National Debt Roars Past $9 Trillion
November 9th, 2007 by Chris KinnanThe news should have made banner headlines, but few paid attention as the U.S. national debt passed the $9 trillion mark this week. I suppose the lack of interest is understandable, since the citizens who will be stuck paying this bill are mostly in grade school. The sad thing: the national debt was “only” $5.735 trillion when George W. Bush took office in January 2001. We’re on pace for the national debt to increase by more than 50% during his 8 year tenure as chief executive. That’s despite the fact that federal revenues are projected to grow 30% during the same period. (that’s from U.S. government budget projections in nominal dollars) America has a spending problem, yet policymakers are looking to increase taxes instead of trimming the budget.
November 10th, 2007 at 12:15 pm
Thanks, Chris.
So……”the national debt was “only†$5.735 trillion when (Republican) George W. Bush took office in January 2001. We’re on pace for the national debt to increase by more than 50% during his 8 year tenure as chief executive.” Remember when Republican hero and icon Ronald Reagan decried ‘big government?” It is very clear that Bush’s vision (neo-cons as well) is all about bigger government. But hey, we can not simply blame Bush and the Republicans, because the Democratic legislature played right along, allowing this trend to develop. As long as corporations and moneyed special interests are given free reign to buy politicians and drive public policy, the average guy/woman/family will get stuck paying the tab.
November 10th, 2007 at 5:33 pm
hmmmm, so can i run to the hills one day and hope that the us gov not come after me with guns so they can haul away the money i worked for? Hmmm and give some of it to somebody who has not worked for it? I bet one day the gov just sends everybody a letter and says, “the US gov needs all your money now, so send in a large chek since your share of the National debt is now $300,000 for this year.” oh yes we are from the US gov and we love you sucker, so remember we know where you live”.
November 17th, 2007 at 12:31 am
The solution to the problem of our horrendous national debt isn’t difficult–elect Ron Paul president and along with him 218 representatives and 51 senators who will support everything he wants to do. OK, I’ll admit that electing 218 representatives and 51 senators who think like Ron Paul may not be easy. However, with Paul as our president, he will have better access to the media and therefore more of the public will become informed about what’s required to return the federal government to its constitutional limits. Election of those 218 representatives and 51 senators would then happen 2, 4, 6, and 8 years later.
November 17th, 2007 at 4:57 am
Yeah, we need real fiscal conservatives like Ron Paul in the White House.
November 17th, 2007 at 10:16 am
What we need is a whole new tax system like a value added tax, not more taxes. A value added tax will save billions of dollars a year alone by reducing much of the current IRS staff and reducing much of the paper jungle. We should also consider putting a limit on how much debt we can borrow and then make a goal of paying down the national debt by 5% or more a year. John Paul appears to be our only choice in regards to taking care of this very serious and troubling problem; Hillary Clinton will only increase the debt by even larger proportions then Bush has…that’s the cost of buying votes!
February 1st, 2008 at 2:28 pm
Things like this makes me very very nervous for the financial future of the country. Fingers crossed.