Here are some facts I found interesting about United States Federal Debt.

1. 1835  The last time the U.S. federal government was “debt-free.” That’s a LONG TIME to be in debt!
2. Prison  People used to go to PRISON for not repaying debts. It isn’t possible to put a government in prison.
3. It’s been worse  The U.S. was in more debt (as a % of GDP) at the end of World War II than it is right now. There’s hope!
4. Zombie Debtor  A British term for people who make “interest-only” payments.
5. $52,203  Amount of debt owed by each U.S. citizen if the debt were split equally.
6. $50,100  Average amount of debt currently owed by each U.S. citizen – including mortgage, credit cards, student loans, vehicles, etc.

Which one of these do you find most compelling/interesting?

Read recent posts

The US National Debt has increased by $198,438,256,931 since our last update on November 11, 2012.  Another two months, and the United States has dropped another cool $198 billion in the hole.

National Debt as of 1/14/2013

$16,449,738,665,622

That is an increase of $3.101 BILLION PER DAY since our last update 64 days ago.

Our debt continues to spiral out of control like a person who is on a crazed spending spree. That NEVER turns out well!

I continue to stand by the following statements.

Whether we choose to address this problem as a nation or not, we WILL have to deal with it. We are really being faced with one of two decisions:

1. Face the problem now by making some really tough choices  Like reducing some great programs or potentially eliminating some of them. NONE of us like to reduce spending. It is NO FUN. It STINKS. But we all have faced this in our personal finances before. Of course, we want to let our children participate in any activity they enjoy, but sometimes we have to say NO because of the costs! Of course, many people would love to have a huge house with every amenity known to mankind, but sometimes it is just not possible to carry the financial burden required to maintain it!
2. Let the problem fester until we are FORCED to make the tough choices  Whenever I personally have let the clock run out on tough financial decisions, I have found that my options have been severely reduced and the pain is much greater. I’ve always found myself saying, “I wish I had made this decision sooner.” (NOTE: This is where Greece, Ireland, Spain, and several other countries are at this point. Decisions are being made that they no longer have full control of)

I wonder which decision the American citizens will make.

Read recent posts

The US National Debt has increased by $335,485,950,772 since our last update on August 9, 2012.  Another three months, and the United States has dropped another cool $335 billion in the hole.

National Debt as of 11/11/2012

$16,251,300,408,691

That is an increase of $3.568 BILLION PER DAY since our last update 94 days ago.

I continue to stand by the following statement.

Whether we choose to address this problem as a nation or not, we WILL have to deal with it. We are really being faced with one of two decisions:

1. Face the problem now by making some really tough choices  Like reducing some great programs or potentially eliminating some of them. NONE of us like to reduce spending. It is NO FUN. It STINKS. But we all have faced this in our personal finances before. Of course, we want to let our children participate in any activity they enjoy, but sometimes we have to say NO because of the costs! Of course, many people would love to have a huge house with every amenity known to mankind, but sometimes it is just not possible to maintain the financial burden required to maintain it!
2. Let the problem fester until we are FORCED to make the tough choices  Whenever I have let the clock run out on tough financial decisions, I have found that my options have been severely reduced and the pain is much greater. I’ve always found myself saying, “I wish I had made this decision sooner.”

I wonder which decision the American citizens will make.

Read recent posts

The US National Debt has increased by $46,233,894,979 since our last update on July 11, 2012.  Another month, and the United States has dropped another cool $46 billion in the hole.

National Debt as of 8/9/2012

$15,915,814,457,919

That is an increase of $1.594 BILLION PER DAY since our last update 29 days ago.

Whether we choose to address this problem as a nation or not, we WILL have to deal with it. We are really being faced with one of two decisions:

1. Face the problem now by making some really tough choices  Like reducing some great programs or potentially eliminating some of them. NONE of us like to reduce spending. It is NO FUN. It STINKS. But we all have faced this in our personal finances before. Of course, we want to let our children participate in any activity they enjoy, but sometimes we have to say NO because of the costs! Of course, many people would love to have a huge house with every amenity known to mankind, but sometimes it is just not possible to maintain the financial burden required to maintain it!
2. Let the problem fester until we are FORCED to make the tough choices  Whenever I have let the clock run out on tough financial decisions, I have found that my options have been severely reduced and the pain is much greater. I’ve always found myself saying, “I wish I had made this decision sooner.”

I wonder which decision the American citizens will make.

Read recent posts

The US National Debt has increased by $109,763,882,862 since our last update on June 5, 2012.  Another month, and the United States has dropped another cool $109 billion in the hole.

National Debt as of 7/11/2012

$15,869,580,562,940

That is an increase of $3.05 BILLION PER DAY since our last update 36 days ago.

One day, the credit card WILL run out, and America will face what many countries have faced in the past – massive budget cuts and slashed programs and a crushed economy.

In my own personal life, I found that it was a lot better to TAKE CONTROL OF THE SITUATION before SOMEONE ELSE DID! Shouldn’t we demand the same of elected leaders – that they take control NOW – before the country is forced to?

Read recent posts

The US National Debt has increased by $84,945,657,221 since our last update on April 22, 2012.  Another month, and the United States has dropped another cool $85 billion in the hole.

National Debt as of 6/5/2012

$15,759,816,680,078

That is an increase of $1.93 BILLION PER DAY since our last update 44 days ago.

Although the rate of debt acquisition has slowed, the credit card apparently still has some room left before we hit the limit …

I’m doing something about this issue. I’m wondering how many others are willing to do their part.

What are YOUR suggestions for addressing this?

Read recent posts

The US National Debt has increased by $177,705,716,826 since our last update on March 13, 2012.  Another month, and the United States has dropped another cool $177 billion in the hole.

