US National Debt

United States Federal Debt – “Interest”-ing Facts

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

U.S. National Debt Update – January 2013

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

U.S. National Debt Update – November 2012

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

U.S. National Debt Update – August 2012

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

U.S. National Debt Update – July 2012

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