The latest posting today of the National Debt shows it has topped $14 trillion for the first time.
The U.S. Treasury website today reported that as of last Friday, the last day of 2010, the National Debt stood at $14,025,215,218,708.52.
It took just 7 months for the National Debt to increase from $13 trillion on June 1, 2010 to $14 trillion on Dec. 31. It also means the debt is fast approaching the statutory ceiling $14.294 trillion set by Congress and signed into law by President Obama last February
As U.S. taxpayers dish out millions for President Obama’s lavish Hawaiian vacation crushing year-end statistics reveal unprecedented government debt and a myriad of waste that should outrage all Americans.
Let’s start with the disastrous 111th Congress because it shattered a record by accumulating more new debt ($3.22 trillion) than the first 100 congresses combined, according to U.S. Treasury figures released last week. That brings the total national debt to a whopping $13.9 trillion or about $45,000 for every person living in the U.S.
The federal government has accumulated more new debt–$3.22 trillion ($3,220,103,625,307.29)—during the tenure of the 111th Congress than it did during the first 100 Congresses combined, according to official debt figures published by the U.S. Treasury.
That equals $10,429.64 in new debt for each and every one of the 308,745,538 people counted in the United States by the 2010 Census.
The total national debt of $13,858,529,371,601.09 (or $13.859 trillion), as recorded by the U.S. Treasury at the close of business on Dec. 22, now equals $44,886.57 for every man, woman and child in the United States.
Let me get this straight, the Government can do and spend what it wants and The People have to pay for it? I think that sucks. How about cutting all Federal Employees Pay 50%, doing away with the Department of Energy, (the department was created by Jimmy Carter to keep us less dependent on foreign oil….. how’s that been working out?), getting rid of all of Obama’s Czars, Charging a 100% Import Tax on all goods coming into this country made by companies that left the US for cheep labor outside the US, tell Obama to quit flying around the world telling the rest of the world how great they are only to come back here and bad-mouth us, and tell Congress to buy there own Health Care. It would be a nice start. 1 Dragon
As you wake up this morning, there is a lot of talk about the leaked report of the Debt Commission. Keep in mind that this is not the final report, but a draft passed out by the co-chairs.
What you need to know is pretty straight forward.
Yes, the plan ends the deficit. It does so with lots and lots of spending cuts across the board. There are actually some good suggestions in the plan, but there is one inescapable fact — the proposal has buried in it one trillion dollars in tax increases.
Some of what are defined as tax increases are, in fact, closing loopholes in the tax code that lobbyists have inserted on behalf of clients. But also included is getting rid of the home mortgage deduction. That would amount to a massive, massive tax increase on the middle class.
The reforms suggested for social security are out and out garbage. It is not means tested. It is not “lock boxed”. Payments are cut. Retirement is increased.
This proposal is dead on arrival.
But there is another point that must be made — even were all the proposals, plans, and points adopted it would do no good. Why? Because until Washington admits that it has exceeded the powers given to it under the constitution the same problems will continue to occur over and over.
The Leviathan knows no bounds and, left to itself to check its own growth it will continue growing. Until we are willing to admit that Article I, Section 8 of the U.S. Constitution gives limited powers to Congress, we are wasting our time.