Have you watched the debt clock?
Comment: It was about 7 Trillion when I added the debt clock to my blog.
U.S. Pledges Top $7.7 Trillion to Ease Frozen Credit
Excerpt:
he U.S. government is prepared to provide more than $7.76 trillion on behalf of American taxpayers after guaranteeing $306 billion of Citigroup Inc. debt yesterday. The pledges, amounting to half the value of everything produced in the nation last year, are intended to rescue the financial system after the credit markets seized up 15 months ago.
The unprecedented pledge of funds includes $3.18 trillion already tapped by financial institutions in the biggest response to an economic emergency since the New Deal of the 1930s, according to data compiled by Bloomberg. The commitment dwarfs the plan approved by lawmakers, the Treasury Department’s $700 billion Troubled Asset Relief Program. Federal Reserve lending last week was 1,900 times the weekly average for the three years before the crisis.
More information here.
I've been getting depressed by it for a while!
ReplyDeleteJP, I was wondering when someone was going to mention this. It wasn't that long ago that you added that debt clock to your blog! I'm conservative, but my vote didn't go for the Republican candidate this year because I really don't see a whole lot of difference between the two parties in many issues. If anything, the recent conservatives branches of government have been just as bad or possibly worse than previous conservative branches when it comes to government spending.
ReplyDeleteSpeaking of time (I don't have the figures in front of me at the moment), aren't there some pretty alarming statistics out there such as it took 200 years to reach a billion in debt, but only 4 years to get to 5 billion? (or something to that effect)
(I meant to say just as bad as the generally more free spending Democratic party in my last post.)
ReplyDeleteTo anonymous: Re the growth of national debt: See these these charts
ReplyDelete