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Debt, Debt, Debt – 15 Facts About U.S. Government Finances That Are Almost Too Crazy To Believe

If your family started spending nearly twice as much as it brought in every single year, how long do you think it would be before your family was completely and totally broke?  Well, that is essentially what the federal government is doing.  The U.S. government is so deep in debt at this point that it is hard to even try to describe it.  Where do you even begin?  Trying to put the vastness of U.S. government debt into words is kind of like trying to describe a great work of art by Michelangelo to a blind person.  This year the U.S. government is going to go 1.645 trillion more dollars into debt.  How can one possibly accurately convey just how large that amount of money really is?  If you went out today and started spending one dollar every single second, it would take you over 31,000 years to spend one trillion dollars.  Who can even comprehend such an amount?  The U.S. government has mismanaged our finances so badly that it is hard to believe.  We have sold our children and our grandchildren into perpetual debt slavery and not that many people really seem very upset about it.  It is as if most of the nation is in a massive state of denial.

Read over the 15 statistics below and really try to absorb them.  It is imperative that we all try to understand how deep a hole we are in.  This is the legacy of the Federal Reserve system.  You see, people are not upset about the Federal Reserve just because they needed a new hobby.  The truth is that the Federal Reserve system has transformed the wealthiest, most prosperous people on the planet into a horde of debt slaves.  The American people are now saddled with the biggest debt in the history of the world, and the really sad thing is that it never had to turn out this way.

But this is the end result of turning control of our currency and of our financial system over to the international bankers.  Once we did that, it was only a matter of time until the U.S. government was drowning in debt.

Thomas Jefferson desperately tried to warn us about central banks.  He believed that for the government to borrow money in one generation which must be paid back by future generations is equivalent to stealing….

And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.

In fact, Thomas Jefferson said that if he could add one more amendment to the U.S. Constitution it would be a ban on all government borrowing….

I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing.

Where would we be today if we had listened to Thomas Jefferson?

Instead of listening to the warnings of our founding fathers, now we are in debt hell….

#1 The Obama administration is now projecting that the federal budget deficit for this year will be an all-time record $1.645 trillion dollars.

#2 The budget deficit for this year alone will end up being well over 10 percent of GDP.  That is an absolutely nightmarish level.

#3 Currently, the accumulated national debt of the U.S. government has reached a grand total of $14,123,589,307,190.53.

#4 If you divided the national debt up equally among all U.S. households, each one would owe a staggering $125,475.18.

#5 The federal government has borrowed 29,660 more dollars per household since Barack Obama signed the economic stimulus law two years ago.

#6 During Barack Obama’s first two years in office, the U.S. government added more to the U.S. national debt than the first 100 U.S. Congresses combined.

#7 In the new budget that the Obama administration has proposed, the U.S. government would spend 3.7 trillion dollars in 2012 and by 2021 the U.S. government would be spending a whopping 5.6 trillion dollars per year.

#8 The U.S. government currently has to borrow approximately 41 cents of every single dollar that it spends.

#9 The total compensation that the federal government workforce earned last year came to a grand total of approximately 447 billion dollars.

#10 The U.S. national debt is currently rising by well over 4 billion dollars every single day.

#11 The U.S. government is borrowing over 2 million more dollars every single minute.

#12 The U.S. national debt is over 14 times larger than it was just 30 years ago.

#13 Unfunded liabilities for entitlement programs such as Social Security and Medicare are estimated to be well over $100 trillion, and nobody in the U.S. government seems to have any idea how we are actually even going to come close to meeting all of those obligations.

#14 If you were alive when Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now.

#15 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.

So has all of this reckless government spending improved the economy at least?

Not really.

In fact, there are signs that the economy is weaker than ever….

*According to Gallup, the U.S. unemployment rate reached 10.0% in mid-February.  In addition, Gallup says that the percentage of part-time American workers that want full-time work rose to 9.6% in mid-February.

*During the 4th quarter of 2010, 4.63 percent of all U.S. home loans were in foreclosure.  That matched the all-time high, and it was up significantly from 4.39 percent in the 3rd quarter.

*New home sales in the state of California were at the lowest level ever recorded in the month of January.

*When you adjust wages for inflation, middle class workers in the United States make less money today than they did back in 1971.

*The number of Americans that have become so discouraged that they have given up searching for work completely now stands at an all-time high.

So what have we gotten for this colossal amount of debt?

Not a whole heck of a lot.

So why don’t the American people care more about all this debt?  Have they given up?  Have they resigned themselves to the fact that our financial system is going to collapse?

Gonzalo Lira had some interesting observations about this the other day on his blog….

You know those gamblers in Vegas, who go there and blow their house on the black jack tables? And then they go around town buying hookers and blow left and right, partying hard until the dawn, acting as if they didn’t have a care in the world? At least until the night runs out?

