Grim Milestone: National Debt Jumps More Than $1 Trillion For 5th Consecutive Year

6532727231_8d3e4238c8_z

Before FY2008 the nation’s debt had never jumped more than $1 trillion in a single fiscal year.

Since 2008, it has happened every single year.

(CNSNews.com) – By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury.

Total spending by the United States federal government has increased from roughly $2.9 trillion in 2008 to roughly $3.63 trillion, a 25% increase. That’s actually a smaller spending increase than took place under the last four years of the Bush administration, which increased at a 30% rate (from $2.292 trillion in 2004 to $2.982 in 2008), but whatever party is in charge, it’s clear the problem is spending.

But hey, let’s just tax the rich more or something.

Rob Port is the editor of SayAnythingBlog.com. In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters. He writes a weekly column for several North Dakota newspapers, and also serves as a policy fellow for the North Dakota Policy Council.

Related posts

  • SigFan

    Yeah, but Bush …

    And still the idiots of the left think the way to fix this is tax the rich. Never mind that if you took ALL the wealth (not just their earnings – everything) of the top 1% in the country it would only feed the Federal Money Spending Monster for 18 days. Just take it – because we wants it!

  • LastBestHope

    To live the “Life of Julia”..we must all pay. To keep Julia a loyal serf, she must feel “empowered” to vote for Democrats via “media education”. To keep Democrats in power, illegals will no longer be..uh..illegal.
    The Middle Class? They didn’t build anything…and besides, when Big Brother has ‘em by the balls, their hearts and minds will follow.

    Feeling “transformed” yet?

  • Emil Kashuntz

    As the country falls into the worse economic mess ever the Republicans demand more tax breaks. These greedy bastards promised jobs if we fed them, now where are the jogs. The sorriest dolt on the planet could do the economic research to prove that when the rich paid the most in taxes the middle class prospered, but now Rush and Fox have the Hoopleheads whipped into a frenzy of confusion voting against their own best interest. The Republicans tell the Hooples there is no money for health care, but plenty to extend the Bush Tax cuts for 500 billion. Are people really this dumb? Ask Rush he makes millions from feeding the fantasy to the simple minded.

    • robert108

      As the country falls into the worst economic mess, due to obama’s Marxist policies, the Democrats demand more tax hikes, draining even more capital out of the economy. Taxes don’t produce economic growth, Karl; they kill it.

      • Emil Kashuntz

        Maybe you didn’t notice but most of the dams, the bridges, the lock systems, the highways, the airports, the public transportation and the space program was done by the government. You mean to tell me all that did nothing to improve the economy? What about Basin Electric, and all the cooperative owned by the consumers, are they evil? What about the credit unions are they evil socialist? your argument just doesn’t fly, but it is fun to be afraid of socialist, any day Canada will invade, and Europe is just full of them.

        • Onslaught1066

          Define the phrase “done by the government”.

        • Gern Blanston

          No – those did not help the national economy. Local ecomomies, probably; personal economies of those involved, certainly. But not the national economy. Were it not for the successful private economy feeding the funding of these government-purchased goodies, they would have never been purchased.

        • donwalk

          Just where did the money come from to pay for those things you listed? Where does the money come from to pay the interest and the borrowed money that government continually borrows?
          If your money tree is still growing then why not just go out and pick enough bills to pay for anything you want?
          Either the funding comes from the private sector or government prints it and destroys the value of everything through inflation.
          H-m-m-m-m, maybe some prioritized spending should be taking place rather than lining pockets of cronies and/or creating more dependancy upon unemployment, welfare and food stamps.

    • LastBestHope

      Emil Kashuntz is a leftie computer algorithm…look how easy this is to write:

      “Republicans demand…tax breaks….greedy bastards….rich…Rush… Fox….Hoopleheads… Republicans tell… Bush… tax cuts…Ask Rush..”

      For other subjects, the algorithm is tweaked, adding different buzz words. Mix and pour. Instant talking points for any blog, anytime.

      FORWARD

    • Dave

      “As the country falls into the worse economic mess ever” – BINGO! We made the mistake of electing a man that promised to cut the deficit in half by the end of his first term – and instead has quadrupled it! We elected a man that has added more debt to our nation than almost all previous presidents combined, so much debt that we’re close to insolvency. The man is a professional liar and the worst president we’ve ever had!

      “…there is no money for health care, but plenty to extend the Bush Tax cuts for 500 billion.” See, you think tax breaks give out money that belongs to you. Are YOU really this dumb? Stop trying to steal it from the people it does belong to!

  • Neiman

    A few trillion here, a few trillion there, sooner or later you are talking about real money.

    It is the liberal plan to run us up so high into debt that a Chavez is needed to take complete control of the economy and it must be so high that the people,crying out for relief will pay any price, even absolute tyranny for help. They will NEVER allow any real cuts, no sound fiscal policies, at best they will go for 90% taxes on everyone.

    • Emil Kashuntz

      So what we should do is extend the Bush Tax cuts and give the rich another 500 billion. It has worked so well up to this point. By the way, where are the jobs we were supposed to get in exchange for the tax cuts for the rich? With the lowest tax rates on the rich in eighty years there are still no jobs. Guess Rush was lying.

      • Neiman

        If you do not extend those lower tax rates, there will be no recovery, you simply cannot tax a failing economy to recovery. It is impossible!

