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(US Dept of Treasury)   National debt hits $6 trillion   ( divider line
    More: Asinine  
•       •       •

4192 clicks; posted to Main » on 10 Apr 2002 at 3:55 PM (15 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

101 Comments     (+0 »)

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2002-04-10 02:31:11 PM  
ha! thats pretty funny... ill pay 2.10 cents and bring it down to a nice round $6,020,831,299,340.00 from that nasty looking $6,020,831,299,342.10
2002-04-10 03:57:01 PM  
Woohoo! We're number 1!
2002-04-10 03:57:41 PM  
Why don't we just default on that loan to ourselves? Every other country does.
2002-04-10 04:00:21 PM  
see, if you pay your minimum balance on your credit cards, that interest really adds up!
2002-04-10 04:00:42 PM  
should we send some flowers? maybe bake a cake?
feh.. wake me when we get to $10T

(and where is my flying car?)
2002-04-10 04:01:21 PM  
Thanks Bush!
2002-04-10 04:03:38 PM  
Hahaha, the ultimate revenge on my kids. Enjoy our nation's crushing debt-load by the time you start really paying taxes you little smart asses!
2002-04-10 04:03:38 PM  
You should thank the socialist Democrats and all their social programs. Who'da thunk our founders were right? Wouldn't it be cool if we actually followed the constitution every now and then?
2002-04-10 04:03:56 PM  
Once again the fiscally responsible conservative Christian Republicans drive us to bankruptcy! Reagan lives!
2002-04-10 04:04:54 PM  
Heh...speaking of defaulted loans...the Brits and French still owe loans we gave them in WW1 and WW2, but they defaulted on us...I wonder what those would be like now...with 80/50 years interest...
2002-04-10 04:05:30 PM  
Bwahahaha Texaggie , it's people like you that keep me in this state for the sheer amusement value.
2002-04-10 04:06:26 PM  
Cure for Gravity:
Why don't you send in extra taxes then? I'm already taxed enough, and I'm not payign more so socialists can invent more ways to "help" the poor when all they do is pocket the money.

2002-04-10 04:09:21 PM  
Thank goodness we got those democrats out of the white house, and got a good responsible republican in there. That balanced budget those liberals were running was totally ruining the national debt. It's good to see the debt back up to a nice healthy 6 trillion. Ronnie would smile now if he could understand what was going on.
2002-04-10 04:09:21 PM  
2002-04-10 04:09:35 PM  
Why don't you move to Taxachusses and be happy in your socialist utopia. After all, the poor have the right to steal from the rich right (rich being people that make over 80g's).
2002-04-10 04:09:35 PM  
Texaggie: Oh you're in AL- oh dear god. I thought you were here in TX with that name. AL scares the living crap out of me. My wife has family there and *shudder*- it's too painful to think about right now. Anyways, you're one hell of a troller, wanna come visit and go fishin'?
2002-04-10 04:09:49 PM  
[image from too old to be available]
"Ain't my fault. It was terr'ists."
2002-04-10 04:13:53 PM  
TexAggie: That same page contains a link to a chart showing that from 1980 to 1988 when Reagan (who I assume you would not call a socialist), the national debt increased by $2.5 trillion; and under Clinton, the socialist commie, it increased by only $1.6 trillion. Recall also that due to Reag-inflation, the $2.5 trillion should be multiplied by a factor of 1.45 (and that's rounded down), for a total of $3.6 trillion 2000-dollars added.

I hate to tell you, but the closest thing to "socialists" in the US government are the corporate and military-industrial sycophants we have in the White House right now.
2002-04-10 04:15:25 PM  

More socialists over here. Buncha Union member idiots that think the gov owes them. I liked Tex better.
2002-04-10 04:16:19 PM  
Speaking of defaulting, we came very close to defaulting in early April. Treasury Sec. O'Neil moved federal retirements into a non-intrest bearing account to get enough money to pay the debt until we pay our taxes this month, which will hold the govt off until late summer.

He is asking Congress to raise the debt limit by $750B. I do not know why they can do it, but they can. It still just postpones the actual problem, eventually, the US will hit a limit, we cannot borrow against anymore and we will be in the same boat as Argentia, probably touching off a worldwide depression.

