Since 2002, the national debt ceiling has been raised 6 times, as follows:
2002: Raised from $5950 billion to $6400 billion
2003: Increased again - from $6400 billion to $7384 billion
2005: Wasn't enough - increased to $8184 billion
2006: Raised from $8184 billion to $8965 billion
2007: Big one this time - from $8965 billion to $9815 billion
2008: July 08 housing Bailout package included provision for increase to $10,600 billion
Today (look at my debt clock) US debt stands at 9,794,281,325,636 dollars
The pending $700B bailout package will once again increase the ceiling - making it number 7 since 2002:
2008 Bailout Package Plan: Increase ceiling from $10,600 billion to ~ $11,300 billion
So, in other words, it took the US ~ 226 years for the US to reach the first $5,950 billion in debt, but it took only ~ 6 more years to double it. Again, we're talking about ELEVEN TRILLION, THREE HUNDRED BILLION DOLLARS - AN ENORMOUS FIGURE.
Note as food for thought, and an attempt to help you grasp the enormity of this figure: If we were to substitute seconds (a fleeting instant in time) for dollars, by the time 11.3 trillion seconds will have passed (from today) it would be the year 360,328 AD
So, where does it all end? Aside from a hyperinflationary event, this debt CAN NEVER BE PAID!
BTW: Rumor has it the Treasury is planning to install 3-phase 50HP motors this weekend - as the current printing press motors can no longer handle the strain of max print volume and 24/7 operations.
To take a qoute from Will Rogers: We are the first nation in the history of the world to go to the poor house in an automobile.
Closing:
After watching the Bush's Emergency Economic "Scared Shitless" briefing on TV tonight, I decided it's probably a good time to get some more silver, food, toilet paper and load up another 1000 rds of 45 ACP.
Lastly:
Depiction of typical wall streetr's eating at the US Gvt finance trough - equal opportunity anyway.
Regards
Randy
3 comments:
LOL, oh boy. Nice visuals Randy.
...Amen on the silver & lead. I just wonder if there is anyone out here in never-neverland that still believes Bush? The Mrs. and myself hoped he'd scare the bejesus out of us - give us ANY reason to get even partially behind this $700b money grab. He didn't. This election we will be voting out EVERYONE that voted for this fiasco AND the latest spending bill. They passed that in record time - with only a couple hours to review the 700-page $650 billion spending package.
Black Star Ranch
Another interesting tidbit: Under Bush II, the national debt will have increased more than it did under Reagan, Bush I, and Clinton, combined! And recall that Reagan was criticized for causing the debt to skyrocket by a greater amount than any president in history!
Dave
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