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As Debt Approaches $16 Trillion, Feds Post Another $1 Trillion Deficit

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posted on Aug, 22 2012 @ 08:12 PM
As Debt Approaches $16 Trillion, Feds Post Another $1 Trillion Deficit

Any minute now the national debt will hit a whopping $16 Trillion.

That's Trillion with a "T" !!!!

And for the forth straight year, the annual deficit will top $1 Trillion.

No big deal however.....

There are much bigger problems and issues ...... Right?

Aug 22, 2012 --

Tomorrow, Thursday August 22, 2012, the United States of America will pass $16 trillion in debt. This number is inching closer to being larger than the entire U.S. economy. Today, the Congressional Budget Office released a report showing the federal government has posted a $1.1 trillion deficit for the fourth year in a row.

For fiscal year 2012 (which ends on September 30), the federal budget deficit will total $1.1 trillion, CBO estimates, marking the fourth year in a row with a deficit of more than $1 trillion. That projection is down slightly from the $1.2 trillion deficit that CBO projected in March. At 7.3 percent of gross domestic product (GDP), this year’s deficit will be three-quarters as large as the deficit in 2009 when measured relative to the size of the economy. Federal debt held by the public will reach 73 percent of GDP by the end of this fiscal year—the highest level since 1950 and about twice the share that it measured at the end of 2007, before the financial crisis and recent recession. ..........

No, no big deal at all

President Obama has increased the national debt by 50 percent since he took office. Remember, he claimed he would cut the deficit in half during his first term.

FLASHBACK: February 2009.

"This administration has inherited a $1.3 trillion deficit, the largest in our nation's history."

"We cannot and will not sustain deficits like these."

"We cannot simply spend as we please."

"We are paying the price for these deficits right now."

"That's why today I am pledging to cut the deficit we inherited by half the end of my first term in office."

"Obama Declares Plan to Cut Deficit in Half"

Where's all that debt reduction ? .....

only a couple of months left to get there

Debt Clock Timebombs

posted on Aug, 22 2012 @ 09:13 PM
This didn't start out to be a 911 thread but I guess it turned into one - please move to 911 forum. tks

Remember when Bill Clinton posted a profit ? and then G.W.Bush just kept throwing monkey wrenches into the gears ... well, during that time frame - I was heavy into economics - I kept pretty good records of what was going on... and I noticed a few things #1 - its BullSh*t and #2 - its BullSh*t - not sure why they even bother keeping track of it - remember the pentagon came out and said it could not find 2.3 trillion dollars - well this is rumfelds statement / and the next day's action .... and nothing - thats right it vanished and thats all there is to it... fini
well accounting doesnt work like that - unless, well unless its BullSh*t.

and if its BullSh*t, then why are you worried about it ? oh, thats because you have to be - but so they lost all the profit of the prervious administration and more - or did they - just balance the books from Clintons Lie...
but not only did that missle (phantom Airliner) take out the accounting department - a wish brought down the accounting of the Tech Bubble just a few hours later which was way more than 2.3Trillion up in New York in a building that was reported down about 1 hour before it was down....

posted on Aug, 22 2012 @ 09:24 PM
reply to post by xuenchen

So, what do all those trillions exactly mean? Is it the "oops, we #ed up real bad" pile?

Is it going to be ignored in the long run?

I'll tell you one thing, if major solutions and changes aren't made in the near future, we are going to see a major downward spiral over the next 10 years. We've been warning, and warning, and warning, and no one wants to listen. If you think that it's all just boom and bust, then you don't understand the systemic flaws of the various interacting systems that provide as breeding grounds for amoral decisions being 'acceptable', including massive levels of greed and complete lack of foresight for the well being of humanity and the entire habitat that is Earth.

Of course, these days, saying these things puts you in hot water, especially in the eyes of those that are sitting pretty. To them I say, if you had the capability, you would be profoundly ashamed of yourselves.

As an aside, does anyone else think that the people should have more of a say in the decisions that are made, in terms of government spending? Afterall, we, the PEOPLE, are the ones providing huge amounts of money through taxation, YOUR money. It's taken from you, in some states, every single time money is involved. In turn, the money is squandered by many of our inept representatives. Think.
edit on 22-8-2012 by Soloro because: (no reason given)

posted on Aug, 23 2012 @ 12:09 PM
I was always under the impression that the deficit isn't meant to be paid. Who is going to make the US pay the debt? Maybe all of the participating nations of the world have agreed to just pass money around.

I'm not real up to date on economics though--I could be full of it and my opinion could definitely be stupid.

posted on Aug, 23 2012 @ 12:12 PM
We are so screwed.

And that is not even fear mongering.

Its the truth.

Its also pretty funny how it is so quiet in this thread.

posted on Aug, 23 2012 @ 01:19 PM
Interest on debt last year was 425 BILLION dollars! And guess what the interest rates are at? 1-1/2%. Historically interest rates run at 6%. Interst rates will NEVER be allowed to reach 6% ever again. doing so will collapse the US government and increase interest on debt to over 1 TRILLION dollars.

Cold Hard Facts hurt.

get your BBB's ready
edit on 23-8-2012 by camaro68ss because: (no reason given)

posted on Aug, 23 2012 @ 03:11 PM

This administration has inherited a $1.3 trillion deficit

And he keeps inheriting it every year, because President Bush keeps spending all that darn money! We really need to kick Bush out of office before he ruins the U.S. economy...


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