National debt topped $10 trill this week: The Swamp
The Swamp
Chicago Tribune
Posted October 2, 2008 11:02 AM
The Swamp





The Gross National Debt

by Frank James

There were no fireworks so a lot of people probably missed it. We even forgot to mention it here on The Swamp when it happened though we saw the reports. Anyway, on the last day of September, the national debt hit $10 trillion plus.

President Bush signed legislation in July that raised the debt ceiling to $10.615 trillion. Meanwhile, the financial bailout legislation passed by the Senate last night would raise the debt ceiling further to $11.315 trillion.

Here's something else worth knowing. The gross national debt as a percentage of the gross domestic product has, under the Bush Administration, hit a 50-year high. The following two charts illustrate the trend nicely.

National-Debt-GDP.gif
(Chart from ZFacts.com)

Chart_Levels_of_Debt_Over_Time.jpg
(Chart from Concord Coalition)

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Comments

WOW! Just imagine how that curve will look if we get four more years.


Well I have always been taught that if you don't have the money you don't buy it! Sometimes your hand is forced in an emergency and you need to use credit to squeek by. But then you stop buying again, pay down your debt and sleep at night.

How do these people in Washington sleep knowing they are putting their own great-grandchildren under such a burden?


Come on, America! You can do it if you try. $11 trillion be damned. Let's go for 12!


Ignorance is bliss!!!!!


How quaint of you, "lochnessmonster" - the Congress Critters sleep just fine at night, because they know that they're over-spending everyone ELSE'S money!


I feel as though our country is doomed. Our government officials are either corrupt, incompetent or cowardly. The American people in general have grown fat and stupid. A majority of the Bush admin. should be hung as traitors but the democrats refuse to take action.

Our rights slip away day by day. Its not the concept of democracy that has failed. We as a people have failed, we failed ourselves, we failed out children. We are doomed.


Up until now, only Reagan had done this well when it come to wrecking the economy! Perhaps the republicans should be proud of their achievement!


Ah, "who cares?", my friend, you forget Herbert Hoover. Another Republican, incidentally.


Ah, my friend, it seems that you are forgetting Herbert Hoover, the architect of the Great Depression--and, incidentally, another Republican.


It is government policy to keep these facts and all monetary and financial issues from the taxpaying public at all times despite the fact that the taxpaying public is paying for this and the government legally is their representatives.What a relationship! people must be kept ignorant!


Scorched earth!

http://www.boppoll.com

Make Congress pay this back!


Okay, no question we are in deep trouble. I want to know if anyone has an answer to getting out of this debt mess.


I've never seen so many numbers at one time in my life!


I don't know who made that Bogus Chart but its WRONG, The National Debt went from 4 Trillion to 5.7 Trillion Under Clinton


Obama has jumped in, both feet, hook, line. and sinker. He wants to borrow a fortune from the Chinese, and they are hesitant - "The Chinese have you by the balls Yankee Doodle, and they eat meat"


We aren't answering the question, "Where did the money go to?"


The National Debt went from 4 Trillion to 5.7 Trillion Under Clinton

That what Rush told you Dennis D? Or was it Hannity?

It's not coincidence that the debt has skyrocketed under Republicans. Now they're back to "basic principles", after not saying a word during Reagan and both Bushes.


Dennis D wrote "I don't know who made that Bogus Chart but its WRONG, The National Debt went from 4 Trillion to 5.7 Trillion Under Clinton"

Demonstrating your illiteracy twice in the same post. The chart is from ZFacts.com (like it says), and the numbers shown are debt as a percent of GDP (as shown). In case your math skills are as bad as your reading skills, it is possible for the amount to go up while the amount as a percent of GDP to go down.

By the way, I've heard a lot of conservatives tell me that the number itself isn't nearly as important as the percentage of GDP.


Clinton had the dot com boom to inflate the gdp and capital gains tax to cover his butt.

It funny looking at it now july 09 it is at 11.68T Obama isn't helping matters much


Subject: National Debt

I have studied this subject very deeply. Even Macro economic Professors are confused. The general gist of the situation is that at this point and for quite a while it doesn't matter what party is in power. The financial state of the US is in the hands of private individuals that control the federal reserve. The plan is to continue to inflate the economy until the system is at the brink of collapse. Then then the UN in the form of European banking will step in and offer us a solution that we cant refuse. That is to join the one world economy. They will Ameros american currency at equal value as the Euro. Everyone with think Oh what a saving grace! But it will be a knife in the back because then we will be controlled economically by a power that is not our own. It will bleed it's way into the social structures and the laws and before you know it we have world wide pseudo-socialism. Unfortunately this is not conspiracy theory. I wish it was.

About the only economic alternative would be for us "the US" to:

1) Take ownership and control of the Federal Reserve
2) Cancel all debt owed to the federal reserve ( a reduction of 45% of deficits)
3) Hunt down the corporations that have profited from this exploitation and take ownership of them.
4) Pay down the remaining debt with the proceeds obtained.



Congress passed an act in 1961 which allows people to donate to the bureau of national debt. You can donate any amount of money to them. The adress is
Department of public debt
P.O Box 2188
Parkersburg,WV 260106-2188

Also,
Can you please go to http://defeatthedebt.com/help-us/ and sign their petition? Also can you donate some money to them too? they are going to march around the white house to convince the president to pay down the debt.

Spread the word!


The only solution is to un-elect every single politician and begin anew, perhaps?


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