Do you know how much the national debt has gone up?

[500grains]

$14.3 trillion total national debt

Gov’t Has Borrowed an Additional $29,660 Per Household Since Obama Signed Stimulus

(CNSNews.com) - The federal government has borrowed an additional $29,660 per household in the United States since President Barack Obama signed his economic stimulus law two years ago.

That brings the total national debt to $125,475.18 per household.

...

http://www.cnsnews.com/news/article/...-household-oba

[Littlelebowski]

You need a blog.

[500grains]

I think that is the 2nd time you said that. I am flattered.

[Skyyr]

You need a blog.

lolol (since 'lol' is too short)

[DacoRoman]

I don't see a problem.. I mean our Dear Leader needed and still needs spending money to take care of us, I for one will be sending most of my paycheck to the Dear Leader, and I emplore you all to do the same, so that He and his chosen ones can decide how that money ought to be spent.

[Irish]

http://www.washingtontimes.com/news/...al-us-economy/

Mr. Obama‘s budget projects that 2011 will see the biggest one-year debt jump in history, or nearly $2 trillion, to reach $15.476 trillion by Sept. 30, the end of the fiscal year. That would be 102.6 percent of GDP

[Irish]

I for one will be sending most of my paycheck to the Dear Leader, and I emplore you all to do the same, so that He and his chosen ones can decide how that money ought to be spent.

Funny you should say that. http://www.atr.org/obamas-fy-budgetbr-taxes-more-a5844 And here's some of the highlights.

•Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike
•Raising the capital gains and dividends rate from 15% to 20%
•Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike
•Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike
•New bank taxes totaling $33 billion over ten years
•New international corporate tax hikes totaling $129 billion over ten years
•New life insurance company taxes totaling $14 billion over ten years
•Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years
•Increasing unemployment payroll taxes by $15 billion over ten years
•Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income. This is a tax hike of $15 billion over ten years
•A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years
•Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.


Add it all together, and this budget is a ten-year, $1.5 trillion tax hike over present law. That’s $1.5 trillion taken out of the economy and spent on government instead of being used to create jobs.

[czydj]

http://www.atr.org/obamas-fy-budgetbr-taxes-more-a5844 And here's some of the highlights.

Quote:
•Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%. This is a $709 billion/10 year tax hike
•Raising the capital gains and dividends rate from 15% to 20%
•Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million. This is a $98 billion/ten year tax hike
•Capping the value of itemized deductions at the 28% bracket rate. This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses. A new means-tested phaseout of itemized deductions limits them even more. This is a $321 billion/ten year tax hike
•New bank taxes totaling $33 billion over ten years
•New international corporate tax hikes totaling $129 billion over ten years
•New life insurance company taxes totaling $14 billion over ten years
•Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years
•Increasing unemployment payroll taxes by $15 billion over ten years
•Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income. This is a tax hike of $15 billion over ten years
•A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement. This is a tax hike of $300 million over ten years
•Increasing tax penalties, information reporting, and IRS information sharing. This is a ten-year tax hike of $20 billion.


Add it all together, and this budget is a ten-year, $1.5 trillion tax hike over present law. That’s $1.5 trillion taken out of the economy and spent on government instead of being used to create jobs.

This makes my head hurt. How did we get in this predicament and how do we get out of it?

[mr_smiles]

This makes my head hurt. How did we get in this predicament and how do we get out of it?

You can't and the debt is near $50+ trillion when you add obligations etc etc.

[Palmguy]

You can't and the debt is near $50+ trillion when you add obligations etc etc.

What he said.