Debt clock, what is it? It is one that shows up-to-the-moment reading on USA’s debt burden. It is going so fast no one can keep up with it. As of September 26, 2008, the US debt is at $9,790,444,016,478.68 On some, it is updated two times per second.
How did it happen that the money US owes grew up this huge? The increased government dominance of the economy shows how the combined spending by the three levels of government went faster than the economy. You can check out how much US owes right here
The last time I looked at the amount, it was $9,193,222,137,000.00 and growing every minute by $1 million. But when I looked at the second number I was taken aback. Why? Because it read $55,146,513,890,000.00 which they said was the true figure. So how did that get to be so much higher?
The true calculation includes all the liabilities that the government promised to pay for Medicare, Social Security recipients etc. The pensions for the government workers and military will have to be included as well. So you see, the real amount owed is not just the items in the balance sheet of the notes, bonds and Treasury bills. So the true national amount is in the second set of numbers - an astounding $55 trillion!
Let's put this on the perspective of the home front. Say you have some bills due next week. You look at your check book to find out if you have enough there to pay the bills. Now do you think that because you have enough to cover next week's bills, that you will be home free?
Of course not! How about the mortgage payment and the credit card bills that will be due at the end of the month? They're off the check books. Of course you cannot ignore the other bills. When you apply for a loan to cover the other bills, do you think the banker will not require the documents on your credit card and mortgage balances? If you know of one who will, let me know and I will certainly pay him a visit.
Now how do we solve this problem of the debt clock? Is there a solution at all? All the politicians are coming out again saying they are the answer to our prayers. But really the promises they are making will only run the deficits much higher and will make the figure go haywire, ticking that much faster.
The other solution is to print more money but that will make our money lose its value. The inflation will go higher. So the government is in a tight spot. It is not like before when there was a problem all the government had to do was stimulate the economy and we'll be back on track. But it's different now. We owe much too much so we just have to face the truth of the debt clock.
Debt Clock, A Lesson on History
Debt clock should make us look back and learn from history. Roosevelt did not stimulate the economy enough in 1933-1941 but World War II made the enormous deficits grow that gave the economy the jolt that put it back on track.
What lesson should we get from the debt clock? We should have our own way of tracking our debt. Write them down as we sign for more charges and debt and add them as each item is purchased. That will hopefully stop us from getting more into debt.
As of November 24, 2009, the nation's debt stands at $12,024,187,334,321.57. Since the US population's estimate is 307,344,777, this means that each citizen's debt share is $39,122.80. The average daily increase of the nation's debt is $3.83 billion per day since September 28, 2007!
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