After 7 full years in office, President Barack H. Obama has added an amount equal to $70,612.91 per U.S. household to the U.S. national debt.
CNSnews‘ Terence P. Jeffrey does the math to back that figure up:
The debt of the federal government increased by $8,314,529,850,339.07 in President Barack Obama’s first seven years in office, according to official data published by the U.S. Treasury. That equals $70,612.91 in net federal borrowing for each of the 117,480,000 households that the Census Bureau estimates were in the United States as of September.How does that compare to George W. Bush, President Obama’s predecessor in office, as accounted for over the eight full years of his tenure? Jeffrey calculated that number as well:
During President George W. Bush’s eight years in office, the federal debt increased by $4,899,100,310,608.44, according to the Treasury. That equaled $44,104.65 in net federal borrowing for each of the 111,079,000 households that, according to the Census Bureau, were in the country as of Jan. 20, 2009, the day that Bush left office and Obama assumed it.Doing some math of our own, if the total national debt on President Obama’s seventh anniversary in office of $18.941 trillion were split equally up among each of the 117,480,000 households in the U.S., each American household’s debt would be increased by $161,230.91.....
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The national debt is meaningless. Why would we need to borrow in our own currency? The answer is that we don't.
ReplyDeletePeople have been predicting debt problems since the 1940s and yet they never materialise. Look at this article:
http://mythfighter.com/?s=ticking+time+bomb
Fact is, the debt is simply a stock of money in savings accounts at the Federal reserve.
The government spends by printing. Look at this video
https://www.youtube.com/watch?v=odPfHY4ekHA
go to 8:00
Even Greenspan admits it
https://www.youtube.com/watch?v=-_N0Cwg5iN4
The government doesn’t need your tax dollars, in fact, taxes destroy money.
http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf
Interest payments are also irrelevant. The government is the monopoly issuer, which makes it price setter.
We spend by printing, we don't need to borrow, we choose to sell bonds for the sake of investors. Google Modern Monetary Theory.