Posted October 2, 2008 11:02 AM
| 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.
(Chart from ZFacts.com)
(Chart from Concord Coalition)
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Comments
WOW! Just imagine how that curve will look if we get four more years.
Posted by: Kenneth Janowski | October 2, 2008 11:38 AM
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?
Posted by: lochnessmonster | October 2, 2008 12:22 PM
Come on, America! You can do it if you try. $11 trillion be damned. Let's go for 12!
Posted by: C. Morris | October 2, 2008 5:16 PM
Ignorance is bliss!!!!!
Posted by: MDawson | October 2, 2008 7:37 PM
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!
Posted by: nedclark | October 3, 2008 5:24 PM
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.
Posted by: Josh | October 3, 2008 11:20 PM
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!
Posted by: who cares? | October 4, 2008 2:49 PM
Ah, "who cares?", my friend, you forget Herbert Hoover. Another Republican, incidentally.
Posted by: Left Libertarian | October 4, 2008 5:46 PM
Ah, my friend, it seems that you are forgetting Herbert Hoover, the architect of the Great Depression--and, incidentally, another Republican.
Posted by: Left-Libertarian | October 4, 2008 5:50 PM
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!
Posted by: conroy shields | October 4, 2008 10:37 PM
Scorched earth!
http://www.boppoll.com
Make Congress pay this back!
Posted by: Where did all the money go? | October 5, 2008 12:46 PM
Okay, no question we are in deep trouble. I want to know if anyone has an answer to getting out of this debt mess.
Posted by: Christian Debt Management | October 6, 2008 1:00 PM
I've never seen so many numbers at one time in my life!
Posted by: thats a lot of money | October 30, 2008 7:23 PM
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
Posted by: Dennis D | November 3, 2008 9:16 AM
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"
Posted by: Uncle B | January 8, 2009 2:54 PM