We are truly a bankrupt nation with no way out! The numbers are incomprehensible, even when someone tries to put them into perspective.
The article 17 National Debt Statistics Which Prove That We Have Sold Our Children And Grandchildren Into Perpetual Debt Slavery states:
What we have done to future generations over the past 30 years is absolutely criminal. 30 years ago the U.S. national debt was a bit under one trillion dollars, and at that time it was considered a huge national crisis. Today, the national debt is 14 times larger and the years ahead look absolutely apocalyptic at this point. We have literally sold our children and our grandchildren into perpetual debt slavery. We have accumulated the biggest mountain of debt in the history of the world, and our children and our grandchildren will be burdened with it for the rest of their lives. All of our politicians keep talking about how it is vitally important that we do something about all of this debt “soon”, but they just can’t seem to stop wildly spending our money. They keep telling us that now is not the time for deficit reduction because it would harm “the economic recovery”, but the “right time” for deficit reduction never seems to come along. The national debt statistics in this article are meant to shock you. Hopefully they will shock you enough to actually take action. Up to this point, the vast majority of Americans have been extremely apathetic about the horrific crime that we are committing against future generations.
The article puts into perspective. via 17 statistics, just how enormous and hopeless our debt situation truly is. Here are a few that should shock you:
- #4 Today, the U.S. national debt is increasing by roughly 4 billion dollars every single day.
- #5 The U.S. government is borrowing approximately 2.63 million more dollars every single minute.
- #10 The U.S. Congress has raised the federal debt ceiling six times in just the past three years.
- #13 The U.S. government currently has to borrow approximately 41 cents of every single dollar that it spends.
- #15 If you were alive when Christ was born and you spent one million dollars every single day since that point, you still would not have spent one trillion dollars by now. Almost unbelievably, the U.S. government will accumulate well over a trillion dollars more debt in 2011.
Graphically, the debt chart looks as follows:
Can you say “parabolic?”
Of course this is only the funded debt. The unfunded debt is about 8 times larger and growing at least as fast.
[...] Bankrupt Nation (economicnoise.com) [...]
I would also like to add to my previous comment that the main reason for my pessimism for sane resolution to the country’s ‘bankrupt’ problem is that the two visons of governing, Constrained and Unconstrained, have no commonalities for compromise. Our Constitution is one of constraint that has been hi-jacked over the past 100 years by the fairy tale of socialism or Unconstrained governing. Unfortunately, Keynesian economics has been and remains the engine of destruction. I have aways asked, and have yet to have been satisfied, show me one single, peer reviewed academic study that shows Keynesian economics/stimulus has ever proven successful. Just one! It is the engine of failure.
Rick,
Thanks for your comments.
I cannot point to a peer-reviewed article that purports to support the efficacy of Keynesianism. I have been away too long from reading such garbage. However, I almost guarantee there are more than a few out there. After all, we have seen such articles claiming that raising the minimum wage increases jobs. It is not difficult to find a “rent-an-economist” who will write or claim almost anything.
I haven’t even received a reply from ‘a rent an economist’. And, when I asked my representatives to send me the research they had done that convenced them to vote for a Keynesian stimulus, I received not a single reply. I am beginning to wonder if there are even any phony reports backing Keynesian economics, other than journalists, charlatans, knaves, and fools. But, I guess there are enough of them to keep the lie alive.
The size of the debt is the good news. A recent IMF article has put our debt and unfunded liabilities at $200 Trillion or about 14 times our present GDP. If there is a way that we can tax, inflate , or grow our way out of it, I would like to hear it.
We are bankrupt with no clear exit, and history shows that this always ends violently for the unsuspecting citizens who have foolishly believed that their representatives are acting in their best interest.
The false promises of Socialism/Progresssivism with their reckless policies based upon social contrivances through their artificial logic without regard to the unpleasant side effects that deceptive reasoning always produces has now risen to the level of national destruction. History will not be kind to those that have destroyed our Reoublic.
The US government will have to default and when it does, the debts will be wiped out. At that point, it will take ten years or so before anyone will lend to the US government because it will lose its triple A rating (ha ha). The children will not have to pay off this debt; but they won’t necessarily have a good economy–perhaps they will move to China and clean people’s toilets, deliver chow mein, drive taxis and mind convenience stores. The debt will come out of baby boomers’ pensions and social security, medicare, and current government workers will lose their jobs. But the children will hopefully be working for a gold-based currency and earning real money once again. Or they will do nothing at all, because no one will be a slave to their parent’s and their grandparent’s debts.