27 things every american should know about the national debt

7/31/2019 27 Things Every American Should Know About the National Debt

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27 Things Every American Should Know About

The National Debt

The U.S. government has stolen $15,876,457,645,132.66 from future

generations of Americans, and we continue to add well over a hundred

million dollars to that total every single day. The 15 trillion dollar binge

that we have been on over the past 30 years has fueled the greatest

standard of living the world has ever seen, but this wonderful prosperity

that we have been enjoying has been a lie. It isn't real. We have been

living way above our means for so long that we do not have any idea of

what "normal" actually is anymore. But every debt addict hits "the wall"

eventually, and the same thing is going to happen to us as a nation.

At some point the weight of our national debt is going to cause our financial system to implode, and every

American will feel the pain of that collapse. Under our current system, there is no mathematical way that this debt

can ever be paid back. The road that we are on will either lead to default or to hyperinflation. We have piled upthe biggest debt in the history of the world, and our children will look back and curse us for what we did to

them. We like to think of ourselves as much wiser than previous generations of Americans, but the truth is that we

have been so foolish that it is hard to put it into words. The truth is that the national debt threatens to destroy

everything that previous generations have built, and politicians continue to give us nothing but excuses.

The following are 27 things that every American should know about the national debt:

#1 It took more than 200 years for the U.S. national debt to reach 1 trillion dollars. In 1986, the U.S. national debt

reached 2 trillion dollars. In 1992, the U.S. national debt reached 4 trillion dollars. In 2005, the U.S. national debt

doubled again and reached 8 trillion dollars. Now the U.S. national debt is about to cross the 16 trillion dollar

mark. How long can this kind of exponential growth go on?

#2 If the average interest rate on U.S. government debt rises to just 7 percent, the U.S. government will find itself

spending more than a trillion dollars per year just on interest on the national debt.

#3 If right this moment you went out and started spending one dollar every single second, it would take youmore

than 31,000 yearsto spend one trillion dollars.

#4 Since Barack Obama entered the White House, the U.S. national debt has increased by an average ofmore than

$64,000per taxpayer.

#5 Barack Obama will become the first president to run deficits of more than a trillion dollars duringeach of his

first four yearsin office.

#6 If you were alive when Jesus Christ was born and you spent one million dollars every single day since that point,you still would not have spent one trillion dollars by now.

#7 The U.S. national debt has increasedby more than 1.6 trillion dollarssince the Republicans took control of the

U.S. House of Representatives. So far, this Congress has added more to the national debt than the first 97

Congresses combined.

#8 During the Obama administration, the U.S. government has accumulated more new debt than it did from the

time that George Washington became presidentto the time that Bill Clinton became president .
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#9 If Bill Gates gave every single penny of his fortune to the U.S. government, it would only cover the U.S. budget

deficitfor 15 days.

#10 AsBill Whittle has shown, you could take every single penny that every American earns above $250,000 and

it would only fund about 38 percent of the federal budget.

#11 Today, the government debt to GDP ratio in the United Statesis well over 100 percent.

#12A recently revised IMF policy paper entitled An Analysis of U.S. Fiscal and Generational Imbalances: Who

Will Pay and How? projects that U.S. government debt will rise to about 400 percent of GDP by the year 2050.

#13 The United States already has more government debtper capitathan Greece, Portugal, Italy, Ireland or Spain

does.

#14 At this point, the United States government is responsiblefor more than a thirdof all the government debt in

the entire world.

#15 The amount of U.S. government debt held by foreigners isabout 5 times largerthan it was just a decade ago.

#16 The U.S. national debt is nowmore than 22 times largerthan it was when Jimmy Carter became president.

#17 It is being projected that the U.S. national debt will surpass23 trillion dollarsin 2015.

#18 Mandatory federal spending surpassed total federal revenue for the first time ever in fiscal 2011. That was

not supposed to happenuntil 50 years from now.

#19 Between 2007 and 2010, U.S. GDP grew by only 4.26%, but the U.S. national debt soaredby 61%during that

same time period.

#20 The U.S. government has total assets of2.7 trillion dollarsand has total liabilities of17.5 trillion dollars. The

liabilities do not even count4.7 trillion dollarsof intragovernmental debt that is currently outstanding.

#21 U.S. households are now actually receiving more money directly from the U.S. governmentthan they are

paying to the government in taxes.

#22 The U.S. government iswasting your moneyon some of the stupidest things imaginable. For example, in 2011

the National Institutes of Health spent$592,527on a study that sought to figure out once and for all why

chimpanzees throw poop.

