National debt passes $8,000,000,000,000.00

US Treasury ^

[Capitalism2003]

Current Month

10/20/2005 $8,009,635,518,716.50

[TXBSAFH]

My wife and I have no credit card debt. Debt chocks off optionsin a family and in a countrt. When you owe the you are owned.

[SIDENET]

Hey, I double dog dare someone to post "Bush's Fault".

I would, but last time I did, someone freaked out about it.

[An.American.Expatriate]

"Bush's Fault!!!"

[/sarcasm]

[HisKingdomWillAbolishSinDeath]

It is really meaningless since its all smoke and mirrors. Has been since we got off the gold standard.

[cynicom]

Isn't it great having a conservative president and congress.

Just think of what it might have been with the dems in office.

[CarlPerkins]

Is that you Ben Bernanke???

[Michael81Dus]

So you´ve stolen "The Scream"??? Just wait, and let the Bobbies do their job... Someone in Norway will be very happy. ;-)

[PositiveCogins]

For the last month every time I go to the bank for cash I get $100 bills that are brand new and in sequence. Usually this was rare but lately its been consistent. Last Friday I withdrew $3000 and all bills were new and in sequence.
Could this be a sign of pending inflation? Building materials are starting to creep up to the point that we are going to raise the prices of our houses 10%. Sold a house Saturday for $180k that was originally set to sell at $160k and we just laid the steel for the slab. Glad the markets still there but prices are definitely starting to go up.
Commodity items like wood, pipe, wire, etc. tend to jump around in price so I usually stock up when they go down but stable items like devices, fixtures, insulation, etc. are starting to rise at a steady rate.
I know that the cost of fuel has a lot to do with it but I'm wondering if we are seeing the beginning of runaway inflation here.

[PositiveCogins]

There are no conservatives in office. They say that they are but they are not. Look at these spending bills that they pass. It would be no different if the demo's were the majority. And Bush just sits on his hands, flaps his arms and quacks like a duck. Not one veto. Thats what you get when you have a spineless congress, senate and president.

[citizensgratitude]

Also, former drug addicts can receive benefits too. Gee, I'm a dummy working hard all these years.....I should start doing drugs then quit....

Sarcasm....

[Cricket24]

AND to think I was so elated when the Republicans took over in January 1995! The spending has got to STOP!!

[InvisibleChurch]

What's the big worry? Bono will step in and demand that our debt be erased.

[USS Alaska]

10/21/2005 $8,009,131,433,464.30


10/20/2005 $8,009,635,518,716.50

Just got these figures from the Treasury web site, Somebody PAID off 504,085,252.20 in ONE DAY. I know I covered the twenty cents, but who picked up the half billion? These numbers are just so much bullcrap, who really cares? Please, no financial lectures from cpa wannabe's that are going to tell me about my children and grandchildren being strangled by debt.

[Cricket24]

ditto

[goldstategop]

If you're really worried put it on a credit card. No one ever repays their debt in full. Does any one really think $8 trillion dollars is going to be repaid in our lifetime? You must be kidding.

("Denny Crane: Gun Control? For Communists. She's a liberal. Can't hunt.")

[kjam22]

That's a lot of zeros.

[Ladysmith]

Exactly. And as taxpayers, we are the ones who are owned.

Simply pathetic and outrageous.

[hubbubhubbub]

That's what Beranke is being brought in for.

[SmithL]

Oh,
OK.

[kabar]

And don't forget the unfunded social security liability (debt). Too bad someone doesn't try to get a handle on that monstrosity.

The debt figure of $8,000,000,000,000 does include the SS Trust Fund liability. It includes the public debt (money owed to those outside the USG) and intragovernmental holdings (Government Account Series securities held by Government trust funds, revolving funds, and special funds; and Federal Financing Bank securities. A small amount of marketable securities are held by government accounts.)

Currently, $4,633,775,040,826.58 is held in public debt and $3,375,356,392,637.72 in intragovernmental holdings. Agree that something needs to be done about SS. The debt doesn't reflect the total unfunded liability in the future. Beginning in 2008, the SS "surplus" starts declining and in 2017, we will be paying out more than we are taking in.

The Debt to the Penny and Who Holds It