$14,427,868,888,641

[Dr.Who]

$14,427,868,888,641 is the amount of debt the US owed at the moment I cut and pasted that number.

$413,954,825,362 (about 400 billion) is the amount we paid in interest in 2010 to fund that debt.

3,456,000,000,000 (3,456 billion) is the amount of money the US spent in 2010.

2,162,000,000,000 (2,162 billion) is the amount collected in taxes in 2010.

Obviously unless spending is lower than expenses the day will come when the interest on the debt will be greater than all the expenses of the united states and the whole budget will be devoted to paying interest with nothing left to run the government.

Congress has been debating how much to cut and the first step is to cut 1,244 billion dollars right now.

Then we can start paying off principal.

http://www.babylontoday.com/national_debt_clock.htm
http://treasurydirect.gov/govt/reports/ir/ir_expense.htm
http://en.wikipedia.org/wiki/United_States_federal_budget


(of course having 2010 numbers in there really messes things up. Feel free to update it to current numbers)

 

[Gipper]

What's the big deal??? Just tax the rich more.

 

[PLC1]

$14,427,868,888,641 is the amount of debt the US owed at the moment I cut and pasted that number.

$413,954,825,362 (about 400 billion) is the amount we paid in interest in 2010 to fund that debt.

3,456,000,000,000 (3,456 billion) is the amount of money the US spent in 2010.

2,162,000,000,000 (2,162 billion) is the amount collected in taxes in 2010.

Obviously unless spending is lower than expenses the day will come when the interest on the debt will be greater than all the expenses of the united states and the whole budget will be devoted to paying interest with nothing left to run the government.

Congress has been debating how much to cut and the first step is to cut 1,244 billion dollars right now.

Then we can start paying off principal.

http://www.babylontoday.com/national_debt_clock.htm
http://treasurydirect.gov/govt/reports/ir/ir_expense.htm
http://en.wikipedia.org/wiki/United_States_federal_budget


(of course having 2010 numbers in there really messes things up. Feel free to update it to current numbers)

And our elected leaders dither and argue about whether to cut 30b or 60b, point fingers at the other party, and talk of tax cuts.

Our current debt is roughly equal to our annual GDP. It's like a family with an income of $70,000 with an equal amount on the credit cards.

 

[TruthSeeker]

And our elected leaders dither and argue about whether to cut 30b or 60b, point fingers at the other party, and talk of tax cuts.

Our current debt is roughly equal to our annual GDP. It's like a family with an income of $70,000 with an equal amount on the credit cards.

It's absolutely unsustainable, and when it all comes crashing down I hope many of you are ready for the aftermath.

 

[GenSeneca]

...when it all comes crashing down I hope many of you are ready for the aftermath.

I'm looking forward to it.

 

[Gipper]

And our elected leaders dither and argue about whether to cut 30b or 60b, point fingers at the other party, and talk of tax cuts.

Our current debt is roughly equal to our annual GDP. It's like a family with an income of $70,000 with an equal amount on the credit cards.

So, it is apparent you think the entire nation's annual GDP is the government's property. I think not.

Hence, your analogy does not make sense.

A more appropriate analogy is a family making $70k, but has debt several times their income.

 

[PLC1]

So, it is apparent you think the entire nation's annual GDP is the government's property. I think not.

Hence, your analogy does not make sense.

A more appropriate analogy is a family making $70k, but has debt several times their income.

Now that I think about it, you're correct. The debt is the government's debt, not the nation's debt. That debt is several times the government's income.

Now, that's just scary: Not only the magnitude of the debt, but also that gipper was right.

 

[Stalin]

The debt is the government's debt, not the nation's debt.

What do you mean by this ??

Comrade Stalin

 

[PLC1]

What do you mean by this ??

Comrade Stalin

it is the government that has borrowed that 14 trillion. There is a lot more debt out there, of course, held by individuals and organizations. The debt we're talking about was incurred by our federal government, on behalf of the people of the US who believed that we could continue to spend without collecting enough in taxes to pay for the spending.

 

[Dr.Who]

What do you mean by this ??

Comrade Stalin

I believe you genuinely don't understand the difference between our money and their money.

 

[Dr.Who]

So, it is apparent you think the entire nation's annual GDP is the government's property. I think not.

Hence, your analogy does not make sense.

A more appropriate analogy is a family making $70k, but has debt several times their income.

How about a family that earns $2,162, spends $3,456 but owes $14,427 on their credit cards?

Well, it is not very realistic to think of a family only earning or spending that much so lets just multiply each number equally by a factor of 30.

The new analogy could then be a family that earns $64,860, spends $103,680, but owes $432,810 on credit cards.

 

[Gipper]

How about a family that earns $2,162, spends $3,456 but owes $14,427 on their credit cards?

Well, it is not very realistic to think of a family only earning or spending that much so lets just multiply each number equally by a factor of 30.

The new analogy could then be a family that earns $64,860, spends $103,680, but owes $432,810 on credit cards.

I think that works Doc.

And, liberals see nothing wrong with this.

 

[TruthSeeker]

I'm looking forward to it.

A good gene pool dilution is just what this country needs. I'm ready for it.

 

[Dr.Who]

I think that works Doc.

And, liberals see nothing wrong with this.

From what I can tell there are some liberals who do see something wrong with that. But the solution as always is to grow government and increase taxation.

Our President, on the other hand, I do not think he sees it as a problem at all, but more of an opportunity to, well, you know, grow government and increase taxation.

Today he said the solution to our problem (though I don't think he sees it as a problem) is obamacare and taxing the rich. Which is probably not wise of him because just about everyone else sees obamacare as increasing the debt, and most people know that the rich are not rich enough to pay off the debt.

There are times when I don't think some people care about anything that they say they care about but instead care about, well, you know...

 

[Gipper]

From what I can tell there are some liberals who do see something wrong with that. But the solution as always is to grow government and increase taxation.

Our President, on the other hand, I do not think he sees it as a problem at all, but more of an opportunity to, well, you know, grow government and increase taxation.

Today he said the solution to our problem (though I don't think he sees it as a problem) is obamacare and taxing the rich. Which is probably not wise of him because just about everyone else sees obamacare as increasing the debt, and most people know that the rich are not rich enough to pay off the debt.

There are times when I don't think some people care about anything that they say they care about but instead care about, well, you know...

Yeah that speech Obama gave today made me want to throw up. What a hypocrite. He ignores the advice of his own debt commission, then releases an absurd deficit ladened budget in February, and now claims to want to reduce spending.

And, he is calculating savings out 12 years...most absurd.

If only we had a real leader in the WH.