Ugh...our national debt hit fifteen trillion dollars today.
$15,000,000,000,000.00!
(and the numbers continue to spin)
For really depressing graphical representations of how much money this is, check out these links:
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| "I owe HOW much money?!" |
THE NATIONAL DEBT HAS HIT THE $15 TRILLION MARK
Since President Obama Took Office, The National Debt Has Risen $4.4 Trillion, An Increase Of Over 41 Percent.. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 11/16/11)
Under Obama’s Watch, Each Citizen’s Share Of The National Debt Has Risen $14,273.02 To A Total Of $48,692.55. (US Department Of The Treasury, TreasuryDirect.gov, Accessed 11/16/11)
HOW MUCH IS $15 TRILLION?
15 Trillion One-Dollar Bills Would Wrap Around The Earth’s Equator Over 58,000 Times. (“Earth: Facts & Figures,” NASA, Accessed 11/3/11)
In FY2010, The Bureau Of Engraving And Printing Produced $974 Million Worth Of Currency. At That Rate, It Would Take 15,400 Years To Print $15 Trillion. (“Annual Production Figures,” Bureau Of Engraving And Printing, Accessed 11/3/11)
It Would Take The Average Household Over 300 Million Years To Pay Off The National Debt On Their Own. (Press Release, “Income, Poverty and Health Insurance Coverage in the United States: 2010,” US Census Bureau, 9/13/11)
To Pay Off $15 Trillion In Debt, The Federal Government Would Have To Devote Every Dollar Of Revenue To Paying Off The Debt For 6.5 Years. (“Monthly Budget Review,” Congressional Budget Office, 10/7/11)
Haven't had enough? Read more of the GOP's research here.
Here's the NRSC's take on the $15 Trillion, a snarky parody of the Apple iPhone ads:
Today is a sad day in America's history. Not only is $15 trillion in national debt an embarrassment but it's a direct threat to the security of our country. For over three years the American people have been forced to watch President Obama refuse to address the crisis and pursue policies which have only made it worse. Senator Bill Nelson has not only been the President's biggest cheerleader but has personally witnessed the debt climb $9.2 trillion since he was first elected to the United State Senate.
Sigh...I'm going to go hide under my bed for awhile.But Democrats don't share all of the blame. Many Republicans have also helped us reach this point and that is why the coming elections are so important. The problems in Washington can't be solved by the same establishment politicians who helped create them in the first place. More than ever, we need to elect principled conservatives who aren't looking to join the incumbent 'country club' but rather ones willing to make the tough decisions needed to turn our country around.
The US has $4.6 trillion help by other central banks including $1.1 trillion by China and 0.95 trillion by Japan, the weakest country that is about to default.
ReplyDeleteItaly is defaulting at 120% and Greece at 160%. Germany has a 81% and if they were to assume the Euro debt they would have a GDP/debt ratio of 133%, essentially bankrupting Germany. Germany will not rescue the Euro. Forget France.
The Euro banks are typically leveraged 40-1 compared to US banks at 12-1. The Chinese central bank is leveraged at 1233-1. China is not coming to the rescue. China is desperately looking to unload their dollars.
The Federal Reserve is leveraged 56-1. QE III would mean catastrophic inflation and US banking defaults. US banks are loaded up with low interest junk and with inflation rates of even 5% many will go under.
There will be no bail out this time. We suffer inflation or massive defaults this time.
Sooner rather than later. By the fall of 2012 all but the dimmest among us will see it.
This time the bubble is government and it will collapse.