Game over. Debt now equals total U.S. economy.

[variablebinary]

We had a great thing, and we allowed the globalists, elites, bankers and their puppets in government to take it all away.

I said it once and I'll say it again. You don't pay back $14 trillion. It can't be done. We are screwed.

http://www.washingtontimes.com/news/2011/feb/14/debt-now-equals-total-us-economy/


President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years’ time.

Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out — both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large.

Mr. Obama‘s budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year. And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) — the first time since World War II that dubious figure has been reached.

[Belmont31R]

Cloward and Piven won?

[Cagemonkey]

Cloward and Piven won?I don't think so!! They may bring down a system, but over my dead body are they going to build a new one. I'm a child of the cold War. I hate ****ing Commies whether foreign or domestic. This is an affront to every American life lost to fighting communism overseas, only to see this plague take root here at home.

[KellyTTE]

You'll excuse me if I don't panic JUST yet. :rolleyes:

http://joejolly.files.wordpress.com/2009/03/national-debt-gdp-thumb.gif?w=495&h=260

[variablebinary]

I don't think so!! They may bring down a system, but over my dead body are they going to build a new one. I'm a child of the cold War. I hate ****ing Commies whether foreign or domestic. This is an affront to every American life lost to fighting communism overseas, only to see this plague take root here at home.

You are tracking the wrong target. But that is the scam. Dangle phantom menaces in front of us while we are being robbed blind by these guys...

http://www.innworldreport.net/inn/images/9-10/paulson_bernanke.jpg

[Business_Casual]

I'm sure their wealth is denominated in USD, so it escapes me how this helps them if we go bankrupt, but hell yeah I am mad about the debt.

B_C

[FromMyColdDeadHand]

How much of that is public debt? Money owed to SS and the QE money the FED is putting into treasuries are hard to reconcile with traditional 'debt' issuance. Not saying it is good, just that the picture is not really clear.

[Cincinnatus]

You'll excuse me if I don't panic JUST yet. :rolleyes:

http://joejolly.files.wordpress.com/2009/03/national-debt-gdp-thumb.gif?w=495&h=260

That chart is out of date. It's two years old. Try again.

[mr_smiles]

With food and water shortages hitting Asia I'm not that concerned, we have a agriculture boom happening. And we have the resources to ride it out and make a killing off the rest of the starving world.

Chinese consumers want American food :D And they'll have to pay for it.

[KellyTTE]

Fine...

http://www.usgovernmentspending.com/usgs_line.php?title=US%20Federal%20Debt%20As%20Percent%20Of%20GDP&year=1792_2010&sname=US&units=p&bar=0&stack=1&size=m&col=c&spending0=35.10_32.14_25.30_21.25_20.43_20.01_19.32_17.82_17.29_16.28_17.94_16.05_16.31_14.70_12.41_11.93_10.19_8.39_7.60_6.32_5.80_5.83_7.62_10.85_15.72_16.25_14.17_13.27_13.00_12.33_11.69_12.12_12.04_10.34_9.42_8.13_7.58_6.35_4.81_3.76_2.17_0.61_0.39_0.00_0.00_0.02_0.21_0.63_0.23_0.32_0.85_2.11_1.39_0.87_0.76_1.62_1.96_2.63_2.48_2.53_2.18_1.82_1.15_0.90_0.80_0.69_1.11_1.34_1.49_1.97_9.05_14.70_19.19_27.13_30.85_32.11_32.05_32.97_32.05_31.00_27.38_25.54_26.55_27.36_26.24_25.88_26.92_25.10_20.39_17.84_15.72_15.32_15.51_16.07_14.55_12.65_12.18_11.65_10.28_10.04_9.69_10.04_11.58_10.74_11.42_11.22_9.93_10.22_10.37_9.61_8.96_8.50_8.81_7.90_7.54_7.25_8.73_8.20_7.94_8.06_7.67_7.46_7.98_7.90_7.28_9.58_19.25_34.98_29.36_32.58_31.29_26.17_24.45_22.64_20.27_19.38_18.07_16.34_17.75_21.96_33.20_39.96_40.99_39.16_40.31_39.64_43.16_43.86_42.37_38.64_44.73_68.83_91.45_116.00_121.25_105.81_93.75_94.60_87.63_75.22_72.32_70.15_71.31_66.16_62.36_58.67_59.15_56.20_54.39_53.04_50.91_49.51_46.97_44.12_40.61_39.19_38.20_35.93_35.72_35.33_34.51_33.14_31.68_32.56_34.00_34.42_33.64_32.26_32.56_31.91_35.10_38.96_40.00_43.23_47.65_49.62_51.02_52.12_55.74_61.17_64.09_66.17_66.23_67.08_66.66_64.97_62.84_60.47_57.02_56.46_58.52_60.88_62.18_62.77_63.49_63.99_69.15_83.29_93.25&legend=&source=a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a_a

Source: http://www.usgovernmentspending.com/federal_debt_chart.html

[Belmont31R]

The difference between WW2 and now is we do not have a world war with millions of soliders fighting around the world. Where if we didn't do something drastic the world would have basically ended by 1940's standards. There was not the major world markets we have today where trading stocks is a mouse click away.



You also have to look at where our debt lays. Forgive me if I am wrong but I think a good chunk of our debt during WW2 was domestic. War bonds were popular, ect. Now a much bigger percent is foreign debt.


The bottom line is I think the details today matter a lot more today than they ever have, and they will mater more as time goes by.

[FromMyColdDeadHand]

You also have to look at where our debt lays. Forgive me if I am wrong but I think a good chunk of our debt during WW2 was domestic. War bonds were popular, ect. Now a much bigger percent is foreign debt.





That's why I mentioned that the FED has more debt in hand than the Chinese and I'm not sure where Social Security money is accounted for. Definitely not you domestic 'war bond' financing and maybe not even better than having it held by external entities.

KellyTTE, do you have any info on who owns the debt?

[KellyTTE]

http://upload.wikimedia.org/wikipedia/commons/1/17/Estimated_ownership_of_treasury_securities_by_year.gif

Sources:
http://en.wikipedia.org/wiki/United_States_public_debt
http://www.cnbc.com/id/29880401/The_Biggest_Holders_of_US_Government_Debt
http://www.fms.treas.gov/index.html

[500grains]

How about if we cut the budget by half (which would balance it), renege on the debt, and then we just have to run on balanced budgets in the future. It would be good for us.

What is China going to do? Invade California? Refuse to honor the Wal Mart underwear contract? Add toxins to dog food, childrens' toys and Heparin? Do another fake space walk?

Fake space walk:

http://www.youtube.com/watch?v=lBL98p0wZ7g

[Gutshot John]

How about if we cut the budget by half (which would balance it), renege on the debt, and then we just have to run on balanced budgets in the future. It would be good for us.

How about we keep things in the realm of reality and alternatively not ruin our bond rating.

By the way, the overwhelming majority of US debt is held in the US or by private investors.

I think China ranks number 3 or 4 on the list. Most of the rest are US allies and private companies like insurers.