While campaigning Obama hammered the issue that it was irresponsible and unpatriotic that President Bush added $4 trillion dollars to US National Debt in his eight years in office. As of today 10/04/16, Obama has actually added practically $9 trillion in financial obligation in his 7 1/2 years. Obama promised to cut the Budget Deficit in half by the end of his first term. Instead of cutting the US National Debt in half, in his first 3 three years in office, Obama has run the deficit he inherited from $10.62 Trillion up to almost $20 Trillion as of today.
The entire world was waiting on August 2 when U.S. could default on its costs obligations if the compromise in between Congress and Obama wouldn’t happen. Let’s see how big the US National Debt really is, using the widely known $100 bill.
$1 Trillion Dollars | $1,000,000,000,000 Trillion dollar deficits every year moving on is “unsustainable.”
Each double stacked pallet is $100 million dollars. Above and below are both $1 Trillion Dollars | $1,000,000,000 Please note that this is made up of two floors of pallets, for $ 100 million each. The football field and Boeing 747-400 for comparison.
Obama’s Share of the US National Debt
$19 Trillion Dollars | $19,000,000,000,000
$19 Trillion Dollars. This is the amount the US Government owes that is DUE AND PAYABLE NOW! At the end of Financial Year 2016 the gross US National Debt is estimated to be $19.5 trillion, according to the Federal Budget.
And here are 114.5 trillion dollars. This is US unfunded liabilities. The 114.5 Trillion dollar super-skyscraper is the amount of money the U.S. Government knows it does not have to fully fund the Medicare, Medicare Prescription Drug Program, Social Security, Military and civil servant pensions.
Presidents from George Washington through George W. Bush ran the national financial obligation as much as $10.62 trillion, the quantity it was on the day Obama took workplace. Today, it is $19.5 trillion, according to the Treasury Department’s Bureau of Public Debt. So it has actually gone up by $9 trillion under Obama. That’s approximately half of the quantity accumulated by all the other presidents combined.
Congressman Duffy made the following remarks during floor debate on the House Budget Committee’s Financial Year 2012 budget plan resolution, keeping in mind that when President Obama took office, the CBO predicted we would borrow $1.8 trillion over ten years, now under President Obama, we are expected to obtain over $9.4 trillion.
Official National Debt is the Budget Deficit that has actually grown year over year. This is the number the federal government reveals as our official National Debt when it is actually just the Budget Deficit.
The Truth Number includes “unfunded” obligations such as Social Security, Medicare, Medicare Subscription, Drug Program, Military and Civil Servant Pensions and other programs the Government.
Is obliged to pay and does not have the cash to do so.
Exactly what is the national wealth?
Private wealth in the US is near $70 trillion. However dig much deeper: What is the mineral wealth in our national parkland? What are the Rocky Mountains, Mendocino County worth? What is the aggregate oil wealth in public lands? Exactly what is the value of the US armed force in the jungle of global relations?
I argue that the $18 Trillion federal financial obligation fades in contrast to the national wealth of the United States. There is no much better example of this than the revenue created from Obama’s successful energy expedition campaign.
When you have a look at the enormous swaths of valuable land held by the federal government, it ends up being evident that the entire federally-owned real estate, oil, minerals, and so on within the borders of the USA might be valued in the quadrillions of dollars.
One thing has become significantly clear to me: the United States HAS debt, but it is truly not IN debt.
The purpose of the Federal Reserve is to govern the people through the money supply. The hazard of devaluation or deflationary depression is exaggerated. The resource wealth of the United States – as well as the big, wealthy, taxable population – provides a backstop that keeps our currency stable, even in expansionary environments.
I think this backstop is much greater than previous generations’ usage of rare-earth element reserves. I concede gold and silver are more concrete, but defining the national wealth by reserves of rare metals is absolutely nothing more than a type of social brainwashing meant to keep resource-rich Americans sensation insufficient.
Conspiracy theorists and John Birchers who determine the national financial obligation versus gold reserves are taking part in monetary child’s play. Nevertheless, the Federal Reserve’s capability to invest the past years in crisis while concealing the cash supply from the American public is dazzling. A fantastic rip-off that should concern an end in the United States, as it has in central banks throughout Europe and throughout the world.
Is it time to end the misconception of false scarcity? Is the simple answer – a dramatic increase in the debt ceiling to fund the Small Business Administration, Farm Service Agency, and regional banks – the finest path for the United States economy?
Recently an interesting statistic was released. The USA has fewer corporations today than 40 years back, despite having three times as many people. If “corporations are individuals,” do we just require more “individuals?”
Or is a multi-decade Japanese-style depression a better way to break the will of American men, break the daughters of the revolution into prostitution, seize American’s weapons, and ultimately rejoin the British Crown and join the New/Old World Order?
I ask that concern only half-sarcastically because that seems the intent of the current world order, and the path the United States is headed. Especially if Hillary “Forester de Rothschild-RHODam” Clinton is chosen as a president.
I wish that more people understood the concept of the US National Debt. Pretty much everyone I’ve talked to thinks that the debt is something we owe to other countries/etc. AND is preventing economic growth, which it is not. Most of the national debt is actually owed by the US to the US because of loans are taken from the Federal Reserve.
The US National Debt is mostly made up of money we owe to ourselves.
The debt right now isn’t such a big deal, but we are adding to it at an alarming rate with no foreseeable intent to stop doing so. The massive deficits that we are running, coupled with political gridlock, damages our credibility in the long run. The US is such an important cornerstone of the world economy (and has been for so long) that it’d be a long time before the country loses its creditworthiness to the degree that we feel significant pain, but if nothing changes, it’ll happen eventually. And long, of course, is relative. The world can change very quickly.