Nov
09
US debt tops $9 trillion for first time
ByU.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 09 Nov 2007 at 01:53:49 PM GMT is:
The estimated population of the United States is 303,485,581
so each citizen’s share of this debt is $29,940.96.
Reuters reports “The U.S. Treasury Department said on Wednesday publicly held U.S. debt breached $9 trillion this week for the first time ever, just five weeks after Congress had raised the statutory borrowing limit.
At the end of September, U.S. President George W. Bush signed a measure to increase the debt limit ceiling to $9.815 trillion from $8.965 trillion, allowing the government to keep issuing debt.
The increase in the debt limit is the fifth since Bush took office in January 2001. The U.S. debt stood at about $5.6 trillion at the start of his presidency…”
Read the rest of the article.
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Lovely…
11 Comments
November 9th, 2007 at 9:16 am
UR,
A few days ago you posted something about the economy after which you mentioned that the price of a barrel of oil was $27 when Bush came into office. Now I see that the debt has grown by 3.4 trillion dollars since the fiscally responsible Republicans have been in charge.
I’d love to see a larger table comparing things now vs. when Bush took office:
Poverty rates
median income
price of a gallon of milk
price of a loaf of bread
crime rates
Do you know of a place that’s already done this?
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November 9th, 2007 at 9:19 am
UR,
You recently posted the fact that oil was $27 a barrel when Bush took office, and now this fact about the 3.4 trillion in additional debt tacked on by the party of fiscal responsibility.
Have you found a table or chart that compares things at the beginning of the Bush years to now? I’m curious about things like median income, crime rates, price of milk and bread, etc.
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November 9th, 2007 at 9:33 am
One of my favorite memories from a lifetime of travels ….was being a visitor in The U.S. Senate when Everett McKinley Dirksen (R-IL) …walked in …and went to his Minority Leader’s desk …and reached into his pocket…and took out his handkerchief…and exercised his ‘non-verbal’ skills …during a speech by another member.
My favorite DIRKSEN QUOTE:
“A billion here, a billion there…
pretty soon it adds up to real money.”
Fast forward to 2007:
9 TRILLION DOLLARS? ….hmmmmm it does add up!
But …at least we NOW have a ‘fiscally conservative’ President …who, I’m sure, will not squander our NATIONAL TREASURE in far away places …on insane projects ……
(or maybe not) sigh…….
*****
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November 9th, 2007 at 10:37 am
Our economy is a house of cards teetering on the brink of a significant “correction” IMHO.
As Gore said, quoting Churchill, “We are entering an era of consequences.” Be it climate Change, our massive trade and budget deficits, the national debt, the value of the dollar, or energy supplies, it all seems to be hitting the fan at the same time.
Brazil claims they just found an 8 BILLION barrel oil field off their coast. That would be one of the biggest discoveries since the North Sea if I’m not mistaken. That could be considered “good news” strictly from a peak oil point of view.
Then again, it’s always darkest before the dawn. A massive crash could represent a new beginning and create significant new opportunities.
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November 9th, 2007 at 10:48 am
Ronald Reagan would be proud. I am sure there are a few welfare Queens driving around in Cadillac’s we can blame this on.
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November 9th, 2007 at 11:06 am
Shad, how’s this for a remarkable quote:
The “supply side” avatars of deregulation have transformed the world’s most vital and prosperous markets into a huckster’s shell-game. All regulatory accountability has vanished along with trillions of dollars in foreign investment. What’s left is a flea market for dodgy loans, dubious over-leveraged equities and “securitized” Triple A rated garbage.
Let’s hear it for the Reagan Revolution.
What is striking is how the new “structured finance” paradigm replicates a political system which is no longer guided by principle or integrity. It is not coincidental that the same flag that flies over Guantanamo and Abu Ghraib flutters over Wall Street as well. Nor is it accidental that the same system that peddles bogus, subprime tripe to gullible investors also elevates a “waterboarding advocate” to the highest position in the Justice Department. Both phenomena emerge from the same fetid swamp.
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November 9th, 2007 at 12:49 pm
well the good news is that the dollar has lost a lot of its value so the debt is actually not as bad as it looks
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November 9th, 2007 at 4:26 pm
Very good…..Kai …..it’s great to laugh after a week of political intensity.
Our glass is more than half empty…but thanks to the world’s monetary system and our Shrub -in-Chief…it is not quite as less than half empty.
HEY…it’s nearly ’5 O’clock SOMEWHERE’…. right here in the land of Easten Standard Time.
T.G.I.F. all…. get out there and SUPPORT LIVE LOCAL MUSIC and remember our VETS…especially those of WWII.
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November 9th, 2007 at 4:28 pm
eastERN time……
Twain…still SOBERLY hunting & pecking up in SPNC …Hmmmmm where’s that dust bottle of Evan?
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November 9th, 2007 at 5:05 pm
1. we stop all abortion
2. force gays to become straight and get married
3. stop the distribution of contraceptives
etc.
we will increase the US population and therefor every ones portion of the national debt will be smaller
I say let’s all work for making this the fastest growing Christian nation in the world – did I just become Republican?
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November 10th, 2007 at 10:26 am
Too busy to linger….HOWEVER….you, Kai, are either on to something…or ON SOMETHING!
And….may I say……apropos whichever situation applies…..
AMEN.
{{{a progressive & FED UP WITH W.! group hug!!!}}}
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