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EVERY SINGLE MAN, WOMAN AND CHILD IN AMERICA NOW HAS A $166,000.00 PUBLIC DEBT
Robert Drobot
| 18 November 2005
| Robert Drobot
Posted on 11/18/2005 11:40:48 AM PST by 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?
TOPICS: Business/Economy; Government; Miscellaneous; Your Opinion/Questions
KEYWORDS: badmath; borrowing; buygold; buysilver; chaos; debt; facard; gopbigspenders; justprintmorepaper; money; outofcontrolspending; pretend; robbing; ruin; spendingspree; stopmebeforeispend
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To: manwiththehands; Robert Drobot
The number of $46T to $50T is bogus and it's even sadder to try and justify it with "interest".
Compunded interest on $6T of debt over ten years (the vast majority of US debt is between 1 and 10 years) results in a total debt number 0f 9.75T.
Take it out to 15 years - which is a gross overexaggeration of the term of US debt - and it's 12.5T
46-50 is a crackhead's pipedream.
61
posted on
11/18/2005 12:07:54 PM PST
by
wideawake
(God bless our brave troops and their Commander-in-Chief)
To: Robert Drobot
The title of this vanity post with no linked sources states:
EVERY SINGLE MAN, WOMAN AND CHILD IN AMERICA NOW HAS A $166,000.00 PUBLIC DEBT.
I am married and not single.
So I guess I do not owe this amount.
To: MikeA
63
posted on
11/18/2005 12:08:58 PM PST
by
mlc9852
To: H. Paul Pressler IV
Me and my kids - 4 of us, owe $664,000? To who?
To the Democrats in Congress who are spending your money at record rates.
The republicans are making the democrats who last controlled congress look like misers. Every time I hear Bush talk he is promising billions to some cause or another.
64
posted on
11/18/2005 12:09:35 PM PST
by
Pookee
To: A.Hun
That "....dead horse...." is the US of A.
65
posted on
11/18/2005 12:09:38 PM PST
by
Robert Drobot
(Da mihi virtutem contra hostes tuos.)
To: Robert Drobot
Here's my
National Debt Page. I've got tons of historical information including charts for the national debt from 1791 to the present.
66
posted on
11/18/2005 12:09:40 PM PST
by
zeugma
(Warning: Self-referential object does not reference itself.)
To: Robert Drobot
Not hardly. This is just lame.
67
posted on
11/18/2005 12:10:47 PM PST
by
A.Hun
(Flagellum Dei)
To: flashbunny
Not only is your link a dead link, but it doesn't reflect the actual Fed numbers.
68
posted on
11/18/2005 12:11:22 PM PST
by
wideawake
(God bless our brave troops and their Commander-in-Chief)
To: Robert Drobot
Robert - I think that $50 trillion number includes private household debt, so with a little over $300K on my mortgage, I can only look forward to when I owe "only" $166K.
The $27K worth of debt accrued on my behalf by the Federal Government does worry me, however.
69
posted on
11/18/2005 12:11:40 PM PST
by
Hoplite
To: Robert Drobot
"the total is expected to reach $46 trillion to $50 trillion"
This is BS! Try 4.6 to 5.0 trillion. More crap reporting from cns.
70
posted on
11/18/2005 12:11:51 PM PST
by
conservativewasp
(Liberals lie for sport and hate their country. RED FLAG HERE!)
To: wideawake; Robert Drobot
Or else we borrow money from loan sharks.
To: flashbunny
Hey, 12 acres of that is mine. You can't sell it.
72
posted on
11/18/2005 12:12:37 PM PST
by
CJ Wolf
(BTW can someone add 'zot' to the FR spellchecker?)
To: manwiththehands
the first 224 years of U.S. history, 42 U.S. presidents borrowed a combined $1.01 trillion... "How do we get a "total" of "$46 trillion to $50 trillion"? If you adjust for inflation, under the Lincoln administration, $1 was equal to $76 billion in today's dollars, just kidding... As I understand it, we could start making these again. I understand they are very valuable!
DAMN, someone already did - Collectors set to stampede banks for new buffalo nickel
73
posted on
11/18/2005 12:13:39 PM PST
by
humint
To: wideawake
74
posted on
11/18/2005 12:14:25 PM PST
by
flashbunny
(LOCKBOX: Where most republicans keep their gonads after they arrive in Washington D.C.)
To: flashbunny
The states! heck My money went to buy that, not the states, Just give me and every other good citizen else 12 acres, too.
75
posted on
11/18/2005 12:14:59 PM PST
by
CJ Wolf
(BTW can someone add 'zot' to the FR spellchecker?)
To: Robert Drobot
Do the illegals owe this as well or only us poor slobs who were born here or came legally?
To: Robert Drobot
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This guy is spinning a bit of a lie. Source: The U.S. Treasury http://www.publicdebt.treas.gov/opd/opdpenny.htm 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 09/28/2001 $5,807,463,412,200.06 09/29/2000 $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
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77
posted on
11/18/2005 12:15:02 PM PST
by
HawaiianGecko
(Facts are neither debatable nor open to "I have a right to this opinion" nonsense.)
To: Robert Drobot
I think I'll just transfer my share of the debt to the next illegal alien that comes across the border. OK here goes.
Whew. See. That didn't take long. I feel so much better now and it give me more money to spend on Christmas - not "The Holidays" - CHRISTMAS!
To: zeugma
You are your source???? Remove the curtain, George. Even Texas should get a laugh out of this absurdity.
79
posted on
11/18/2005 12:17:03 PM PST
by
Robert Drobot
(Da mihi virtutem contra hostes tuos.)
To: CJ Wolf
So you were alive in 1867 when alaska was purchased? ;)
80
posted on
11/18/2005 12:18:18 PM PST
by
flashbunny
(LOCKBOX: Where most republicans keep their gonads after they arrive in Washington D.C.)
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