[URL="http://news.yahoo.com/s/ap/20110115/ap_on_re_us/us_debt_wars"]US debt passes $14 trillion, Congress weighs caps - Yahoo! News[/URL]
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Today's debt level represents a $45,300 tab for each and everyone in the country.[/quote]
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Treasury Secretary Timothy Geithner says failure to increase borrowing authority would be "a catastrophe," perhaps rivaling the financial meltdown of 2008-2009.[/quote]
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Remarkably, nearly half of today's national debt was run up in just the past six years. It soared from $7.6 trillion in January 2005 as President George W. Bush began his second term to $10.6 trillion the day Obama was inaugurated and to $14.02 trillion now. The period has seen two major wars and the deepest economic downturn since the 1930s.
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With a $1.7 trillion deficit in budget year 2010 alone, and the government on track to spend $1.3 trillion more this year than it takes in, annual budget deficits are adding roughly $4 billion a day to the national debt. Put another way, the government is borrowing 41 cents for every dollar it spends. [/quote]
Oooooops!
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[B]Here's what then-Sen. Barack Obama said on the Senate floor in 2006: "The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance the government's reckless fiscal policies."[/B] [/quote]
[URL="http://www.usdebtclock.org/"]U.S. National Debt Clock : Real Time[/URL]
Fun-fact, it's physically impossible to count to 1 Trillion (not spend it though!).
$100
[IMG]http://i6.photobucket.com/albums/y205/MJU1983/100_bill.jpg[/IMG]
$1,000,000,000 (billion)
[IMG]http://i6.photobucket.com/albums/y205/MJU1983/billion_dollars.jpg[/IMG]
$1,000,000,000,000 (trillion)
[IMG]http://i6.photobucket.com/albums/y205/MJU1983/1_trillion.jpg[/IMG]
Congratulations!
Damn.
Nothing new, U.S. has been bankrupt for a while now.
Just keep spending! It will go away if you keep spending!
I wonder how long it is until this comes back and bite them in the ass.
USA actually had no debt 175 years ago today. What happened? I'm embarrassed to be American.
[QUOTE=T2L_Goose;28113486]Just keep spending! It will go away if you keep spending![/QUOTE]
Not spending won't bring us out. Obviously spending it in the wrong way will drive us further into debt. But not spending at all will make it even worse.
USA actually had no debt during the Clinton administration.
also what happens if we just keep spending money we don't have shit is going to go down i better move to germany
[QUOTE=FFStudios;28113520]USA actually had no debt during the Clinton administration.[/QUOTE]
lolwut
Needs some :downs: :patriot:
The situation of humanity is a hilarious tragedy... These debts will NEVER be paid back, so whats the point in making
the people work harder, for lower wages and pay more taxes? Slavery hey hey.
[QUOTE=FFStudios;28113520]USA actually had no debt during the Clinton administration.
also what happens if we just keep spending money we don't have shit is going to go down i better move to germany[/QUOTE]
Also, Germany is supporting most of the rest of the fucked up EU nations, so it's only a matter of time until the shit hits the fan there.
[QUOTE=faze;28113506]USA actually had no debt 175 years ago today. What happened? I'm embarrassed to be American.[/QUOTE]
yeah well, a country that's only been around for 50 years shouldn't have that much debt.
The UK is worse though, smaller country - ~9 Trillion in debt.
It's ok, we can just borrow some money to pay it off.
who the fuck is lending them all the money and do they seriously expect it back?
[QUOTE=Catdaemon;28113589]who the fuck is lending them all the money and do they seriously expect it back?[/QUOTE]
China. Look it up. Ever hear of the stimulus?
[QUOTE=FFStudios;28113520]USA actually had no debt during the Clinton administration.
[/QUOTE]
There was a surplus, yes, but there was still debt.
We'll just print some more money.
[QUOTE=faze;28113506]USA actually had no debt 175 years ago today. What happened? I'm embarrassed to be American.[/QUOTE]
What are you talking about? The US Economy goes through a cycle of recessions every few years. The great depression is simply the largest.
[url]http://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States[/url]
How bout we stop the stupid drug war, get out of Afghanistan and scale back the defense budget?
[QUOTE=yuki;28113641]What are you talking about? The US Economy goes through a cycle of recessions every few years. The great depression is simply the largest.
[url]http://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States[/url][/QUOTE]
Faze is the guy who thinks that Obama is ushering in some kind of socialist fascist dictatorship, stop humouring him.
Then raise taxes on the rich.
[QUOTE=yuki;28113641]What are you talking about? The US Economy goes through a cycle of recessions every few years. The great depression is simply the largest.
[URL]http://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States[/URL][/QUOTE]
This is by far the worst since the Great Depression, third is the recession in the 80's. The spending issues that Obama has on useless shit, is part of the problem. This bullshit war that we're in, in the Middle East is also the issue.
[editline]17th February 2011[/editline]
[QUOTE=Zeke129;28113667]Faze is the guy who thinks that Obama is ushering in some kind of socialist fascist dictatorship, stop humouring him.[/QUOTE]
It's cute that you think he's not. You're deliciously naive. But then again, most of Facepunch is left-winged.
[QUOTE=faze;28113673]This is by far the worst since the Great Depression, third is the recession in the 80's. The spending issues that Obama has on useless shit, is part of the problem. This bullshit war that we're in, in the Middle East is also the issue.[/QUOTE]
Obama has been much less detrimental to the economy than the previous administration and if it wasn't for the stimulus you WOULD be in another great depression right now.
Achievement unlocked
[QUOTE=Zeke129;28113698]Obama has been much less detrimental to the economy than the previous administration and if it wasn't for the stimulus you WOULD be in another great depression right now.[/QUOTE]
Stimulus didn't keep us out of a depression, and I never said Bush was better. Bush was a joke.
[QUOTE=faze;28113673]It's cute that you think he's not. You're deliciously naive. But then again, most of Facepunch is left-winged.[/QUOTE]
So you honestly think that Obama wants to become a fascist dictator?
[QUOTE=faze;28113673]It's cute that you think he's not. You're deliciously naive. But then again, most of Facepunch is left-winged.[/QUOTE]
Oh shit, I thought Zeke was kidding.
[QUOTE=faze;28113673]It's cute that you think he's not. You're deliciously naive. But then again, most of Facepunch is left-winged.[/QUOTE]
It's horrifying that you think he is.
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