34 Shocking Facts About U.S. Debt That Should Set America On Fire With Anger
• www.lewrockwell.comAll of this prosperity that we see all around us is just an illusion. It is a false prosperity that has been purchased by the biggest mountain of debt in the history of the world.
Did you know that if you added up all forms of debt in the United States and divided it up equally that every single family in the country would owe more than $683,000?
We are a nation that is absolutely addicted to debt, and the U.S. debt crisis threatens to destroy everything that our forefathers built.
Yes, everything may seem fine for the moment, but what do you think would happen if the federal government suddenly adopted a balanced budget?
1.3 trillion dollars a year would be sucked right out of the economy and we would be looking at an "economic readjustment" that would be mind blowing.
Enjoy this false prosperity while you can, because it is not going to last.
Debt is a very cruel master, and our day of reckoning is almost here.
The following are 34 shocking facts about U.S. debt that should set America on fire with anger....
#1 During fiscal year 2011, the U.S. government spent 3.7 trillion dollars but it only brought in 2.4 trillion dollars.
#2 When Ronald Reagan took office, the U.S. national debt was less than 1 trillion dollars. Today, the U.S. national debt is over 15.2 trillion dollars.
#3 During 2011, U.S. debt surpassed 100 percent of GDP for the first time ever.
#4 According to Wikipedia, the monetary base "consists of coins, paper money (both as bank vault cash and as currency circulating in the public), and commercial banks' reserves with the central bank." Currently the U.S. monetary base is sitting somewhere around 2.7 trillion dollars. So if you went out and gathered all of that money up it would only make a small dent in our national debt. But afterwards there would be no currency for anyone to use.
#5 The U.S. government spent over 454 billion dollars just on interest on the national debt during fiscal 2011.
#6 The U.S. government has total assets of 2.7 trillion dollars and has total liabilities of 17.5 trillion dollars. The liabilities do not even count 4.7 trillion dollars of intragovernmental debt that is currently outstanding.
#7 During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office.
#8 It is being projected that the U.S. national debt will surpass 23 trillion dollars in 2015.
#9 According to the GAO, the U.S. government is facing 34 trillion dollars in unfunded liabilities for social insurance programs such as Social Security and Medicare. These are obligations that we have already committed ourselves to but that we do not have any money for.
#10 Others estimate that the unfunded liabilities of the U.S. government now total over 117 trillion dollars.
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5 Comments in Response to 34 Shocking Facts About U.S. Debt That Should Set America On Fire With Anger
Ernie said, "2012 is going to be a very interesting, dangerous and revealing year. And FreedomsPhoenix will be right in the middle of it. "The Plan" will be detailed in the January Edition of the eZine for our subscribers first ('cause I love them most :) and as our next effort to 'expand human freedom' starts to manifest itself, it'll be very clear how much Ron Paul and the LOV3olution has already "won" the hearts and minds of Generation Next..... the rest is just a mop up operation."
You can find it listed here: http://www.freedomsphoenix.com/Discussion-Page.htm?EdNo=001&Info=102233&View=Hide
My hope was that they would make this forum a kind of login forum, where you could edit and delete your comments. There would be all kinds of ways that they could do it so that they wouldn't lose comments that were commented on. Maybe they still will do it. Running something like that might be more than a full time job.
Penny crap link
This site needs a test button for people like me, so you do not have the problem that I created below :-)When I was young, I could buy penny candy. A piece of cady for a penny. Now, it costs a penny to wipe your butt after a bowel movement. In 50 years we went from penny candy to penny crap. If you thought this comment was insigtful, and are interested in a serious discussion of our problems, then go here It is a long read, not for one session.
Yes! But reporting $2.7 Trillion in US assets is misleading, and disregards major non-currency holdings. Deadbeat Uncle Sam can pay debts. The federal thief is holding millions of acres of land, closed military bases, buildings, ships, heavy equipment and intellectual properties like patents, which are not counted. Sieze those assets for debt repayment. Seeing as auctions would only cater to those not yet bankrupted, perhaps disbursing those assets to people directly, from whom they were stolen anyway, would best settle accounts, including Social Security and Medicare. Those programs did not "fail", they were robbed! See Walter Burien's work on this at www.CAFR1.com for full details.
