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National Debt Clocks and Savings Clocks
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| National Debt Game: The $9 Trillion Secret |
| How Politicians Avoid Saying It's $9 Trillion But this way of talking makes it sound like the money put into Social Security and into government and military pensions funds, all of which is borrowed by the General Fund, is not owed to the public. But it is. That money came from everyone's paychecks (FICA) and is owed to them in retirement. Every president has promised to keep that money safe. So, really, the whole $9 trillion is owed to the public. In fact, over $2 trillion of what they call "held by the public" is actually held by foreign interests, while 100% of what is owed by Social Security is owed to Americans. How did the General Fund end up $9 trillion in the hole? Tax cuts and spending increases--largely military spending increases, plus there is a little debt left over from WWII. Check when and how did the national debt accumulate?
Double Whammy: 50-Year Record on Sept. 22. $10 Trillion on Sept. 30, 2008. The gross national debt compared to GDP (how rich we are) reached its lowest level since 1931 as Reagan took office in 1981. It skyrocketed for 12 years through Bush senior. Clinton reversed it at a peak of 67%. Bush junior crossed that line on Sept. 22 and hit 69% on Sept 30. That's the highest it's been since 1955. (sources) Bush did three things to skyrocket the debt from $5.7 trillion to $10 trillion: 1. He lowered taxes on the rich (by far the biggest item). 2. He invaded Iraq instead of winning in Afghan-Pakistan (another $600 B). 3. He deregulated Wall Street speculators. That bailout has now "invested" $1T
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ckh88 |
Latest page update: made by ckh88
, Mar 11 2009, 12:26 PM EDT
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