How Much?Our national debt is more than $13 trillion.
That is how much the United States has borrowed, and how much we have to pay interest on. To put $13 trillion in perspective, our national debt is
larger than the total economies of China, the United Kingdom, and Australia combined.
The combined gross domestic products of China, the United Kingdom, and Australia, as estimated by the International Monetary Fund in 2008, are $10.89
And under current policies, our national debt will continue to grow by hundreds of billions every year.
According to the Congressional Budget Office, the national debt held by the public will grow by more than $9 trillion over the next decade, to more
than $20 trillion total.
This year, the United States will accumulate over $3.5 billion in new debt each and every day. That’s more than $2 million per minute.
According the Associated Press in May of 2010, the Treasury Department has said the large financial firms that handle our national debt are predicting
the federal deficit for 2010 to reach $1.38 trillion. That means that every day, the government will accumulate an average of $2,478,079,632.02 in
additional debt. [$1.38 trillion / 365 = $3,780,821,917.80 (approx. $3.8 billion per day)].
Accordingly, more than $150 million of debt is being accumulated every hour. [$3,780,821,917.80 / (24 hours) = $157,534,246.57] And every minute, the
U.S. government accumulates approximately $2.6 million in additional debt. [$157,534,246.57/ (60 minutes) = $2,625,570.77] That’s $43,759.51 a
second. [$2,625,570.77 / (60 seconds) = $43,759.51]
The Treasury Department estimates that our debt to China is approximately $843 billion. That is over $10,000 in debt for the average American
family.[Prove it…] According to the US Census Bureau, there are approximately 78 million families in the US in 2010. Since the US owes $843 billion
to China, that means [$843 billion / 78 million families] that each family’s share is $10,807.69.
Over the course of the next year, the government will borrow approximately $2.63 million every minute. That’s the equivalent of 8,752 flat screen
HDTVs it cannot afford.[Prove it…] Assuming that the rate of debt accumulation is constant, the U.S. government will accumulate approximately $2.6
million in additional debt every minute. According to a major electronics retail chain, a 26 inch LCD HDTV costs about $300.00 ($299.99) which adds up
to 8,752 TVs for the $2.62 million of new debt per minute. [$2,625,570.77 / $299.99 = 8,752]
From 2010 to 2020, the Congressional Budget Office estimates the cumulative deficit will be over $9 trillion. This means that over the next decade,
more than $9 trillion will be added to our existing national debt, creating a total debt of more than $20 trillion.
According to the January 2010 Congressional Budget Office report, the federal budget deficit in 2009 was $1.4 trillion (9.9% of GDP). The 2010 deficit
under proposed policies is projected to be $1.5 trillion (10.3% of GDP). These are the largest deficits relative to GDP since 1945.
From 2008 to 2009, public debt rose from 41% of GDP to 53% of GDP—$7.5 trillion at the end of 2009). According to the March 2010 CBO report, under
proposed policies, public debt will rise to 90% of GDP by 2020, equaling approximately $20 trillion.
About $4.4 trillion of the total debt is money that the government has borrowed from itself, by writing IOUs for huge sums taken from Social Security
and Medicare surpluses.
In July of 2009, the United States paid more than $19 billion in interest on the public debt [$19,812,486,187.83, Office of the Public Debt]. In 2009,
according to the CBO, $187 billion of taxpayer funds were used just to pay interest on the debt—not to pay off the debt, just to pay interest on it.
Every American worker’s share of the national debt is more than $80,000.[Prove it...] The Bureau of Labor Statistics reports that the American
civilian labor force was 153,910,000 in March 2010. Each of these U.S. workers’ share of the $13.2 trillion national debt is $85,764.40.
According to the Department of the Treasury, foreign holders of our national debt are owed a combined total of about $4 trillion (June 2010).
As reported by the Treasury Department, the top ten countries and entities holding U.S. debt are: Japan, China, the United Kingdom, Oil Exporters,
Caribbean Banking Centers, Brazil, Hong Kong, Russia, Luxembourg, and Taiwan.
YEA..... Good luck with paying them back. Might as well strap on the combat boots and start taking from others cause theres no way in hell we will be
able to pay that back, especially with the spendingpractices in Washington these days.
[edit on 20-8-2010 by Common Good]