Here is my source:,1282,-1631861,00.html
2002-04-10 04:17:20 PM  
you tell 'em georgie
2002-04-10 04:18:06 PM  
04-10-02 03:57:41 PM Shanzer
Why don't we just default on that loan to ourselves? Every other country does.

Shanzer, that would throw the world's economy into chaos. The value of many nations' currencies are pegged to the value of the dollar. It would cause an economic domino effect.

04-10-02 04:03:56 PM A_cure_for_gravity
Once again the fiscally responsible conservative Christian Republicans drive us to bankruptcy! Reagan lives!

No, the farking social programs live and are turning into Goliaths of spending. That's what is driving up the debt. Blame Republicans all you want, but it's social programs that make up the bulk of the federal budget . . . programs like Social Security, Medicare, Medicaid, education(which was just fine until Carter decided the feds had to "help out" in 1978) and other things. Those programs grow at a rate of six to ten percent annually - up to three times the rate of inflation - and you want to blame Republicans. Sheesh.
2002-04-10 04:18:42 PM  
remember that $600 from last year? doesn't it seem far, far away?
2002-04-10 04:21:06 PM  
Yeah! Down with socialism!

More subsidies and welfare for big business and the military!
2002-04-10 04:22:21 PM  
I didn't know AL had a big enough industrial economy left to support an active union sector? I know Marshall SFC is buoying the economic viability of the Northern part of the state- with socialist gov't funding, but I've driven by many a closed factory/mill in other parts of the state. Woulda thought the unions would've moved with the plants flat out closed- lot of that stuff has moved to cheaper areas like SC and Miss., or to other countries.
2002-04-10 04:24:45 PM  
Whatever happened to taking care of your own first?

Stop sending billions to corrupt Third World countries and take care of our own shiate first.
2002-04-10 04:25:00 PM  
Undflickertail, that whole debt ceiling thing is a joke. It was a law passed in the 1920s by Congress that was intended to keep a check on spending. It obviously hasn't worked, and it never will. When they need to raise it, all it takes is a vote. It would technically be illegal if the government borrowed money above that point, but there would be no default. Default only occurs when the government ceases payment on the debt.

Poontang, no, it doesn't. I got $300, and it helped buy tires for my car.
2002-04-10 04:25:31 PM  
Luckily, the US Gov't can avoid a high interest rate by April 30th if they switch the balance over to their Discover Card.
2002-04-10 04:25:52 PM  
You don't have the nation's financial system totally crippled for a period of time (including the loss of one of the largest and most financially relevant buildings), followed by the need to go to war, without repercussions at the budget level.

We've never been in a situation like this before. So anyone who ignorantly suggests that it is the president singlehandedly causing the increase, is just blowing partisan smoke out of their republican-hating ass.

In case anyone missed some of the damage estimates, they number in the billions. And surely the Democratic majority in the senate could have stopped the increases if they really felt the money was being wasted.

Get a clue. Hate Bush on your own time, or find a reason that actually holds water.
2002-04-10 04:25:57 PM  
Wow, it's like having Ronald Reagan as president all over again!

2002-04-10 04:28:10 PM  
Federal Budget pie chart showing that 46% of the Federal budget is spent on the military. Not exactly a "social program," is it?
2002-04-10 04:29:46 PM  
"We elect a Republican president and government gets bigger. We elect a Democratic president and government gets bigger. We elect a Democratic Congress or a Republican Congress and government gets bigger. We are told 'the era of big government is over' and government gets bigger. Welfare is reformed and government gets bigger. We're told that Congress has made 'tough budget cuts' and government gets bigger. Whatever happens, government just gets bigger and bigger and bigger."

"Conservatives say the government can't end poverty by force, but they believe it can use force to make people moral. Liberals say government can't make people be moral, but they believe it can end poverty. Neither group attempts to explain why government is so clumsy and destructive in one area but a paragon of efficiency and benevolence in the other."

