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  • Your Increasing National Debt

    Your family’s share of the national debt just got a lot bigger thanks to the recent increases in federal spending. According to an analysis by USA Today, in 2008 an additional $55,000 per household in new federal obligations was added onto the already massive figure, bringing the total to $546,668. USA today does well to illustrate this point, noting,

    That’s quadruple what the average U.S. household owes for all mortgages, car loans, credit cards and other debt combined.”

    This increased debt takes an already bad situation and makes it worse. Even before the current economic crisis entitlement spending alone was expected to more than double by 2050 leading to massive increases in debt and deficits. The situation is simply unsustainable. Near term spending must be curbed, and long term entitlement reform should be implemented now.

    Posted in Economics [slideshow_deploy]

    15 Responses to Your Increasing National Debt

    1. Pingback: Your Increasing National Debt » The Foundry « AddingInfo.com

    2. Mike, Elko, NV says:

      American citizens have lost control of OUR government, and we need to get it back. A good place to start is to put teeth in the 10th Amendment by repealing the 17th Amendment.

    3. Robert Rodes, Orange says:

      In effect, we are enjoying our advanced standard of living by freeloading off of the rest of the world, and have been doing so for quite some time. We speak of "budget surplus" and "budget deficit", but in neither case are we paying down the debt. A "budget surplus" means simply that we are not borrowing more money to, say, pay the interest on the existing debt.

      I noted with interest that the "tax refund" which the Bush administration gave us was financed by borrowing money from the world bank. This is like someone telling me that they are going to give me some cash, and then getting a cash advance on my credit card to give it to me.

      At some point, the world will pull the plug. Long before then, we will be headed towards insolvency.

    4. Carl Manning - Savan says:

      GOP & the Bush Bailouts

      I just purchased a book that was endorsed by Ron Paul. It is titled "Meltdown". It is written by Thomas E. Woods Jr., a senior fellow at the Ludwig von Mises Institute in Auburn, Alabama. It is an indictment of the Fed and the Wall Street financiers who bought off the Dems and the GOP who suported Bush's bailout. I am about to show you just how the GOP and the DEMS, the two criminal parties in DC performed their duty as Corporate whores for Wall Street. The following information can be found on page 5 of this book:

      "When in September 2008 the House of Representatives entertained a $700 billion bailout package – soone to be renamed the "rescue plan" by the Bush administration and its media accomplices – for the financial sector, the public response was swift and clear. Democratic Senator Barbara Boxer of California reported receiving nearly 17,000 e-mail messages on the subject, nearly all of them negative. Of more than 2,000 calls to her California office(on a single day), only 40 callers supported it – that's 2 percent. Out of 918 callers to her Washington office, exactly one was in favor. Other members of Congress reported similar reactions. Ohio Senator Sherrod Brown reported that 95 percent of constituent communications on the subject were from bailout opponents.

      What could make a representative disregard so intense an expression outrage on the part of his constituents? Take a wild guess. The securities and investment industry (READ:WALL STREET), according to the Center for Responsive Politics, contributed $53 million to congressional and presidential candidates in the 2008 (election)cycle, placing them second behind lawyers. Congressmen who voted in favor ofthe bailout when it appeared before the House on September 29 had received 54 percent more money in campaign contributions from banks and securities firms than had those who voted against it."

      The GOP Betrayed the American People

      IN OTHER WORDS, THESE WHORES ACCEPTED BRIBE MONEY FROM WALL STREET TO BANKROLL THEIR CAMPAIGNS IN EXCHANGE FOR BETRAYING THE WILL OF THE AMERICAN PEOPLE. THIS IS GOVERNMENT OF, BY, AND FOR WALLSTREET – NOT THE AMERICAN PEOPLE. Everything I have been telling you people about these Corporate Wall Street whores is there in black and white for all of you to see. You can choose to believe the truth or act like Democrats just like your beloved criminal GOP and continue to live in denial of the TRUTH.