        There were many other factors, including the stimulus spending and fear of Obama tax policies among many other things that kept those lower tax rates from working this time. They did not exist in a vacuum. The truth is, and JFK knew it, the lower the taxes the more money is spent and the greater the gross income into the treasury and the more vital the economy. Raise taxes and people do not spend, companies do not hire to produce products or services not being bought, they lay off workers, do not hire new workers and hoard money trying to stay alive. The people have even less income, they buy even less and on and on. Allow people to keep their money and you have a prosperous nation, take money from them and we all wither and die. It is really simple.

        If I have more money to spend, I will spend more money and everyone else benefits, if I have less money to spend, I will spend less and everyone else suffers.

        • http://realitybasedbob.sayanythingblog.com/ realitybasedbob

          Silly Old Pal, trickle down never worked.
          Why do you believe that old wives tale?
          Are you an old wife?

          • Gern Blanston

            Prove it.

          • http://realitybasedbob.sayanythingblog.com/ realitybasedbob

            Have you been alive since 1981?

          • Gern Blanston

            You mean when the economy bounced back and flourished under Reagan’s leadership? It essentialy grew relentlessly despite a couple recessions until, well, this current recession. But unlike the early 80s and early 90s, this recession can’t seem to end – or even begin to improve. Do tell, what were the unemployment rates from 1981 to 2007, when the Dems took control of the federal government? What was the longest period during those years that we sat above 8%?

          • http://realitybasedbob.sayanythingblog.com/ realitybasedbob

            If you mean flourished under Raygun’s largest tax increase in American history, sure, I’ll give you that. And except for the other Raygun recession and the Pappa bush Recession and the longest growth period of the American economy in history under Clinton with his tax hike that not one single gop voted for, I think you’ve got it.

          • donwalk

            Trickle up poverty has sure been working for this past administration , though.
            Associated Press, July 21, 2012
            WASHINGTON (AP) — The ranks of America’s poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and fraying government safety net.
            Census figures for 2011 will be released this fall in the critical weeks ahead of the November elections.
            The Associated Press surveyed more than a dozen economists, think tanks and academics, both nonpartisan and those with known liberal or conservative leanings, and found a broad consensus: The official poverty rate will rise from 15.1 percent in 2010, climbing as high as 15.7 percent. Several predicted a more modest gain, but even a 0.1 percentage point increase would put poverty at the highest since 1965.

        • Neiman

          Well we do know Gay Bob is a lying fool!

      • Jeff

        Do you realize that the top 1% of wage earners pay 37% of all taxes, and the bottom 50% of wage earners pay ZERO taxes? So you just have this Robbin Hood mentality of taking from the rich and giving to the poor? Should those who pay no taxes get taxes back that they didn’t pay? Where are the jobs? Were you asking that from 2008-2010 when the Dems ran all 3 branches of government? The reason jobs are down is because of the policies the president has inacted that are killing small business. It’s the reason for the class warfare attacks on Romney. Obama cannot run on his record. Give me a few examples of reasons why he deserves a 2nd term.

      • Gern Blanston

        Gosh, why’d Obama extend them in 2010?

      • donwalk

        Please point out where Democrats stood up against extending the Bush Tax Cuts.
        Please point out where B.O. exercised his veto power on the tax cuts being extended while you are at it.
        H-mm–m-mm just as I thought!
        Now, please point out where raising taxes on the wealthy, or anyone for that matter will create jobs, without taking jobs away from the private sector.

  • Emil Kashuntz

    The wonderful trickle down story. Give me some tax breaks and I will give you a job. No, I need more tax breaks, no that is not enough. I will give you the jobs when you give me zero tax rate. Still no jobs, but the dingers love the story. 1% of the population gets 20% of the income and bitches about paying taxes. That is Republican greed. Exactly what do these pigs lack. Do they need bigger jets, bigger yachts, more home, just what do the pigs want?

    • Gern Blanston

      Do tell us about Democrat altruism – where we spend our country into record debts with nothing to show for it but fewer private sector jobs, and greater government largess. What do the blood sucking Democrats in government want? More Air Force One trips? more Tee times? more cocktail parties with their ulttra-wealthy hollywood star pals? more donations? more years without a budget? Maybe you can give some examples I missed. Maybe you can explain why the quality of life of the minority populations has dwindled under this President’s watch – both as President and a member of the preceeding Dem-majority congress?

    • Fred Garvin

      So do you get paid decent money as a blog troller? This persona is pretty harsh – is this just a new tactic, or do you just not want to put forth debatable ideas?

    • donwalk

      This is your “Hope and Change?”
      Average weekly wages fell in 2011, one of only five declines since the category was created in 1978 by the Bureau of Labor Statistics.

      • Wayne

        Don’t bother the delusional lefty turd with facts.

    • Wayne

      What a bunch of BS!

  • mickey_moussaoui

    The Great Obama Depression is almost here and this time it will make the last one look like a picnic

  • Emil Kashuntz

    We must give more to the rich. With the lowest tax rates in eighty years the rich still don’t have enough. The greed of these bastards is beyond belief.

    • Dave

      How does a tax break give to the rich? It doesn’t give to them, it just takes less from them. You’re a typical socialist nut job. Instead of earning money for yourself, you’d rather steal it from the person that did, with the help of the crooks in our government. You’re nothing but thieves! YOUR greed is beyond belief! If you’re too damn dumb to make a living, why is that anyone else’s fault??

Top