From the article: "We have all been lied to."
TRUE!
From the article: "It is all a giant sham."
TRUE!
From the article: "The United States has gotten into so much debt that there will be no coming back from this."
FALSE! FALSE! FALSE! FALSE! FALSE!
From the article: "#1 During fiscal year 2011, the U.S. government spent 3.7 trillion dollars but it only brought in 2.4 trillion dollars."
WHO CARES? IT'S ALL A SHAM!
From the article: "#2 When Ronald Reagan took office, the U.S. national debt was less than 1 trillion dollars. Today, the U.S. national debt is over 15.2 trillion dollars."
HOW CAN YOU HAVE DEBT WHEN THE "BORROWED" MONEY, CREATED OUT OF THIN AIR, WAS JUST THIN AIR?
From the article: "#3 During 2011, U.S. debt surpassed 100 percent of GDP for the first time ever."
THE FEDERAL RESERVE BANK CREATED SOMETHING THAT HAD NO VALUE, CALLED IT MONEY, AND SAID IT WAS BORROWED BY THE U.S..
From the article: "#4 According to Wikipedia ..."
ANYBODY CAN WRITE ARTICLES FOR WIKI.
From the article: "#5 The U.S. government spent over 454 billion dollars just on interest on the national debt during fiscal 2011."
SINCE "NOTHING" WAS BORROWED, THE INTEREST AMOUNTS TO $0.00.
From the article: "#6 The U.S. government has total assets of 2.7 trillion dollars and has total liabilities of 17.5 trillion dollars. The liabilities do not even count 4.7 trillion dollars of intragovernmental debt that is currently outstanding."
THIS IS PART OF THE SHAM. SINCE THE MONEY WAS CREATED OUT OF THIN AIR, NOTHING WAS BORROWED. THE U.S. GOVERNMENT HAS $0.00 ASSETS AND $0.00 LIABILITIES. BUT YOU, GO AHEAD AND BELIEVE IN THE SHAM.
From the article: "#7 During the Obama administration, the U.S. government has accumulated more debt than it did from the time that George Washington took office to the time that Bill Clinton took office."
THEY SIMPLY HAD THE GAUL TO WRITE MORE AND LARGER LEDGER ENTRIES! NOTHING WAS BORROWED. NO DEBT. IT'S ALL A SHAM. BELIEVE THE SHAM.
From the article: "#8 It is being projected that the U.S. national debt will surpass 23 trillion dollars in 2015."
THIS WILL HAPPEN ONLY IF THE PEOPLE CONTINUE TO BELIEVE THE SHAM - THE SHAM THAT SOMETHING OF ANY KIND OF VALUE AT ALL WAS BORROWED!
From the article: "#9 According to the GAO, the U.S. government is facing 34 trillion dollars in unfunded liabilities for social insurance programs such as Social Security and Medicare. These are obligations that we have already committed ourselves to but that we do not have any money for."
... WRITTEN BY GOVERNMENT PEOPLE WHO WANT YOU TO BELIEVE THE SHAM, SO THAT YOU CAN CONTINUE SLAVING FOR THEM.
From the article: "#10 Others estimate that the unfunded liabilities of the U.S. government now total over 117 trillion dollars."
OTHERS = BANKS AND LENDING INSTITUTIONS WHO WANT YOU TO KEEP ON SLAVING FOR THEM
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You get the picture, don't you? The Federal Reserve Bank creates the money out of thin air, by printing it or by making ledger entries. Then they loan it to the Government and to the people.
When government and the people repay it, they do so with their labor and their property. It is the people who put the value into the money, not the banks or Government.
In other words, NOTHING was borrowed, but tremendous VALUE is being repaid... and interest on top of it all.
WAKE UP! The points in this article are all a SHAM designed to make you fear when there is no need to fear.
Here is the answer. Shut down the Federal Reserve Bank. Put the money control directly under the Treasury again. Back the money by gold, or silver, or platinum or something of value... even salt. Let the people form their own private banks by agreement.
C'mon folks. Let's get out from under the sham!