I.O.U.S.A – One Nation, Under Debt

Created on Sunday, 20 September 2009 12:46

(I posted this article in September 2009 and it was last updated in October 2013. The U.S. National Debt is currently (June 2020), approx. $26 Trillion)

Posted in 2009 and 2013: As the United States is once again very close to breaching their debt ceiling I decided to put this documentary, which outlines the history of the US national debt up to the end of the Bush era, on the front page. The documentary was released in 2008 and therefore it does not cover the enormous spending of the Obama Administration, which is borrowing far more money every year than the highest spending years of the Bush administration. If you want to have a better understanding of why the United States is now (October 2013) in the financial state that it’s in, I recommend that you watch this film. The US government is currently funded until January 15th, 2014 and the debt ceiling will need to be raised AGAIN before February 7th, 2014 to avoid a breach and default on the US national debt. For more on the government shutdown vs the debt ceiling I would like to refer you to this article.

Update 19 July, 2020: Recommended reading (article posted on businessinsider.com on November 25th, 2019): The national debt just barreled past $23 trillion. Here's how Trump's $3 trillion portion compares to Obama, Bush and Clinton.

The article ends with two statements from Marc Goldwein, the policy chief of the Committee for a Responsible Federal Budget, which I think are absurd.

Goldwein said that while the debt could lead to "slower economic growth" in the "medium or long term," it doesn't damage the economy as much in the short term.

 

"Just by the virtue of the fact that interest rates are lower, it's certainly true that each dollar of debt is less than a threat than we thought eight years ago," he said.

"While the debt could lead to "slower economic growth" in the "medium or long term," it doesn't damage the economy as much in the short term, and each dollar of debt is less than a threat than we thought eight years ago?" Really? You'd have to be delusional to believe that, even pre -"COVID-19".

If Trump really is "a man of the people" as he pretends to be, he should spend less time on Twitter and more time on taking actions that actually have an impact on the issues that I already mentioned in this article, COVID-19, CHIMERICA and The Dollar Bubble. 

Getting the U.S. out of the insane "COVID-19" lockdown and measures and thereby setting an example for the rest of the world, as the U.S. so often does (for better or for worse I might add), would be a way to start. 

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