Debt in 2015 at current rates.

[cubical]

http://www.usdebtclock.org/2015-current-rates.html

Can someone explain to me how the "Largest Budget Items" equals more than the US Federal Spending? And does anyone know if this clock works on a yearly basis. For instance, does US Federal Spending start at 0 on Jan 1?

[Austrian Econ Disciple]

I am pretty sure the Federal Government like any Government agency goes by FY, which means the year begins in October, not January.

[Acala]

When did the debt get to be $24 trillion? I thought it was about $14 trillion? I must not be understanding the means of calculating the numbers.

[cubical]

When did the debt get to be $24 trillion? I thought it was about $14 trillion? I must not be understanding the means of calculating the numbers.

that is 2015 at current rates.


Also, I am seeing that our public debt is actually only 65% of our GDP and our external debt is always the debt that is said to be about 100% of our GDP. So when people throw around our debt as being 13 trillion, they are not only talking about governmental debt? Can someone clear this up. thanks.

[Acala]

that is 2015 at current rates.


.


Ah so. I failed to read your thread title carefully

[Madly_Sane]

Holy shitcakes, $10 trillion in 4 yrs? Them chinese gon' come ova' here and take ours property and rapes ours wives and childrens! :eek:

[Zippyjuan]

that is 2015 at current rates.


Also, I am seeing that our public debt is actually only 65% of our GDP and our external debt is always the debt that is said to be about 100% of our GDP. So when people throw around our debt as being 13 trillion, they are not only talking about governmental debt? Can someone clear this up. thanks.

The US debt is presently a little below $14 trillion and our GDP is a bit over that. This is about 100% of GDP. It gets a bit confusing because a huge chunk of that debt is still held by various agencies of the US government- mostly as "IOU's" to Social Security or held as part of other government employee retirement accounts. The Fed holds about 5.5% of the total US debt (about the same as China). The "External" or "public" portion of the debt is what is not held by these government agencies. According to Wiki, that amount for 2010 is $9.8 trillion or 67% of GDP by their numbers. This is where the two numbers come from.
http://en.wikipedia.org/wiki/United_States_public_debt

They project the debt for 2014 (not 2015) to be about 18.3 trillion. To get to the Debt Clock number of $24 trillion you would have to run a deficit of over two trillion a year for the next four years. The deficit for this year is supposed to be lower than last year which was $1.3 trillion. The year before it was $1.4 trillion. http://www.boston.com/news/nation/washington/articles/2010/09/14/2010_us_deficit_on_pace_to_reach_13_trillion/ At this rate, I don't see it hitting $24 trillion by 2015. I don't see it going away by then either.

[cubical]

The US debt is presently a little below $14 trillion and our GDP is a bit over that. This is about 100% of GDP. It gets a bit confusing because a huge chunk of that debt is still held by various agencies of the US government- mostly as "IOU's" to Social Security or held as part of other government employee retirement accounts. The Fed holds about 5.5% of the total US debt (about the same as China). The "External" or "public" portion of the debt is what is not held by these government agencies. According to Wiki, that amount for 2010 is $9.8 trillion or 67% of GDP by their numbers. This is where the two numbers come from.
http://en.wikipedia.org/wiki/United_States_public_debt

They project the debt for 2014 (not 2015) to be about 18.3 trillion. To get to the Debt Clock number of $24 trillion you would have to run a deficit of over two trillion a year for the next four years. The deficit for this year is supposed to be lower than last year which was $1.3 trillion. The year before it was $1.4 trillion. http://www.boston.com/news/nation/washington/articles/2010/09/14/2010_us_deficit_on_pace_to_reach_13_trillion/ At this rate, I don't see it hitting $24 trillion by 2015. I don't see it going away by then either.

ah, ok thank you.

[BFranklin]

Imagine what I could do with just 1 trillion dollars.