Menelik II
I wanna see receipts!
Debt Insanity: Does Anyone In Washington Even Care That We Are 20 Trillion Dollars In Debt? | Zero Hedge
what nobody is really talking about is that this deal actually increases spending at a time when our debt has been absolutely exploding. We added more than a trillion dollars a year to the U.S. national debt during Obama’s eight years in the White House, and our debt binge actually accelerated toward the end of his second term. In fact, the national debt increased by more than 1.4 trillion dollars during fiscal 2016…
In fiscal 2016, which ended on Friday, the federal debt increased $1,422,827,047,452.46, according to data released today by the U.S. Treasury.
This new spending deal increases spending in a whole bunch of different ways, but it doesn’t do anything to raise more revenue.
At the moment, the U.S. national debt is stuck at $19,846,087,305,498.20 because the debt ceiling has not been raised. The federal government is using accounting tricks to keep that number from moving, but the moment the debt ceiling is finally raised by Congress that number will jump up by hundreds of billions of dollars.
By the time fiscal 2017 is over, we will almost certainly have added at least another trillion dollars to the debt, and the Congressional Budget Office is projecting that an additional $10 trillion will be added to the debt over the next ten years.
These days we toss around the phrase “a trillion dollars” as if it isn’t a big deal.
But it is a big deal.
Let me share a little illustration with you to give you an idea just how much money a trillion dollars is. If you started spending a million dollars every single day on the day that Jesus Christ was born and you kept on spending a million dollars every day since then, you still would not have spent a trillion dollars by now.
The borrower is the servant of the lender, and I would say that we are enslaving ourselves, but that is not exactly accurate because we don’t actually have any intention of ever paying any of this debt back. Instead, we plan to just keep going into more debt for years to come.
Sadly, it will be our children and our grandchildren that will have to deal with all of this debt if our nation lasts that long. Thomas Jefferson was entirely accurate when he described government debt as a way for one generation to steal money from another, and since the day that Barack Obama first entered the White House, the federal government has been stealing more than 100 million dollars an hour from our children and our grandchildren every single hour of every single day.
what nobody is really talking about is that this deal actually increases spending at a time when our debt has been absolutely exploding. We added more than a trillion dollars a year to the U.S. national debt during Obama’s eight years in the White House, and our debt binge actually accelerated toward the end of his second term. In fact, the national debt increased by more than 1.4 trillion dollars during fiscal 2016…
In fiscal 2016, which ended on Friday, the federal debt increased $1,422,827,047,452.46, according to data released today by the U.S. Treasury.
This new spending deal increases spending in a whole bunch of different ways, but it doesn’t do anything to raise more revenue.
At the moment, the U.S. national debt is stuck at $19,846,087,305,498.20 because the debt ceiling has not been raised. The federal government is using accounting tricks to keep that number from moving, but the moment the debt ceiling is finally raised by Congress that number will jump up by hundreds of billions of dollars.
By the time fiscal 2017 is over, we will almost certainly have added at least another trillion dollars to the debt, and the Congressional Budget Office is projecting that an additional $10 trillion will be added to the debt over the next ten years.
These days we toss around the phrase “a trillion dollars” as if it isn’t a big deal.
But it is a big deal.
Let me share a little illustration with you to give you an idea just how much money a trillion dollars is. If you started spending a million dollars every single day on the day that Jesus Christ was born and you kept on spending a million dollars every day since then, you still would not have spent a trillion dollars by now.
The borrower is the servant of the lender, and I would say that we are enslaving ourselves, but that is not exactly accurate because we don’t actually have any intention of ever paying any of this debt back. Instead, we plan to just keep going into more debt for years to come.
Sadly, it will be our children and our grandchildren that will have to deal with all of this debt if our nation lasts that long. Thomas Jefferson was entirely accurate when he described government debt as a way for one generation to steal money from another, and since the day that Barack Obama first entered the White House, the federal government has been stealing more than 100 million dollars an hour from our children and our grandchildren every single hour of every single day.
