US Debt Keeps Soaring

[Shemp Howard]

As of the last day of 2014, total US debt soared by $98 billion in one day (driven again by Social Security debt surging on the last day of the month to a record $5.117 trillion), and closing off 2014 with a new all time high total of $18.141 trillion in Federal debt - an increase of $136 billion in the month of December and $790 billion for all of 2014.


Glad I won't be around to pay this off.

[JustRalph]

[b]Glad I won't be around to pay this off.

If you have kids or grand kids........ I wouldn't even know how to explain to them. Some day somebody has to pay for this

[Clocker]

If you have kids or grand kids........ I wouldn't even know how to explain to them. Some day somebody has to pay for this

Experts that understand really complicated financial concepts, like balancing a check book, believe we may have passed the point where it can be paid off without drastic changes to the structure of government.

We are currently paying about $250 billion a year in interest on the debt. And we don't have it, so we are borrowing money to pay the interest on the money we already borrowed. By comparison, maxing out a credit card and paying the minimum every month is sound financial strategy. And the CBO says that interest payment will more than triple in 10 years.

[davew]

I thought 0Bama cut the deficit in half :D

[Clocker]

I thought 0Bama cut the deficit in half :D

And then he stopped the oceans from rising.

And on the 7th day he played 18 holes of scratch golf. :p

[whodoyoulike]

If you have kids or grand kids........ I wouldn't even know how to explain to them. Some day somebody has to pay for this

What happens to your family's finances if one were to sell everything and just move to another country? Isn't there a country in South America where tax cheats are unreachable?

Just maybe, this is one of the master plan options to reduce overcrowding in the U.S by the government since this has been going on for so long.

[Clocker]

Just maybe, this is one of the master plan options to reduce overcrowding in the U.S by the government since this has been going on for so long.

Are you suggesting that anyone in either party is capable of thinking beyond the next election? :D

[HUSKER55]

maybe our government should play the lottery.... :D

[JustRalph]

maybe our government should play the lottery.... :D

You realize the Federal government takes about 40% of all lottery winnings already........

They don't have to play, they automatically get 40%

Think about that........

[porchy44]

The only way I see the USA to get out of this debt mess is to pay for it with inflated dollars. Print money like crazy. Will hurt anyone on a fixed income.

[fast4522]

If you have kids or grand kids........ I wouldn't even know how to explain to them. Some day somebody has to pay for this

If one takes the time to figure out the founding of this country, the uneducated would respond perhaps with a hundreds of examples that would be so far off only comic books would be suitable for the content. But any freshman college class would all come up with the consensus of the word liberty. Lumping this massive debt upon future generations is the exact opposite of liberty.

So maybe if you have kids or grand kids they will have to pay for this, or there will be war unlike any other because of it.

[badcompany]

The only way I see the USA to get out of this debt mess is to pay for it with inflated dollars. Print money like crazy. Will hurt anyone on a fixed income.

That has its limits, too.

Eventually the time will come when some promises will have to be broken.

[Tom]

IkSx3b2hUfk

[horses4courses]

If you have kids or grand kids........ I wouldn't even know how to explain to them. Some day somebody has to pay for this

Future generations of upper and middle class Americans have little to fear.
For the most part, they will do what generations before them have done.
They inherit.

Their biggest concern should be the environment,
and what the future holds due to climate change.

[Tom]

For the most part, they will do what generations before them have done.
They inherit.

That is ridiculous.
What they do is pay their share of the debt + 47%.
The world will take care of itself as it has for millions of years without the help of liberals.

[Clocker]

Future generations of upper and middle class Americans have little to fear.
For the most part, they will do what generations before them have done.
They inherit.

Their biggest concern should be the environment,
and what the future holds due to climate change.

Please go back to posting your inane graphics. They make a lot more sense than this.

In case you haven't noticed, the middle class is disappearing in the "Obama Recovery". Real median income is down. Income inequality is up. The majority of people polled say that their children will not be better off financially than they are. The upper class is getting smaller and richer.

And the biggest impact of climate change is from the moronic policies of those that take it as gospel. Electricity prices sky-rocketing, industries destroyed, consumer prices on basic goods going up, etc., etc. All piled on the lower and middle classes.

[JustRalph]

Future generations of upper and middle class Americans have little to fear.
For the most part, they will do what generations before them have done.
They inherit.

Their biggest concern should be the environment,
and what the future holds due to climate change.

Dude, you are so diluted it's almost unbelievable

[forced89]

The only way I see the USA to get out of this debt mess is to pay for it with inflated dollars. Print money like crazy. Will hurt anyone on a fixed income.

I think I read somewhere that one of the European countries (maybe it was Greece) compelled citizens to give the Government their retirement accounts (like our 401ks) in exchange for a promise to pay them monthly payments over time. Is that possible here? I wouldn't put it past them.

[Greyfox]

Check back on my posts since Obama entered power.

In many of them I pointed out that the National Debt was spiralling out of control under Obama.

Why the concern now?

He was re-elected.

Isn't America getting what they voted for - bankruptcy and moral bankruptcy in the same package?

Some legacy for America's children eh?
But, it spreads the wealth elsewhere on this planet.

[Tom]

Good points, GF, and all true.
But some of us really care about the country and are concerned.

How much health care would the interest on the Obama-debt buy?
How many bridges would it rebuild?

Personally, I would rather have Ebola than Obama.
There are potential cures for Ebola.

[davew]

Future generations of upper and middle class Americans have little to fear.
For the most part, they will do what generations before them have done.
They inherit.

Their biggest concern should be the environment,
and what the future holds due to climate change.

Eventually the "dependant on the government" class will want more than the government can supply. Rioting, grab and go thefts, civil unrest, and chaos will follow. All classes will fear for their lives and any possessions they hold.