National Debt Hits $12 Trillion

Proof • November 18, 2009

Up and up it goes. When it stops? Nobody knows.

Technically, the debt hit the new high yesterday, but it was posted on the Treasury Department website just after 3:00 p.m. ET today. The exact calculation of the debt is a 16-digit tongue-twister and red-ink tsunami: $12,031,299,186,290.07
This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion – more than triple the previous year’s record high…
But the White House budget review issued in August projects that by the end of the current fiscal year on Sept 30th, the National Debt could top $14 trillion.
It gets worse. The same document projects that by the end of the decade, the National Debt will hit $24.5 trillion — exceeding the Gross Domestic Product projected for 2019 of $22.8 trillion.

Allah says:

I remember watching that townhall The One held in China the other night and thinking, “This isn’t a townhall. This is a guy with a giant mortgage stopping by the bank to say hi.” Now, after reading this, I’m thinking: I hope he brought fruit baskets.

Obama’s plan for hitting the brakes on this? It’s not cutting the massive amounts of fat that exist in our bloated national budget. It’s taking another $3 trillion out of our pockets.
Tax and spend and tax and spend and round and round we go.

Tags: Asshats, Domestic Issues, Politics

http://Array sayanything-42

Bat One,

1966 was not “just before” the Iron Lady (in anything but geological or astronomical standards of time).
sayanything-203

Something Pres. Obama understands IF he’s talking to other countries but somehow can’t extend to us.

Fly,

I respectfully disagree. There is nothing on the record to indicate that Barack H. Obama knows anything at all about economics, growth, fiscal policy, or private sector job creation. Nothing! He merely parrots in his most earnest and understanding demeanor whatever is flashed across his teleprompter screen. He has never worked in the private sector, and there is no evidence whatsoever that has ever had a single course in basic economics, either at Columbia or Harvard. Where the country’s economic well-being is concerned , he is little more than a glib illiterate.
sayanything-9974

Geitner will have to take off his shoes and pull down his pants to count that high. I wonder if he started paying his taxes yet? It should be mandatory that Cabinet members and Democraps pay taxes. Not likely with the Chicago thugocrats in Office. Tax evasion brought down Capone – What is with Chicago it is like a corruption and criminal magnet. Thank God Obama made it out before he was tainted. Everybody just liked him thats how he did so well there. I guess he really is special – The first and only person to be unscathed by politics as usual from Chi-town- no wonder he is the ‘ONE’.
sayanything-2407

The foolish talk of taxing the rich will not cover this much debt at all.

I can bet they will look at every way they can tax a citizen and then some.

I leave you with this song….

Let me tell you how it will be
There’s one for you, nineteen for me
’cause i’m the taxman
Yeah, i’m the taxman

Should five percent appear too small
Be thankful i don’t take it all
’cause i’m the taxman
Yeah, i’m the taxman

If you drive a car, i’ll tax the street
If you try to sit, i’ll tax your seat
If you get too cold, i’ll tax the heat
If you try to walk, i’ll tax your feet

Don’t ask me what i want it for
If you don’t want to pay some more
’cause i’m the taxman
Yeah, i’m the taxman

Now my advice for those who die
Declare the pennies on your eyes
’cause i’m the taxman
Yeah, i’m the taxman

Stevie Ray Vaughan – “Taxman ”

Listen to it here – http://www.youtube.com/watch?v=dNDYArDUgSg
sayanything-203

“Revolver”, huh? Kind of ironic that the song was written about socialist England… just before Dame Margaret Thatcher was elected specifically to dismantle that socialist workers’ paradise and re-invigorate Britain’s stagnant economy.
sayanything-342

By the time we get to the next election America will bankrupt and the super rich will have moved out. If I were one, I’d move to Balize and tell ObamaMao to stuff it.
sayanything-42

sanity,

Ahem.

Written by George Harrison and appearing as the first track on the album Revolver would make Taxman a Beatles song covered by Stevie Ray Vaughn.
sayanything-42

NB,

The National Debt increased from 11 Trillion Dollars to 12 Trillion Dollars in the last 8 months. Since the 2009 Federal Budget was not passed until after President Obama was swon in (and since he signed it, a continuing resolution being in place since the end of FY 2008), that last Trillion Dollars of National Debt is entirely a product of the POR (Pelosi-Obama-Reid) Budget.
AKA WOOF

Cut the capital gains tax, lower the tax on those with the highest
income, lower the inheritance tax.
The policies that took us from surplus to deficits.
sayanything-203

Rodney,

My apologies! An adverb slipped the rhetorical leash.
sayanything-203

Cut the capital gains tax, lower the tax on those with the highest
income, lower the inheritance tax.
The policies that took us from surplus to deficits.

Sarcasm aside, you are wrong. The Bush tax rate cuts, especially those cuts in the rate of taxation on capital formation – capital gains, dividends, inheritance tax – actually caused an increase in federal revenue receipts, just has they did when those rates were reduced in the past (Coolidge, Kennedy, Ford, Reagan, and Clinton). Despite the baleful predictions to the contrary from the Left… and the CBO.

I can provide links to studies that demonstrate this fact, or you can simply go to the US Treasury Department website and examine the data on annual tax receipts from various taxes for yourself. The problem wasn’t a lack of revenue caused by tax rate cuts as those on the Left are so witlessly fond of asserting. The problem was too much spending despite the revenue increases brought on by those same tax rate cuts.

Incidentally, a corollary benefit of reduced tax rates on capital is a substantial increase in employment. Something the Left’s policy wonks had better start concerning themselves with if they expect to stay in power after next year’s elections. Allowing the Bush tax rate cuts to expire next year… a substantial tax hike no matter how you parse it… can only choke off any hope of job creation, and the reelection hopes of any congressman who supports that tax hike.
sayanything-2407

http://www.youtube.com/watch?v=DrQTp3kPnho

Taxman song with Obama video cuts.
http://fu.com/ robert108

As usual, you try to sell the lie that coincidence equals causation.
Instead of parroting the Soros talking points, connect the dots; give us all the causal links between the things you claim are directly related.
If you can’t do that, you are simply spewing leftie propaganda.
sayanything-7743

Wrong. It is increased spending that took us from a so-called balanced budget to massive deficits. The tax cuts you cite helped lift this country out of the tech bubble bust, the Clinton recession and the economic impact of 9-11 and went onto create record revenues for the federal treasury. Not only did the federal government receive record tax receipts, but local and state governments benefitted too. On the federal level, it was Congress – under both parties – that expanded government programs and spent the record tax revenues instead of using it to retire debt. Congress is to blame for this massive debt and not people keeping more of their hard earned labor. And many state and local governments did the same, using increased tax revenues to expend programs and spending creating fiscal messes when the tax receipts decreased.
sayanything-4808

I’ve considered moving to Cardiff, Wales or Plymouth, England. The weather is generally nice and Britain is on the other side of the socialism obsession and well into learning to distrust anything those morons say on economics.
sayanything-6955

He goes after that much in taxes, this country will fall flat. 20% unemployment, maybe 25%! Real unemployment 30%? Just quit “spending” wizards of smart!!
sayanything-2361

“…is a substantial increase in employment. ”
Something Pres. Obama understands IF he’s talking to other countries but somehow can’t extend to us.
sayanything-101

Why do you think Obama has laid the ground work for nationalizing banks, health care, agriculture, transportation, housing and energy

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National Debt Hits $12 Trillion

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