That’s the United States.

But the good news is that an increasing number of Americans are waking up and are realizing that our financial system is just a house of cards.  Many are starting to realize that our financial system is a gigantic Ponzi scheme that is inevitably going to collapse at some point.  Democrats and Republicans have both supported this system and they have both gone along for the ride.  Both parties have been responsible for spending us into oblivion.  The United States was once the most blessed nation on earth, but now we are rapidly becoming the biggest financial disaster the world has ever seen.  Please share this information and the chart posted below with as many people as you can.  The American people desperately need to wake up because we are headed for disaster….

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  • http://firesteel.com FireSteel.com

    What’s with the US Government continuing to increase spending while we are are in the greatest recession since the Great Depression? I think it’s too late now, the printing of trillions of dollars more in fiat currency is causing a huge negative ripple in the economy.

    Perhaps the power that be WANT to sink the economy.

    What to do? I advocate you stock up on as much non-perishable food as you can, pay down all your debts, and if there is anything left over in bank account trade it all for real money => 1 ounce silver rounds. You’ll be glad you did.

  • A Dodgy Bloke

    This is news what bunker have you guys been living in? Some of the brighter bulbs have been talking about this since Regan, now that the good times are no longer rolling people are now starting to pay attention, but it’s to late. We have a ONE TRILLION PLUS defect that means every fiscal year that is how much more we borrow than we have. It’s over the time to fix this has come and gone, you need to get ready.

    What’s going to happen your standard of living is going to drop, all that neat crap from China is going to go bye, bye. Crime is going to go up, illness is going to go up, you guys with chronic health issues are going to find it hard to get the health care you need. All you folks on disability your checks are going to be cut, gone or you wont be able to buy squat. That’s just for openers, to quote Nicole Foss of Automatic Earth “You need to get control of the necessities of life” I would add or you’re hosed. Don’t believe me well see events will prove me right or wrong.

  • pogue

    Yeah, both sides play the game. The Democrats spend trillions on nothing while the Republicans announce cuts in the Billions as if that means anything. Either way, they’ve moved the ball down the field.
    Your calculations, however, are wrong. According to the funded liabilities, we are 14 Trillion in debt, but our unfunded liabilities are closer to 114 Trillion. At least they haven’t tried to keep us from emigrating to other nations. That will be the frightening part, if it ever happens, when the government realizes it needs to stop widespread emigration if it hopes to have any kind of tax base.

    BTW-for those of you of European extraction-some European nations are extending citizenship back to descendants of immigrants.

  • mondobeyondo

    Thomas Jefferson tried to warn us. International banking cartels are about to do to this nation, what foreign enemies such as the Nazis and Imperial Japan couldn’t. But nobody’s listening.

    Our decline as a nation began when we stopped being a manufacturing powerhouse and became a debt-based economy. In one aspect, debt can be beneficial. Purchase modern machinery for your business, go into debt, make a profit 5 years later, get out of debt. But in the majority of cases, debt produces little more than more debt, and with interest, it’s mega-mucho debt.

    Long after the roulette wheel stops spinning, and the hookers have left (money for nothing, and the chicks for free…ha ha), you’re still stuck with the bill. With interest. Your lenders didn’t mention that part of the deal, did they? Pay up, buddy…

  • john

    The debtor is the slave to the lender.

  • paulie

    Bread and circuses while the country goes into ruin.

  • Gary

    If we simply taxed the rich more so that they pay their fair share and then some we would not need to keep reading articles about the debt that no one cares about.

    Tax the rich=no debt. This is not rocket science.

  • William

    Your labeling Social Security as an unfunded entitlement is incorrect. Social Security has paid its own way. In fact, Social Security is $2.6 TRILLION ahead. That is the amoung of excess paid-in Social Security taxes that have been stolen from Social Security and squandered by MORONS in the US Congress for about 40 years. Pay back the borrowed $2.6 TRILLION, and THEN, Social Security, if its outflows exceed inflows, is unfunded.

  • http://ronaldgrey.wordpress.com Ronald Grey

    “The Theory of Money and Credit” describes a shocking parable to warn of the same danger. See: http://wp.me/pZiAD-Na

  • Walt Moran

    According to the chart the debt went from 60T to 120T under Bush.

    Obama needs money now to clean up the previous mess.

    Bush said we could fight two wars and have tax cuts at the same time.

    Maybe we should re-think the wars or the tax cuts or both.

  • mondobeyondo

    America is either doomed or damned. Hard to tell the difference at this point.

    It’s all just a freaking casino. Las Vegas is for the little people. Wall Street is for the truly high rollers. They are gambling our very future for short term profit. They are playing craps, in case you really want to know. How do I know? Because the entire U.S. economy is going to crap!! Looks like the middle class just rolled a 7 on their first roll out.