-- Harry Browne
2002-04-10 04:33:49 PM  
Rebrane, would you suggest downsizing the military as a solution?
2002-04-10 04:34:27 PM  
Hahaha, the ultimate revenge on my kids. Enjoy our nation's crushing debt-load by the time you start really paying taxes you little smart asses!

that's EXACTLY what your parents said when you were just a little saucer. :o)
2002-04-10 04:35:15 PM  
somewhere in there, I forgot a </b>
2002-04-10 04:35:18 PM  
He wasn't suggesting that (obviously), he was pointing out that social programs are not the only major money pit.
2002-04-10 04:35:23 PM  
Nice quote Demos: Is the moral of the story, as it relates to the topic at hand, that you can't have your cake and eat it too?
2002-04-10 04:36:10 PM  

2002-04-10 04:36:13 PM  
04-10-02 04:35:23 PM Chanle51
Nice quote Demos: Is the moral of the story, as it relates to the topic at hand, that you can't have your cake and eat it too?

More or less.
2002-04-10 04:41:11 PM  
Puckhead - No, my parents still say that to me every time I see them. Jerks.
2002-04-10 04:41:29 PM  
does this mean Bono wil be heading to zimbabwe adn nigeria to ask for money to bail out the US?
2002-04-10 04:41:51 PM  
Should have checked Rebrane's source first. A propaganda page with

[image from too old to be available]

as a symbol *might* not be the most reliable source for how much of the budget is spent on the hawkish, evil and imperialistic U.S. armed forces.

Like, give peace a chance, dude.
2002-04-10 04:43:03 PM  
I still find it amusing that of all the places in the country, they have the Public Debt right here in Parkersburg. I know about 15 people that work over there and let me tell you, hillbillys are contolling our national debt. I need a drink.
2002-04-10 04:47:40 PM  

The national debt is now 58.7% of projected 01 GDP. During the early Cold War in 1950 it was 75.6%. In 1960 it was 55.0%. It dropped in the 1970s as inflation hopped up GDP stats while debt remained flat--that's not a good reason. It looks like the low point was about 33% in 1980, right before Reagan took office, and right when the economy was seriously sucking from very high inflation (ask your parents). It's been in the mid 50% range throughout the 90s boom. It's not a big surprise to see it rise during a recession and war. This is not alarming news.

The bad thing is how much if it is "intergovernmental." The government owes that to the Social Security Trust Fund, so those of you advocating stiffing Treasury debtholders, your Social Security payment will be first thing to go. The average Fark reader better not plan on getting any Social Security after the baby boomers blow it all on plastic surgery and Z3s. I'm sure you're working hard and saving plenty, though, sacrificing for the future.

All this reminds me, far scarier are figures for consumer revolving debt, household net worth and non-performing mortgages. A lot of you who are upset with the government running up debt are pretty OK with running it up yourselves. Avg household net worth in the US is $120k for homeowners (avg age has to be in the 40s and includes home price appreciation) and $11k for renters, yet the avg new car sale is $25k. The national debt is not the problem.
2002-04-10 04:51:39 PM  

If I'm right about who "he" is:

I don't think anyone's suggesting that social programs make up the whole cherry pie or even the sole large piece. I think the suggestion was that they are one of the most liable for wasted money, and most in need of reform.
2002-04-10 04:54:23 PM  
fark you george bush

12/29/2000 - a few weeks before GB takes office. debt is 5.66 trillion

01/30/2001 - oh how grand...a few weeks and he already screws it up. debt is 5.74 trillion

01/31/2002 - little more than a year in office. debt is 5.9 trillion. we are going good here.

04/09/2002 - debt is 6.02 trillion dollars

George Bush, you herby SUCK for raising the national debt just to pass it on down to US, the future of America.
2002-04-10 04:55:38 PM  
Do you think they will take a postdated check?
2002-04-10 04:55:50 PM  
The debt is mainly in T-bills that have an APR that is a coont hair above inflation. At least thats what I tell myself so I can sleep at night.
2002-04-10 04:56:11 PM  
Oh yeah, that $300 advance I got from Bush that had to be paid back this year? Yeah, I remember that.
2002-04-10 04:59:19 PM  
Note to self: become president, elmilinate Social Security, Medicare, government funded education, welfare, and tell everyone to get a job and pile everything into their 401k.
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