US National Debt Tops $16,000,000,000,000; In 2007, Fairbank Report Records Debt at $8.9 Trillion

United States of Indebtedness; Was Only $9T When We Blogged About it in 2007

The Forgotten Man -- Powerful Stuff

In a Word, Socialism

Mr. Obama's 2009-10 federal budget proposal, which totals about $3.6 trillion, is the largest in the United States history and the largest single-year increase ever. Estimates from Mr. Obama's own Democratic Party project a $7 TRILLION deficit between now and 2019. As a frame of reference, in past years, the federal budget deficit, which gets thrown into the ever-mounting federal debt load, averaged about $200-$400 billion per annum.

This is irresponsible socialism. One day -- and this day is fast approaching -- creditors like China and Japan will stop financing the United States government's spending spree. And then the only solution left for Obama and company will be to print even more fiat money, which is a recipe for economic calamity.

So this is the way Amerikkka is going to die: by the bucketful of debased currency...

Chi-Comms Hold on to $1.5 TRILLION in Foreign Currency Reserve While Their People Starve

For all the impressive economic gains – and they are spectacularly impressive – that China has made since 1984, it is still a country rife with extreme poverty. Not only is poverty a major social problem in the countryside where about 60% of the population live, but also in the urban areas where oases of excessive wealth cannot cover up manifest signs of poverty.

Yet, the Chi-Comms who hold about US $ 1.5 TRILLION *(yes, that’s twelve zeros!) in foreign currency reserve are not even spending, say US $100 billion (less than 10 percent), to alleviate poverty. No one is asking them to become spendthrift Americans. But hording so much money for a rainy day, when it is pouring outside, is outright indecent.


*Compare this reserve balance to the United States government’s total debt burden of about US $ 9.0 TRILLION (see FR’s entry on the US national debt clock)!!!

$8,975,958,053,884.60 and Growing!!

U.S. NATIONAL DEBT CLOCK

The Outstanding Public Debt as of 30 Sep 2007 at 05:35:50 AM GMT is:

The estimated population of the United States is 303,123,167
so each citizen's share of this debt is $29,611.59.

The National Debt has continued to increase an average of
$1.28 billion per day since September 29, 2006!
Concerned? Then tell Congress and the White House!

Source: http://www.brillig.com/debt_clock/