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The Truth About America’s National Debt 2010

U.S. Government Deficit 2009 150x150 The Truth About Americas National Debt 2010America’s national debt is exploding out of control, and still most politicians in Washington D.C. don’t really seem that interested in doing anything about it.  Why?  Well, the truth is that if the U.S. government reduces government spending that will slow down the economy, and if the economy slows down then Americans will blame the politicians, and if Americans are angry at the politicians then they will be less likely to vote them back into office.  So we actually have a system where our politicians have an incentive not to do anything about the national debt.  Meanwhile, the exploding debt continues to become a colossal long-term problem that threatens to destroy not only our economy, but our entire way of life.  The federal budget deficit has topped $1 trillion with three months still to go in the current budget year.  It is projected that the final budget deficit for 2010 will be somewhere in the neighborhood of 1.3 to 1.5 trillion dollars.  But can we really afford to keep having deficits that are over a trillion dollars every single year?

No, we can’t.

In fact, Democrat Erskine Bowles, one of the heads of Barack Obama’s national debt commission, recently told the National Governors Association that the U.S. national debt “is like a cancer”.

How much of a cancer?

Well, according to Bowles, if the U.S. government does not make any changes it will be spending $2 trillion just for interest on the national debt by 2020.

2 trillion dollars.

The entire U.S. government will only spend somewhere between 3 and 4 trillion dollars in all of 2010.

Yes, that is how desperate the situation is becoming.

If something is not done about this horrific debt it is going to swallow our nation alive financially.

The following are 11 facts about America’s national debt in 2010 that should alarm us all….

*On June 1st, the U.S. National Debt was $13,050,826,460,886.

*From the founding of the United States until Ronald Reagan took office we accumulated a total of about 1 trillion dollars in debt.  Now the U.S. national debt is over 13 trillion dollars.

*It is projected that the U.S. government will issue nearly as much new debt in 2010 as the rest of the governments of the world combined.

*If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.  But somehow the U.S. government has accumulated a debt that is over 13 trillion dollars.

*If you do the math, the truth is that it is simply not possible to pay off the U.S. national debt.  In fact, if you took every single dollar out of every single bank and out of every single wallet there wouldn’t be anywhere close to enough money to do it.

*According to an official U.S. government report, rapidly growing interest costs on the U.S. national debt together with spending on major entitlement programs such as Social Security and Medicare will absorb approximately 92 cents of every dollar of federal revenue by the year 2019.  That is before one penny is spent on anything else.

*Back in 1950, each retiree’s Social Security benefit was paid for by approximately 16 workers.  Today, each retiree’s Social Security benefit is paid for by approximately 3.3 workers.  By 2025 it is projected that there will be approximately two workers for each retiree.

*According to the Congressional Budget Office, in 2010 the Social Security system will pay out more in benefits than it receives in payroll taxes.  That was not supposed to happen until at least 2016.

*Over 40 million Americans are now on food stamps and the U.S. Department of Agriculture is projecting that more than 43 million Americans will be on food stamps by the end of 2011.

*Approximately 57 percent of Barack Obama’s 3.8 trillion dollar budget for 2011 consists of direct payments to individual Americans or is money that is spent on their behalf.

*A trillion $10 bills, if they were taped end to end, would wrap around the globe more than 380 times.  That amount of money would still not be enough to pay off the U.S. national debt.

Please send this out to everyone that you can, and if you have an opinion about all this debt please feel free to leave a comment below….

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  • Mohan

    You have not given the interest rate for payment of debt? To whom will this debt be paid?

  • Danno

    There is really only one thing that they can do – discontinue the US dollar as currency. Its collapse is virtually certain.

    Gee, thanks, Mister Keynes. You were right, of course; in the long run, you and FDR are dead, and won’t need to deal with your legacy. This is the Ghost of Christmas past, with a vengeance.

    Mohan – holders of T-bills will need to be paid, and the interest rate fluctuates, so it’s hard to put solid numbers on it. If we can keep the interest rate down below two digits, I’ll be amazed.

  • http://www.applyforsocialsecurity.com Jim

    These debts will have to be paid from somewhere.

  • Jake

    Who do I write the check out too? Honestly what entity does America owe 13 trillion dollars to? What would they do if we said “screw you I’m not paying”. I DID IT WITH MY CREDIT CARDS. The first mistake was making currency out of paper, and then just numbers on a computer screen. Currency must be backed by a standard that is rare, valuable, and necessary. If that was the case there wouldn’t be billionaires like Mark Zuckerburg. Necessities or ipods you chose!

  • http://www.youtube.com/watch?v=Zx0vrR2BFp8 Matt

    found the exact same video in English

    http://www.youtube.com/watch?v=Zx0vrR2BFp8

  • http://www.youtube.com/watch?v=Zx0vrR2BFp8 Matt

    For every 1000$ you have in the bank, they will loan 100,000$ over time and collect interest on it. That’s how money is created. The national debt is the size of the economy. We want to economy to grow and only through debt it grows.

    They don’t want us to copy music and movies but they have been copying our money for hundred of years without us saying a word about it. How many friends can borrow your car at a single time? You’d guess 1 friend per car as you don’t know how to clone your car, uh? Well, they clone our money like people P2P songs.

    Without this system, we would have need to find gold metals and create products for every paper money to be printed. The economy could not have boomed and some 0.001% could not have made trillion in the last 40 years on our hard work.

    income tax on labour work is mostly to pay interest to bank, making sure they are getting richer and economy is “healthy”, ahem … wealthy.

    The entire system will have to change or we will crash, unless we forgot about all of our debt. Keep our house and cars and we all stop paying the loan we have. But then that’s unfair to those who paid their loan or paid attention not to have any? Well what is fair? People, you have to think about it and to talk about it. It’s your life and your children life.

    I say, we all take our money out of the bank and stop paying our loan on the same day.

  • Pingback: 50 Facts Our Founding Fathers Would Not Ever Have Believed | The Ole Timer Weekly