      GOP & Dems Accepted $53 Million

      in Treasonous, Criminal bribe money to get re-elected and betray the overwhelming will of the American People in exchange for keeping their Wall Street financiers fattened with the American taxpayers money. THIS IS REPREHENSIBLE. To continue to back this party of TRAITORS is reprehensible. This is not a Conservative party; it is a CRIMINAL party just like the Dems. A new political paradigm can only come about with sea change in DC – with the establishment of new 3rd parties like the Constitution Party and the Libertarian Party. I hope 2010 and 2012 bring about political revolution in DC, the likes of which we haven't seen since 1776.

    5. Frank, Michigan says:

      Hi,

      There should be a plan to pay down debt. What is the best plan to do that? Could setting aside X percent of tax dollars to pay down debt work.

      Entitlements spending also needs a plan. How do you feel about having smokers, the obeses/overweight, and those that don't exercise pay more while in their working years to offset their increase cost to Medicaid after they retired? Social Security, ask Senior Citizens what would make them voluntary push back their retirement age. i.e. an optional emergency surgery to save the life of a love ones not cover by medicaid or inherit x percent out to love ones after death, pay debt after death something they as a group would agree to.

      Thanks,

    6. Concerned, Raleigh says:

      We need to get rid of all of the lobbyist and revert to the 'FairTax' system

    7. Angel, Ohio says:

      Where is all this money going? I am amazed that we have nothing to show for all of this money that has been spent. Since this is our money, why isn't there any accountability? and, why does Washington still keep on spending?

      We need to through everyone out of Washington. Both Dems and Rep! Cut all spending and only keep the bare necessities for national security and public safety.

      No more spending!

      No more entitlements!

    8. Hal Pryor, Williamsb says:

      What can we do about a Congress that ignores the electorate? We can write or call, of course, but that seems to have little or no effect. i would suggest that in the next election we dump every incumbent that is supporting this runaway government nonsense regardless of the experience of his opponent. If he or she voted for bailouts, Fed takeovers, and out of control spending, vote for the opponent. It is the only thing they understand.

    9. Bob, Cincinnati, OH says:

      There is a "Real Crisis" looming on the horizon, it's not imported oil, "Global Climate Change", War, it's nore of these things. What we really need to worry about is our Countires Debt and who holds that paper.

    10. Dennis A. Social Cir says:

      We need to remember this in the next election, 2010, and throw out the dems and the liberals of both parties. This country is going down the tubes with these people in power and it is time we the citizens took control of our future.

    11. Rochelle, Colorado says:

      We need to be sure we are having elections! Yes, we need to dump the incumbents and start term limits for all of congress. It should be long enough to learn the job and short enough to prevent the power mongering of Pelosi, Reid, Boxer, Kennedy, and others. We need to repeal this legislation and allow banks to return and repay loans. We need to get back as much money as we can and start paying back China. WE HAVE TO STOP THE SPENDING! Isn't there some constitutional law that Obama and the congress have run afoul? Why are the other car companies suing the government for interference? Why are our representatives not responding to us? Where is Truth, Honor, Duty (other than West Point). Where is Courage?

    12. Brandon, Reno, NV says:

      Stop talking about the GOP. It is the Democrats spending trillions on worthless social security and Medicare. We need the army not the entitlements.

    13. Lynn B. DeSpain says:

      It is time for America to admit that it made a mistake and that mistake is called Obama! Along with Herbert Hoover he believes that he is helping farmers by giving them food when they ask for seed!

      Stimulus money, bailout money, going Green money, is all smoke, no substance. America needs real jobs, permanent jobs and She needs them now! Right here on our own soil, without importing all this psuedo-intellectual "Green" BS.

      Housing was a service industry. Just one of the five industy jobs created when you create a real Industrial Job. Think about all of this.

      Hozro

    14. Marshall Hill MI. says:

      The libs do not speak BUDJET!

    15. Bob, Dayton Ohio says:

      If it comes down to this judge (asuming she is confirmed & appointed) having to settle a legal issue involving Mr. Obama's unprecedented spending going beyond the scope of his authority, how would she vote? In a nut-shell, does she back larger government with almost no restraint, or does she favor a smaller government that acts on behalf of the people's wishes (not for what the government THINKS is in the best interest of the people even if against their wishes?).

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