National Debt as of 4/22/2012

$15,674,871,022,857

That is an increase of $4.4 BILLION PER DAY since our last update 40 days ago.

The credit card apparently still has some room …

My question remains:  At what point in time will this type of spending stop?

I believe the answer remains the same – When the citizens of the country as a collective whole start managing their own money responsibly!  When we not only talk the talk but walk the walk!

What are YOUR suggestions for addressing this?

Read recent posts

The US National Debt has increased by $93,188,029,341 since our last update in January 13, 2012.  Another month, and the United States has dropped nearly another $100 billion in the hole.

National Debt as of 3/13/2012

$15,497,165,306,031

That is an increase of $4.9 BILLION PER DAY since our last update 36 days ago.

QUESTION: Have you ever lived this way – where you used a credit card or some other form of debt to spend money that you did not have?

My question remains:  At what point in time will this type of spending stop?

I believe the answer remains the same – When the citizens of the country as a collective whole start managing their own money responsibly!

What are YOUR suggestions for addressing this?

Read recent posts

The US National Debt has increased by $93,188,029,341 since our last update in January 13, 2012.  Another month, and the United States has dropped nearly another $100 billion in the hole.

National Debt as of 2/6/2012

$15,321,143,716,542

QUESTION: Have you ever lived this way – where you used a credit card or some other form of debt to spend money that you did not have?

My question is this:  At what point in time will this type of spending stop?

What are YOUR suggestions for addressing this?

Read recent posts

The US National Debt has increased by $505,581,392,352 since our last update in September 2011.  Another quarter and we have dropped another $500 billion in the hole.

National Debt as of 1/13/2012

$15,227,955,687,201

Our nation’s leaders will soon be entering into the same conversation that they had just a few short months ago – because we are about to hit the debt limit AGAIN!

As was known by EVERYONE at the time we increased the debt limit, issuing the equivalent of another credit card to pay the bills of another credit card did not work.

My question is this:  At what point in time will this type of spending stop?

Read recent posts

This is a guest post by Mark Asbell, who recently became debt-free following the principles of I Was Broke. Now I’m Not.

The US National Debt has increased by $84,414,120,840 since our last update in August 2011.  Another month, another BILLION DOLLARS IN THE HOLE.

National Debt as of 9/14/2011

$14,722,374,294,849

When I was going broke I’ll never forget the moment I realized the hole I was digging was getting over $400 deeper every single month.  That doesn’t even count the large chunks of debt I got into in order to make big one time purchases.  Just our normal monthly expenses were $400 per month more than our monthly income.  At that time $400 a month was less than 1% of my annual income and my total debt was less than 4 times my annual income (including the mortgage).  So I was able to keep getting more and more credit in order to sustain our deficit UNTIL…  Lenders stopped giving me more credit.  We were maxed out.  We couldn’t pay what we already owed, so why would anyone lend me more?

The United States government is facing the same dilemma on a much grander scale.  Their total debt is 7 times their annual income (Gross Domestic Product), and the hole is getting deeper by almost 4% of their annual income EVERY SINGLE MONTH.  I’m no economist but I’ve been to broke and back and the US numbers are wayyy worse than mine were.  I know what I had to do to dig out of the hole, so what does digging out of the hole look like for the government?

Mark Asbell is a key member of the I Was Broke. Now I’m Not. team and has a blog focused on helping couples strengthen both their finances and their marriage - www.markasbell.com - For Richer or Poorer.

Read recent posts

Want a GREAT WAY to visualize and more fully understand the US National Debt?

Click HERE (or copy and paste the following link in your browser: http://usdebt.kleptocracy.us/)

Read recent posts

Here are the Top 7 Reasons It’s Hard To Balance The US Budget:

1. It’s hard to say “NO” to a good program  Let’s face it.  There are tons of great programs that are funded by taxpayer money.
2. Genuine disagreement  Smart people who are extremely passionate about their work have real differences in their beliefs and ideals.
3. Ever-changing leadership  Leadership changes every election cycle.  What was important in the last cycle may not be important during the next.
   
4. Politics  Ever heard of “We” versus “They”?
5. We can print more money  Fire up the printer, boys!  We need more $100 bills!
6. Others aren’t – Why should I?  It’s hard to be a leader who cuts spending when other leaders are continuing to spend at high levels in their own districts.
7. MANY AMERICANS AREN’T LIVING BY A BALANCED BUDGET THEMSELVES!  If Americans don’t live with a balanced budget, they don’t truly know the freedom that is felt when one has a plan that balances!

What additional items would you include?

Read recent posts

As the United States faces such a HUGE obstacle of increasing its debt limit yet one more time, I wrote the following letter to my elected representatives.  I encourage you to write YOUR REPRESENTATIVE and demand a BALANCED BUDGET!

Dear Representative,
I am writing to encourage you to continue to demand that spending cuts are tied to the national debt increase bill. When my own personal budget is faced with shortages, we do not continue to increase our debt – we choose to cut spending instead. Some of these cuts are not fun, but it is what MUST happen in order for my family to prosper.

The same is true for the United States. Please ensure that the fundamental rule of INCOME minus OUTGO must equal EXACTLY ZERO is applied to our budget. While it is absolutely imperative that the national debt is increased at this moment, it is essential that the necessary steps are put into action to ensure that this is THE LAST TIME that we increase our nation’s debt. I don’t want to hand a financially broken and bankrupt nation to my children. I appreciate your leadership and focus on this extremely important issue.

With the highest regard,
Joseph Sangl

I know that I am simple man, but INCOME – OUTGO = EXACTLY ZERO works with $1,000 or with $14,000,000,000,000!

Read recent posts