EVERY SINGLE MAN, WOMAN AND CHILD IN AMERICA NOW HAS A $166,000.00 PUBLIC DEBT

Robert Drobot | 18 November 2005 | Robert Drobot

[Robert Drobot]

According to the Treasury Department, from 1776-2000, the first 224 years of U.S. history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions, but in the past four years alone, the Bush administration borrowed $1.05 trillion. ... "No American political leadership has ever willfully and deliberately mortgaged our country to foreign interests in the manner we have witnessed over the past four years," said Tanner. "If this recklessness is not stopped, I truly believe our economic freedom as American citizens is in great jeopardy." [CNSNews]

I wonder if there are any implications...

"The facts are not partisan, and they're not ideological," said David Walker, the nation's comptroller general. He should know. He's the nation's chief accountant and signs off on the government's balance sheet. America's fiscal future, he said, "is worse than advertised."

When the government next reports these numbers Dec. 15, the total is expected to reach $46 trillion to $50 trillion.

How much is $50 trillion? About $166,000 for each of the almost 300 million Americans. [Seatle Times]

American "wealth" is an illusion based on borrowed funds that will soon be cut off, followed by creditor claims. Are you ready to repay the $166,000 spent on your behalf?

[H. Paul Pressler IV]

That is irrelevant. All the Democrats would need to do is oppose some of the spending bills along with a few Republicans.

[paul51]

Keep building it up. If I owe you a little, it's my problem. If I owe you a lot, it's your problem.

[WBL 1952]

Historical Debt Outstanding - Annual
1950 - 2005
* Rounded to Millions
Includes legal tender notes, gold and silver certificates, etc.
Date Amount
09/30/2005 $7,932,709,661,723.50
09/30/2004 $7,379,052,696,330.32
09/30/2003 $6,783,231,062,743.62
09/30/2002 $6,228,235,965,597.16
09/30/2001 $5,807,463,412,200.06
09/30/2000 $5,674,178,209,886.86
09/30/1999 5,656,270,901,615.43
09/30/1998 5,526,193,008,897.62
09/30/1997 5,413,146,011,397.34
09/30/1996 5,224,810,939,135.73
09/29/1995 4,973,982,900,709.39
09/30/1994 4,692,749,910,013.32
09/30/1993 4,411,488,883,139.38
09/30/1992 4,064,620,655,521.66
09/30/1991 3,665,303,351,697.03
09/28/1990 3,233,313,451,777.25
09/29/1989 2,857,430,960,187.32
09/30/1988 2,602,337,712,041.16
09/30/1987 2,350,276,890,953.00
09/30/1986 2,125,302,616,658.42
12/31/1985 1,945,941,616,459.88
12/31/1984 1,662,966,000,000.00
12/31/1983 1,410,702,000,000.00
12/31/1982 1,197,073,000,000.00
12/31/1981 1,028,729,000,000.00
12/31/1980 930,210,000,000.00
12/31/1979 845,116,000,000.00
12/29/1978 789,207,000,000.00
12/30/1977 718,943,000,000.00
12/31/1976 653,544,000,000.00
12/31/1975 576,649,000,000.00
12/31/1974 492,665,000,000.00
12/31/1973 469,898,039,554.70
12/29/1972 449,298,066,119.00
12/31/1971 424,130,961,959.95
12/31/1970 389,158,403,690.26
12/31/1969 368,225,581,254.41
12/31/1968 358,028,625,002.91
12/29/1967 344,663,009,745.18
12/30/1966 329,319,249,366.68
12/31/1965 320,904,110,042.04
12/31/1964 317,940,472,718.38
12/31/1963 309,346,845,059.17
12/31/1962 303,470,080,489.27
12/29/1961 296,168,761,214.92
12/30/1960 290,216,815,241.68
12/31/1959 290,797,771,717.63
12/31/1958 282,922,423,583.87
12/31/1957 274,897,784,290.72
12/31/1956 276,627,527,996.11
12/30/1955 280,768,553,188.96
12/31/1954 278,749,814,391.33
12/31/1953 275,168,120,129.39
06/30/1953 266,071,061,638.57
06/30/1952 259,105,178,785.43
06/29/1951 255,221,976,814.93
06/30/1950 257,357,352,351.04

Also, the debt per person is about $26,000.

