U.S. Debt On Track to Hit $16 Trillion Within Week

Cybercast News Service ^ | August 26, 2012 | Terence P. Jeffrey

[Olog-hai]

The federal government’s debt could hit an unprecedented $16 trillion this week while the Republican Party is holding its national convention in Tampa, Fla.

On Monday afternoon, at the opening of the convention. the Republicans will try to draw attention to the mounting debt by unveiling a debt clock in the Tampa Bay Times Forum, where the convention will be held. At an event in Waterloo, Iowa, earlier this month President Obama highlighted his own efforts to deal with the debt. …

At the close of business on Thursday, Aug. 23, according to the U.S. Treasury, the federal government’s debt stood at $15,976,519,029,144.14. That left it $23,480,970,855.86 short of the $16 trillion mark. …

Since Obama took office on Jan. 20, 2009, the debt has increased $5,349,641,980,231.06. That is as much as the entire debt accumulated by the United States from the founding of the country in 1776 until Feb. 28, 1997, when President Bill Clinton was in his second term. …

[commonguymd]

damn

[Slyfox]

A visualization of the U.S. debt:

http://usdebt.kleptocracy.us/

[02000a]

http://www.pagetutor.com/trillion/index.html

Here is an interesting picture that graphically shows $1T.
The person is normal sized 6’. The double stacked pallets are about 8’ high of $100 bills.
There are 10,000 pallets in the picture. Now multiply the picture by 16 and you get a sick feeling in your taxpaying wallet. Power to the ants, not the grasshoppers.

[Olog-hai]

Hoping that the image owner doesn't get mad . . .

$1 million

 

$100 million

$1 billion

$1 trillion (with double-stacked pallets)

To fit sixteen of that last image on here, it’d have to be shrunken down to where the pallets wouldn't be visible.

[Clintonfatigued]

This is astonishing and disgraceful. I dind’t know there was 16 trillion of anything until Obama became President. It’s amazing that anyone will vote for him now.

[Aglooka]

When the US finally has a “debt crisis” the government will cut a deal with china and we will have chinese accountants running all over the country telling all levels of government what they can and cannot spend.

[Aetius]

For some reason I don’t think we’ll hear as much about it as we would if a Republican were seeking reelection.

[Cruising For Freedom]

That is extremely misleading. The FY2009 included a 1-time bailout to the tune of 700 billion, and if I’m not mistaken, some of the stimulus money as well.

What does it say about Obama that he has now brought the budget deficit, without any special expenditures, to well over a trillion, more than the prior 7 Bush years combined?

[Jeff Winston]