the Social Security Trust Fund, either. That was raided and trillions of dollars dumped into the general spending fund. There's only the "promise" by the government to make good on its obligations. If the U.S. defaults, will any senior citizen ever see a penny of their retirement benefits?

[P.O.E.]

That’s the idea - to be misleading. Politicians have been playing this shell game for decades.

They’ve spent the money I was supposedly saving to buy votes for themselves, so they can live in the lap of luxury.

Phooey!