Sad But Enlightening Debt Statistics

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To those still hoping to see a reconciliation in Washington over the debt ceiling, the following statistics show that the debt problem is not a Democratic or Republican issue, nor is it an issue that can be solved by raising the debt ceiling.  Indeed, repetitive increases in the U.S. debt threshold have lead to the very problem Washington claims can be fixed by taking on more debt.  The current debt-ceiling debate is nothing more than a political charade meant to mask the vicious death spiral painted below.

The following are 17 national debt statistics which prove that we have sold our children and our grandchildren into perpetual debt slavery….

#1 As of December 28th, the U.S. national debt was $13,877,230,355,933.00.  (Currently, our national debt is 14,342,830,116,551.28, an increase of roughly $500,000,000,000 in just 7 months).

#2 If the federal government began right at this moment to repay the U.S. national debt at a rate of one dollar per second, it would take over 440,000 years to pay off the national debt.

#3 If the federal government began repaying the national debt at a rate of $10 million dollars a day it would take approximately 3,800 years to pay off the national debt.

#4 Today, the U.S. national debt is increasing by roughly 4 billion dollars every single day.

#5 The U.S. government is borrowing approximately 2.63 million more dollars every single minute.

Click to read the rest.

Government spending is quite simply an issue created by government.  Both parties are guilty, and the first and most important obstacle of the American people is to overcome their political allegiances to any given party.  Once this is done, government may be returned to the people.  But the people must first be ready.  That is, we must take account of our own faults so as not to repeat them.  Consequently, we must overcome a second and perhaps more difficult obstacle.  We must come to terms with our own bad spending habits.  Jim Quinn explains the behavioral phenomenon known as the “peacock syndrome” quite exquisitely.

“The herd has been mad since 1970 and with the post economic collapse of 2008, some people are recovering their senses slowly, and one by one. The country was overrun by flocks of ostentatious peacocks displaying their plumage in an effort to impress their friends, families and work colleagues. What set the flaunting American peacocks apart was the fact they financed their splendid display of plumage with $0 down and 0% interest for seven years. The lifestyles of the rich and famous miraculously became available to the poor and middle class through the availability of easy abundant credit provided by the friendly kind hearted Wall Street banks and their heroin dealers at the Federal Reserve.”

This is an intriguing read for those interested in the behavioral implications of economics.

“Sad But Enlightening Debt Statistics” also available on Technorati


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About Jeremiah Dow
I have a B.S. in Politics, Philosophy, and Economics with a minor in Economics. I finished school in 2010 and am currently working on independent research in various areas including political and economic philosophy, government, and history. I am also currently looking for work in research, particularly the social sciences dealing with public policy work. I aspire to a top-level graduate institution, but would first prefer some professional research experience. Some of my primary influences are Ayn Rand, Noam Chomsky, and Howard Zinn among others.

7 Responses to Sad But Enlightening Debt Statistics

  1. Hard to argue with anything you say here…

  2. Tom Lewis says:

    Just discovered your blog via Monty Pelerin. Good stuff. You’re now in my RSS feed. Thanks for sharing.

  3. Pingback: What is it About Economics…The Debt Deal Examined « kapitalcon

  4. Pingback: Why Raising the Debt Ceiling Isn’t a Solution « kapitalcon

  5. Pingback: S&P Donwgrades U.S. Credit Rating to AA+ Amidst Shambled Debt Deal « kapitalcon

  6. Pingback: Congress and President Ignore Warning from S&P, Pass Meanningless Debt Package Anyway « kapitalcon

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