Wednesday, May 26, 2010
13 Trillion And Counting
I was reading a post over at Zerohedge that the total debt of the United States was reported in the Daily Treasury Statement as $12,989,095 million.
Additionally, the US Treasury auctioned off $42 billion in 2 Year debt.
All together the US has $13,031,095 million in debt (Then of course there is an additional $6 trillion more that isn't even counted!)
At the current rate of debt issuance by our government, it looks like the $14 trillion mark will be easily achieved withing 8 months, and it will keep growing as the Obama administration continues bailouts and insane spending programs (like Obamacare). At this point he and his pals definitely "out-Bush" Bush in spending.
This is what $14 Trillion looks like:
The Congress and the Fed think that government borrowing and spending is going to make us prosperous.
But hey - Zimbabweans were "prosperous" too ... they had trillionaires and quadrillionaires aplenty. See how well their runaway debt issuance served them?
Anyone remember Argentina?
Oh right... that can't happen here.