[highlander_UW]

I reject the notion that I personally owe $166k...as I recall, it was politicians who spent the money. I say it's the politicians who need to pay it back. John Kerry and his blushing bride can cover my $166k.

[H. Paul Pressler IV]

Rounded to Millions

I do the same with my check book.

[Robert Drobot]

Source?

[flashbunny]

And all GWB would need to do is use his veto pen.

Apparently he has misplaced it.

[madison10]

Alaska looks like mixed-up Play-doh. BTW, leave the public lands alone, we'll need them to show the kids someday.

[fisherman90814]

Yes..............this is complete utter irresponsibility by Bush. We are not going to grow our way out of this one like we did in the 1990's. Bush and Congress have really screwed us. It is going to have long term economic impacts on the US.

[wideawake]

According to the Treasury Department, from 1776-2000, the first 224 years of U.S. history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions, but in the past four years alone, the Bush administration borrowed $1.05 trillion

Lucky for you, you don't understand math or money.

$1T today in 1920 would be $50B.

The national debt in 1920 was about $26B.

Of course, the taxpaying population in 1920 was a third of what it is now and tax revenue as a percentage of income was much lower.

But why discuss facts when hysterics are the order of the day.

Did you know that Americans took out more in automobile loans in 2004 than all Americans combined between 1776-1920? It's a fact. We're doomed.

[H. Paul Pressler IV]

He sold the Veto Pen on eBay!

[Restorer]

The numbers in this article are seriously misleading unless adjusted for inflation, population and GDP. The numbers are bad enough then, but at least you're not comparing apples to orangutans.

[flashbunny]

"BTW, leave the public lands alone, we'll need them to show the kids someday."

Then let the states do it.

There's no reason to have federal land except for military reservations. The states should get to decide what to do with the land in their states. Plus, billions would be saved from the federal treasury from having to run and maintain those lands.

[razorgirl]

But remember. Keep voting Republican because....because....because....well I know there's an excuse or two the party faithful remind us we have to keep voting Republican, but for the life of me I can't remember it...

These guys have really taken our votes for granted, and they are way too comfortable.. Maybe they should lose the House in 2006 ... the Dems couldn't do much worse at this point, and it will be a severe wake-up call. Then we start fielding Repub candidates who REALLY are conservative...

[flashbunny]

"Lucky for you, you don't understand math or money.

$1T today in 1920 would be $50B."

Bzzt, sorry, wrong answer.

http://www.westegg.com/inflation/infl.cgi

"What cost $50,000,000,000 in 1920 would cost $535,216,317,247.55 in 2005."

Don't worry, you were just off half a trillion dollars...

[Restorer]

Shhh. You're putting a crimp in the bitch and moan party.

[MikeA]

Exactly. I just hope I won't be getting nightly collection phone calls from Scary Reid and Nancy Piglosi.

[jec41]

Perhaps you could remind me? Who has held both the Legislative and Executive branches over the past few years? Even in the majority you still try to blame the Democrats? Conservatives have known for years how fiscally liberal Republicans were.

Actually we were arguing about this in the 70's Thought we would be broke when it reached 3 trillion. The democrats can fix it like in the 50's-60's. We had tax rates of 90% on the rich. 200 thousand or more.

[A.Hun]

What a crock...

Who do you think is going to foreclose on us? The Chinese? - bwahahah.

And the congress spends the money not the President. It's not his fault regardless.

Consider that our GDP for this year is 12 trillion dollars, and we have over 1.18 trillion dollars equity just in farms.

This sure sounds like a lot of debt, but is no more than we have had in years past as a percentage of GDP.

Someone needs a to quit flogging a dead horse.