Money

The U.S. National Debt Has Increased By More Than 7 Trillion Dollars Under Obama

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National Debt

The total federal debt of the U.S. government has now increased more than $7 trillion during the slightly more than five and a half years Barack Obama has been president.

That is more than the debt increased under all U.S. presidents from George Washington through Bill Clinton combined, and it is more debt than was accumulated in the first 227 years of this nation’s existence–from 1776 through 2003.

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  • DJohn1

    Write it off and go bankrupt!
    Then we will have to fund the entire U.S. Government from the bankruptcy court.
    That means everything has to be re-negotiated. It means all government agencies are fired! They will have to re-apply for their jobs.
    It means a brand new currency switch so that the old currency is exchanged for the new currency at a set rate of devaluation.
    Our entire tax system will need revised.
    Under the current law, the property tax finances the public schools. That tax was meant to tax the rich to educate the poor. That tax goes bye-bye along with every other tax to support government and has to be re-negotiated. We need to support the schools with something other than real estate as that market has gone south.
    Under the current law, the numbers are fudged to make the tax the rich backfire on the poor.
    If we were dealing with 1968 currency, there is a ten to one ratio between what it would buy in 1968 amd what it currently will buy. That isn’t even vaguely accurate. It is a very rough rule of thumb.

    But I paid 34.9 cents per gallon of regular gas in 1966-68. Currently we pay about $3.40-$4.00 a gallon depending on what is going on in the world. I suggest a third of what we pay for goods is actually written into the transportation of goods. So if we are paying more to transport those goods, that is written into what you and I pay out of pocket for those goods on an open market.

    There are buried hidden taxes everywhere. Those too have to be re-negotiated.
    What we currently have is a system going bust. That has to change or that bankruptcy is going to happen soon, very soon.
    We have too many dinosaurs in place in government. Those have to go away or change.
    We have a wage system for the Congress that is way out of proportion to what they do.
    That too has to change.