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    8 Jan 2015

    Here’s How Much More In Debt America Is Under Obama; Here’s How Much You Personally Owe

    Do you actually know how much the country’s debt is at now?  Do you have any idea how much your portion is?  Remember, taxpayers are the one who foot the bill for government spending.  Right now it’s over $18 TRILLION.  That’s right, U.S. politicians decided to spend $18 trillion that we didn’t have.
    What’s the difference between debt and deficits?
    From Dave Manuel who explains it quite simply:
    Many people confuse debts with deficits, and vice versa.
    Each year, a government (let’s say the US Federal government for this example) takes in and spends money.
    The government takes in revenues, or receipts, through income taxes, social insurance taxes, etc.
    The government also spends money every year (also known as outlays) on a variety of different things, including social security, defense spending, etc. etc.

    If the government spends more than it takes in over the course of one year, then it has run a deficit. A deficit applies to just one year.
    So, if the government takes in $10 trillion dollars but spends $13 trillion dollars in one year, then it has run a $3 trillion dollar deficit.
    When the government runs a deficit, then it must borrow money to make up the difference.
    A debt is completely different. Think of debt as accumulated deficits.
    If the government has to borrow money every year, then its debt will continue to grow year-after-year. This debt does not disappear unless the government elects to try and pay it down (rare occurrence).
    The debt usually grows year-after-year. With each additional deficit, the debt continues to grow.
    Some people think that if a government takes in more money than it spends in one year, then it suddenly doesn’t have any debt. This is not the case. This simply means that the government has managed to run a surplus (opposite of deficit), but any accumulated debt is still there.
    Obama likes to claim he ‘cut the deficit’ but in reality he still spent more money than we had, still spent into a deficit, just less than he did the year before. So don’t let the minions of the left kid you otherwise. 
    On the first day President Obama’s presidency the federal debt was a whopping $10.6 trillion — $10,626,877,048,913.08 to be exact. But since then, the debt has risen to $18,141,444,135,563.30 — more than $1 trillion per year in office.
    According to CNS News, that’s “$65,443 per household, $70,985 per full-time worker and $84,266 per full-time private-sector worker.” [emphasis added]

    Read More:http://rare.us/story/heres-how-much-deeper-in-debt-america-has-gone-under-obamas-watch-just-wait-until-you-learn-your-personal-share/ 
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    6 comments:

    1. Sense I'm not a USinc. citizen I owe these thugs nothing..

      ReplyDelete
    2. SEAN THOMASJanuary 08, 2015

      https://www.youtube.com/watch?v=68vVlN3D80Q

      ReplyDelete
    3. "The deficit got too small and wasn't enough to support the debt structure" @2:20

      He's
      come very close here to admitting that under our current system we must
      run increasingly large deficits forever to feed new money into the
      economy to pay the interest on the existing debt. What he isn't saying
      is how unfair this is to everyone but the owners of the Federal Reserve
      who get to create the new money loaned at interest, or how impossible it
      is to grow deficits forever in a finite world. This is an inherently
      unstable system that has and will continue to harm the vast majority of
      the population.

      The system is also designed to make itself
      inescapable. You can't avoid paying interest to the bankers unless you
      completely drop out of the cash economy (i.e. homelessness). Being
      "debt-free" yourself will minimize the damage but not eliminate it.
      Every good or service you buy has the interest built into the price,
      estimated at 35% ~ 45% of the price because it accumulates at every
      stage of production.

      This has been going on for so long we don't
      even know what our world might look like if the government issued
      debt-free currency into the economy at the exact rate to maintain the
      money supply at a stable level relative to the economy. But imagine
      what your life might be like if part of your productivity wasn't being
      stripped away from you to pay for WWI, WWII, the Korean War, The Vietnam
      War, the Cold War, the Great Society, the First Gulf War, the Second
      Gulf War, the Afghanistan War.......... What if instead all those wars
      on credit, the Interstate Freeway System had been built with debt-free
      money, and when we were finished with that we built a state-of-the-art coast-to-coast bullet train system?

      ReplyDelete
    4. SEAN THOMASJanuary 12, 2015

      The point he's making is that the "debt" itself is not a problem. Any interest collected by the Federal Reserve get's refunded the government (minus operating expenses). Yes, the quantity of the "debt" will grow ever higher. So what? It's all just imaginary. At a certain point, we can lop zeros off the end of it, if that makes everyone feel better.
      The fact that "our" government uses the newly created dollars to start wars does not discredit deficit spending. This is a cultural defect that will be cured only when the country is finally destroyed by an enemy.

      ReplyDelete
    5. The problem with your "only cured when the country is finally destroyed by an enemy" scenario is that traditionally countries have been invaded to take control of their extractive mechanisms (or create new ones) not to reform broken systems (where's the profit in that?).

      David Graeber in _Debt - The First 5,000 Years_ calls it the "military-slavery-coinage complex. It may be easier in the digital age to "lop zeros off" but the scam is essentially unchanged in all these millenia.

      ReplyDelete
    6. SEAN THOMASJanuary 12, 2015

      I meant that America will only be cured of its worship of "Mars" by a devastating military loss.

      ReplyDelete

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