Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama

Tsing Tao

Tsing Tao

Good job, Mr. President.



Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated today, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.



It also means that total US debt to nominal GDP as of Sept 30, which was $17.555 trillion, is now 103%. Keep in mind this GDP number was artificially increased by about half a trillion dollars a year ago thanks to the "benefit" of R&D and intangibles. Without said definitional change, debt/GDP would now be about 106%.

It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently.
 
now tell me again about those purse strings they talk about, who controls them? Obama did all of that? and just where was congress? Thank g-d we got rid of those pesky spending democrats. I think you will see a dramatic reduction in the national debt now that those fiscal conservative republicans are back in control. Check back with me in two years and let me know how much they have improved things.
 
Tsing Tao said:
Good job, Mr. President.



Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated today, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.



It also means that total US debt to nominal GDP as of Sept 30, which was $17.555 trillion, is now 103%. Keep in mind this GDP number was artificially increased by about half a trillion dollars a year ago thanks to the "benefit" of R&D and intangibles. Without said definitional change, debt/GDP would now be about 106%.

It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently.
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In addition... Odumbo's "wealth redistribution" has taken >$2 TRILLION from America's "haves" and given it to our "have nots" in exchange for their vote.

America. What a country!

:(
 
loyek590 said:
now tell me again about those purse strings they talk about, who controls them? Obama did all of that? and just where was congress? Thank g-d we got rid of those pesky spending democrats. I think you will see a dramatic reduction in the national debt now that those fiscal conservative republicans are back in control. Check back with me in two years and let me know how much they have improved things.
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I'd like to see a coherent reply to loyek's comment ,

without holding my breath.
 
Here's your coherent reply, Spike, though I'd bet that once you get it you'll go scurrying back under your rock and not offer anything to the conversation.

Comparing Obama to Bush - which is something the left has done since Obama was a household name - is not an excuse. Bush was a horrible President. He wasn't a conservative, and he spent like a drunken sailor. Obama promised to be someone different. Remember all that hope and change? Do I have to pull up the videos again that show Obama talking about how reckless it is to raise the debt limit? How irresponsible it is to spend beyond our means, etc? It's too bad Senator Obama wasn't in the White House. All we got was President Obama.

Bush is irrelevant for the discussion, unless all you're trying to do is come up with excuses (which is the left's M.O.). Stop trying to blame Bush and focus on the things that Obama is doing wrong. Conservatives will agree that Bush was horrible. Liberals will defend Obama's actions to the death, no matter how horrible.

That is the difference between the sides. I'd like to hear your coherent reply, though I won't hold my breath.
 
hmm, yes, well, We all think in terms of "Kitchen table economics" in that we all have so much inflow and so much outflow each month, and we try to talk sense to the women in the family and explain to them why we can't keep spending more money each month than we take in. Yet, many men will go out on the credit card betting on a future raise. Most states also are forced to budget according to the "Kitchen Table" because they have balanced budget laws.

But the federal government is a whole different animal, in that they have a fed reserve which can create money at will on an as needed basis.

so 7 trillion or 17 trillion becomes almost meaningless

it's just a matter of accounting, and has very little to do with your quality of life

now inflation? that's another matter, and I am not talking about a war in the Mideast which spikes crude, or a drought in the Midwest which spikes food
 
loyek590 said:
hmm, yes, well, We all think in terms of "Kitchen table economics" in that we all have so much inflow and so much outflow each month, and we try to talk sense to the women in the family and explain to them why we can't keep spending more money each month than we take in. Yet, many men will go out on the credit card betting on a future raise. Most states also are forced to budget according to the "Kitchen Table" because they have balanced budget laws.

But the federal government is a whole different animal, in that they have a fed reserve which can create money at will on an as needed basis.

so 7 trillion or 17 trillion becomes almost meaningless

it's just a matter of accounting, and has very little to do with your quality of life

now inflation? that's another matter, and I am not talking about a war in the Mideast which spikes crude, or a drought in the Midwest which spikes food
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Very little to do with your quality of life until inflation rears it's ugly head, or the stock market tanks because of artificial bubbles, or banks steal taxpayer dollars, or auto companies are bailed out, etc.

Very little to do with your quality of life, until it does. That proverbial guy you referred to who goes out and gets another credit card betting on a future raise doesn't care until the bill comes due. It's simple math. You can live beyond your means on credit until you have to pay the bill and no one will lend to you anymore. Then you have to pay the piper.

With the Federal Government, the solution is to print and inflate away the debt, right? That certainly has an effect on your quality of life.
 
Tsing Tao said:
Very little to do with your quality of life until inflation rears it's ugly head, or the stock market tanks because of artificial bubbles, or banks steal taxpayer dollars, or auto companies are bailed out, etc.

Very little to do with your quality of life, until it does. That proverbial guy you referred to who goes out and gets another credit card betting on a future raise doesn't care until the bill comes due. It's simple math. You can live beyond your means on credit until you have to pay the bill and no one will lend to you anymore. Then you have to pay the piper.

With the Federal Government, the solution is to print and inflate away the debt, right? That certainly has an effect on your quality of life.
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yes, very little to do with my quality of life until inflation rears it's ugly head

not too worried about the stock market, I am a trader and well protected

and yes I have gone out on credit betting on better times to come

not sure really what auto companies have to do with anything

could you expand on how banks steal taxpayers dollars? I pay taxes and I don't like anybody stealing from me, especially my bank
 
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