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Thread: Total U.S. Debt Surpasses $19 Trillion; Rises $8.4 Trillion Under President Obama

  1. #1

    Total U.S. Debt Surpasses $19 Trillion; Rises $8.4 Trillion Under President Obama



    http://www.zerohedge.com/news/2016-0...resident-obama

    Two months ago, when we calculated that the US would need a new "debt ceiling" of $19.6 trillion to last until after Obama's tenure, we may have been too optimistic: since the increase in the hard debt limit of $18.15 trillion which was raised at the end of October, the US appears to be growing its debt at a far faster pace than we had originally expected, and according to the latest public debt data, as of the last day of January, total US debt just hit 19,012,827,698,417.93.

    This means that if the nominal US GDP as of December 31 which was $18.12 trillion grows at the 1.2% rate expected by the Atlanta Fed, total debt to GDP is now on pace to hit 105% at the next GDP tabulation, and rising fast from there.

    It also means that since his inauguration in January 2009, the US debt has now risen by a whopping 78.9%, or $8.4 trillion. It was $10.6 trillion when Obama came into office.

    Indicatively, the Congressional Budget Office forecasts that the national debt will hit $22.6 trillion by 2020 and will rise to $29.3 trillion by 2026.

    Based on the idea of natural rights, government secures those rights to the individual by strictly negative intervention, making justice costless and easy of access; and beyond that it does not go. The State, on the other hand, both in its genesis and by its primary intention, is purely anti-social. It is not based on the idea of natural rights, but on the idea that the individual has no rights except those that the State may provisionally grant him. It has always made justice costly and difficult of access, and has invariably held itself above justice and common morality whenever it could advantage itself by so doing.
    --Albert J. Nock



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  3. #2
    I just read the other day (not sure if I posted the article) that the debt would be around 30 TRILLION $#@!ING DOLLARS in around 10 years.
    Quote Originally Posted by Ron Paul View Post
    The intellectual battle for liberty can appear to be a lonely one at times. However, the numbers are not as important as the principles that we hold. Leonard Read always taught that "it's not a numbers game, but an ideological game." That's why it's important to continue to provide a principled philosophy as to what the role of government ought to be, despite the numbers that stare us in the face.
    Quote Originally Posted by Origanalist View Post
    This intellectually stimulating conversation is the reason I keep coming here.

  4. #3
    Obama couldn't have done it without the help of the Republicrats in Congress. Remember they pull the purse strings.

  5. #4
    Lets make it 25 billion by 2018. Cough! cough! Sanders, Clinton, Trump, Bush, Rubio, Cruz!

  6. #5
    Quote Originally Posted by rg17 View Post
    Lets make it 25 billion by 2018. Cough! cough! Sanders, Clinton, Trump, Bush, Rubio, Cruz!
    Billion? That would require MASSIVE cuts. The above mentioned have no intention of doing.

  7. #6
    The U.S. is the largest debtor nation in the history of the world.
    --Jim Rogers

    USA! USA! USA!
    Based on the idea of natural rights, government secures those rights to the individual by strictly negative intervention, making justice costless and easy of access; and beyond that it does not go. The State, on the other hand, both in its genesis and by its primary intention, is purely anti-social. It is not based on the idea of natural rights, but on the idea that the individual has no rights except those that the State may provisionally grant him. It has always made justice costly and difficult of access, and has invariably held itself above justice and common morality whenever it could advantage itself by so doing.
    --Albert J. Nock

  8. #7
    Quote Originally Posted by Suzanimal View Post
    I just read the other day (not sure if I posted the article) that the debt would be around 30 TRILLION $#@!ING DOLLARS in around 10 years.
    I think it'll be way more than that, if it goes that far without crashing which I doubt. We've been averaging almost a trillion during the last 4 years of the "recovery". When we go into recession we could easily hit 2 or 3 trillion a year.

  9. #8
    Quote Originally Posted by Madison320 View Post
    I think it'll be way more than that, if it goes that far without crashing which I doubt. We've been averaging almost a trillion during the last 4 years of the "recovery". When we go into recession we could easily hit 2 or 3 trillion a year.
    I don't doubt that one bit.
    Quote Originally Posted by Ron Paul View Post
    The intellectual battle for liberty can appear to be a lonely one at times. However, the numbers are not as important as the principles that we hold. Leonard Read always taught that "it's not a numbers game, but an ideological game." That's why it's important to continue to provide a principled philosophy as to what the role of government ought to be, despite the numbers that stare us in the face.
    Quote Originally Posted by Origanalist View Post
    This intellectually stimulating conversation is the reason I keep coming here.



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  11. #9
    Bush did it.
    "Like an army falling, one by one by one" - Linkin Park

  12. #10
    Quote Originally Posted by Suzanimal View Post
    I just read the other day (not sure if I posted the article) that the debt would be around 30 TRILLION $#@!ING DOLLARS in around 10 years.
    Pfizer Macht Frei!

    Openly Straight Man, Danke, Awarded Top Rated Influencer. Community Standards Enforcer.


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    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  13. #11
    http://republicbroadcasting.org/news...edia-blackout/

    Jail them and erase their fraudulent debt. It's that simple.

  14. #12
    Sshhhhh!

    ...but what about the roads?

    Get to work kids.



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