National Debt Projected

Inflation Adjusted Changes in the National Debt

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National Debt Hits $16 Trillion

The Outstanding Public Debt as of 02 Sep 2012 at 05:17:52 PM GMT is:

 

The estimated population of the United States is 313,431,758 so each citizen's share of this debt is $51,052.36.

The National Debt has continued to increase an average of $3.88 billion per day since September 28, 2007!

Debt in the Developed World

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Debt and GDP

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European Debt Problems

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$5 Trillion in Interest Payments

Interest rates on U.S. bonds may be ridiculously low, but that doesn't mean the country's future interest payments on the national debt will be.

Uncle Sam will shell out more than $5 trillion in interest payments over the next decade, according to the latest projections from the Congressional Budget Office.

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National Debt

Back in the old days, the only time the nation would rack up debt was when they were at war and then they’d pay it down...All that changed not long after the last vestiges of a gold standard were abandoned in the 1970s and it’s been a three-decade long climb up debt mountain ever since. Moreover, since the graphic above includes only public debt, the picture is significantly worse when including intergovernmental liabilities such as social security.

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National Debt

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Debt to GDP Ratio

Often pundits will say that our current debt to GDP ratio is not unreasonable because it is not too high relative to the period following the WWII and the Great Depression.

It is true that during the post WWII era, government spending exceeded GDP. Nevermind that FDR’s New Deal actually prolonged the Great Depression. And ignore the fact that despite conventional wisdom, World War II did nothing to create prosperity. As Bob Higgs has argued extensively, no amount of money pumped into a depressed economy can bring about genuine economic recovery unless investors and business leaders feel secure in their property rights.

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Federal Budget as Household Budget

Youtube video here: http://www.youtube.com/embed/Li0no7O9zmE

National Debt Hits $15 Trillion

The Outstanding Public Debt as of 17 Nov 2011 at 03:03:21 PM GMT is:

The estimated population of the United States is 311,689,050so each citizen's share of this debt is $48,254.63.

The National Debt has continued to increase an average of $3.99 billion per day since September 28, 2007!

National Debt by President

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2011 Budget Deficit: $1.298 Trillion

The Congressional Budget Office recently finished tallying the revenue and spending figures for fiscal 2011, which ended September 30, and no wonder no one in Washington is crowing. The political class might have its political pretense blown. This is said to be a new age of fiscal austerity, yet the government had its best year ever, spending a cool $3.6 trillion. That beat the $3.52 trillion posted in 2009, when the feds famously began their attempt to spend America back to prosperity.

What happened to all of those horrifying spending cuts? Good question. CBO says that overall outlays rose 4.2% from 2010 (1.8% adjusted for timing shifts), when spending fell slightly from 2009. Defense spending rose only 1.2% on a calendar-adjusted basis, and Medicaid only 0.9%, but Medicare spending rose 3.9% and interest payments by 16.7%.

The bigger point: Government austerity is a myth.

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National Debt by President

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Cartoon: Debt Counseling

It is a Spending and Debt Problem

"Our true choice is not between tax reduction, on the one hand, and the avoidance of large federal deficits on the other. It is increasingly clear that...an economy hampered by restrictive tax rates will never produce enough revenues to balance our budget just as it will never produce enough jobs or enough profits." John F. Kennedy

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How The Debt Plan Works

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Budget Deal

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