#23 If the federal government used GAAP accounting standards like publicly traded corporations do, the real

federal budget deficit for last year would have been5 trillion dollarsinstead of 1.3 trillion dollars.

#24 The Federal Reserve purchased approximately61 percentof all government debt issued by the U.S. Treasury

Department during 2011.

#25 At this point, the U.S. national debt is more than 5000 times larger than it was when theFederal Reservewas

first created.

#26 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar

per second, it would take over 480,000 years to completely pay off the national debt.
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onomiccollapseblog.com/archives/chimps-throwing-poop-and-29-other-mind-blowing-ways-that-the-government-is-wasting-your-moneyhttp://money.msn.com/tax-tips/post.aspx?post=63c403d6-0a2f-4506-a8b8-25124d49889bhttp://money.msn.com/tax-tips/post.aspx?post=63c403d6-0a2f-4506-a8b8-25124d49889bhttp://www.gao.gov/financial/fy2011/11guide.pdfhttp://www.gao.gov/financial/fy2011/11guide.pdfhttp://www.gao.gov/financial/fy2011/11guide.pdfhttp://www.thestreet.com/story/11142443/10-myths-that-politicians-want-you-to-believe.htmlhttp://www.weeklystandard.com/blogs/mandatory-spending-exceed-all-federal-revenues-fiscal-year-2011_554659.htmlhttp://www.usdebtclock.org/http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo4.htmhttp://research.stlouisfed.org/fred2/series/FDHBFINhttp://www.huffingtonpost.com/lydia-fisher/conquerors-debt-joblessne_b_877700.htmlhttp://www.weeklystandard.com/sites/all/files/images/-1.img_assist_custom-640x421.pnghttp://www.scribd.com/doc/52245782/IMF-Working-Paper-UShttp://www.scribd.com/doc/52245782/IMF-Working-Paper-UShttp://www.zerohedge.com/news/total-us-debt-soars-1015-gdphttp://www.youtube.com/watch?v=661pi6K-8WQhttp://www.dailymail.co.uk/news/article-1390090/One-giant-debt-mankind-U-S-national-deficit-reach-moon-piled-high-5-bills.html


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#27 The official government debt figure does not even account for massive unfunded liabilities that the U.S.

government will be hit with in the years ahead. According to Professor Laurence J. Kotlikoff, the U.S. government

is facing a future "fiscal gap" ofmore than 200 trillion dollars.

As the U.S. economycontinues to crumble, even more Americans are going to become financially dependent on

the federal government.

For example, spending on food stampshas doubledsince 2008. Millions of Americans have lost their jobs and

have needed some assistance from the government. Since Obama became president the number of Americans on

food stamps has gone from 32 million to 46 million.

But the Obama administration believes that a lot more Americans should be enrolled in the food stamp

program. The Obama administration is now spending millions of dollars on ads that urge even more people to sign

up for food stamps. In fact, their efforts to get even more Americans to sign up for food stampshave become very

creative....

The government has been targeting Spanish speakers with radio novelas promoting food stamp usage as part of

a statedmissionto increase participation in the Supplemental Nutrition Assistance Program (SNAP), or food

stamps.

Each novela, comprising a 10-part seriescalled PARQUE ALEGRIA, or HOPE PARK, presents a semi-dramatic

scenario involving characters convincing others to get on food stamps, or explaining how much healthier it is to be

on food stamps.

I'm all for helping those that cannot feed themselves, but do we really need to run ads urging more people to

become dependent on the government?

Of course Obamacare is going to cause our debt to balloon in size as well. It is being projected

thatObamacarewill add more than2.6 trillion dollarsto the U.S. national debt over the first decade alone.

So where are we going to get all this money?

We can't keep spending money that we do not have. We have got to prioritize. Every single category of

government spending needs to be cut. But instead we feel like we can keep ripping off future generations of

Americans and that we will always be able to get away with it. What we have done to our children and our

grandchildren is beyond criminal.

The truth is that we should have listened to the warnings of our founding fathers about government debt. For

example, Thomas Jefferson once said that if he could addjust one more amendment to the U.S. Constitutionit

would be a complete ban on all borrowing by the federal government ....

I wish it were possible to obtain a single amendment to our Constitution. I would be willing to depend on that alone

for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an

additional article, taking from the federal government the power of borrowing.

Where would we be today if we had taken the advice of Thomas Jefferson?

That is something to think about.
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27 things every american should know about the national debt

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