  • Piglet

    “It is as if most of the nation is in a massive state of denial.”

    – Indeed it is. What’s coming is so awful that, as a nation, we collectively prefer to look the other way and pretend the problem isn’t there.

    “The truth is that the Federal Reserve system has transformed the wealthiest, most prosperous people on the planet into a horde of debt slaves.”

    – This is no accident. Our creditors will have us where they want us.

  • Golden Child

    “Tax the rich=no debt. This is not rocket science.”

    This is true. the greatest economic expansion in American history occurred during the 50’s when taxes on the rich were at an all time high. But what most ignorant Americans fail to realize is that our government has been bought by those same rich folks. The government no longer cares about the interests of everyday Americans. The richest Americans as well as upper middle class Americans who managed to keep their stable well paying-jobs and or businesses during the economic downturn simply don’t care about millions of formerly middle class Americans slipping into poverty and homelessness. Y’know, sorta like how middle class folks in the suburbs never gave two sh*ts about homeless people and disenfranchised poor people living in disease-inducing polluted, ultra-violent, quasi-third world inner city American ghettos. American people currently not experiencing the full brunt of the economic downturn have Marie Antoinette syndrome. But I bet as soon as you loose YOUR job and YOUR home and end up without a red cent to your name, you, too, will be crying fowl. And guess what? If you, too, become another statistical victim of the global economic meltdown, no one will give a f*ck, just like you never gave a f*ck about homeless Vietnam veterans who actually fought for this country even when it was wrong in doing so. This unique American brand of profound entitlement, self-involvement, all-encompassing greed and ignorance is why everyone around the world hates us. For shame.

  • Gary

    Golden Child-you are 100% correct. One of the folks I deliver meals on wheels to is an advocate for homeless vets and the stories he tells me are very sad. He thanks me for volunteering for meals on wheels but it is me that thanks him. I told him what I am doing is nothing compared to what he did for his country.

  • Gabe

    There is not going to be an easy way out of debt. Is America going to go for the 12 steps? Can learn a thing or 2 from Suze Orman.

    We help Americans find jobs and prosperity in Asia. Visit http://www.pathtoasia.com/jobs/ for details

  • Curtis Roys

    Everything is going according to plan by the New World Orderlies: “We will build the Fourth Reich on the ruins of the United States” – Madrid Circular Letter (1941 contingency plan in case the Nazis didn’t win WW II.
    The Nazis didn’t lose WWII. They just had to move. So they came to America under Operation Paperclip. Don’t think it’s a strange co-incidence that the Bushes (real name: Scherf(f)s who were imported by the Rockefellers. Read Don Nicoloff’s “Deathbed Confessions” in the Idaho Oberserver), Paul Volker, Tim Geithner,
    Ben Bernanke are of German extraction. What the
    Bavarian Illuminati want is the reversal of outcomes in WWI & II.

  • http://red-pill.org Morpheus

    hey. good post on a very cool blog.

    this is my favourite overview of the financial situation.

    One stark and sobering way to frame the crisis is this:

    if the United States government were to nationalize (in other words, steal) every penny of private wealth accumulated by America’s citizens since the nation’s founding 235 years ago, the government would remain totally bankrupt.

    According to the Federal Reserve’s most recent report on wealth, America’s private net worth was $53.4 trillion as of September, 2009.

    But at the same time, America’s debt and unfunded liabilities totaled at least $120,000,000,000,000.00 ($120 trillion), or 225% of the citizens’ net worth. Even if the government expropriated every dollar of private wealth in the nation, it would still have a deficit of $66,600,000,000,000.00 ($66.6 trillion), equal to $214,286.00 for every man, woman and child in America and roughly 500% of GDP.

    If the government does not directly seize the nation’s private wealth, then it will require $389,610 from each and every citizen to balance the country’s books.

    from here http://buygoldsilver.org/2010/01/gold-2010-beyond/

    keep on getting the message out.

  • C.Racine

    Rich or poor, looking for the solution to the economic woes in America and around the world?

    The smartest man in the world, Einstein, said “That doing the same thing over and over and expecting different results…Is Insanity!”

    The only viable solution has indeed been found.
    It’s not #1 or #2, Party, or any other party running for office to take all your hard earned money, for themselves or to give away to their “special interest” support groups.

    Let the LAW Rule Man, not flaw-filled man rule the LAW. If you are tired of being a victim, then find out how to to become the winner you truly are.
    See: http://www.tvpnc.org Change your life today, by changing the things in your life to prosper and live happily.
    Time to listen to yourself instead of the political media hype. Trust your own good judgement for a change, and make common sense out of the nonsense.

    Read how at :http://www.tvpnc.org

  • P.Steno

    is it a crime to rip up or burn THEIR money??