National Debt Tops $19.9 Trillion for First Time

By F McGuire   |   Wednesday, 30 Nov 2016 09:00 PM


The national debt moved deeper into the red, surpassing $19 trillion, and staying above that dreadful number ironically on “Black Friday.”
CNSNews.com reported that the federal debt moved above $19.9 trillion for the first time as of the close of business, Nov. 22, the Tuesday before Thanksgiving, according to data released by the Treasury.
However, on Nov. 23, the day before Thanksgiving, the debt dropped back to $19,897,994,347,700,50,  according to the Treasury.                                                          
And by the close of business “Black Friday,” the debt had climbed back above $19.9 trillion, hitting $19,928,118,193,162.55.

And beyond that, the situation doesn’t look like it will improve anytime soon, Barron’s warned.
"If the Trump administration were to add no spending programs and cut no taxes, the rising costs of existing programs like Medicare and Medicaid would likely push the national debt to $45 trillion in 20 years’ time. So says the nonpartisan Congressional Budget Office," Barron's reported.
The annual interest on a $45 trillion debt load would be about $750 billion at today’s superlow interest rates. If rates rise to a more typical level, the interest on a $45 trillion debt would be about $1.5 trillion a year. That’s right, $1.5 trillion a year in interest payments, as much as the federal government’s total spending over the past five months.                                                                                                                                                                                 "And that’s before President-elect Trump launches his ambitious spending programs and tax cuts, which are expected to add $6 trillion to the national debt over the coming decade. We expect some, but not all, of those proposals will be blocked by the Republican Congress," Barron's reported.
And if experts are correct, a dismal threshold will be hit early in the new year - and under a new administration.
The national debt will hit $20 trillion after the next president is sworn in next year — a figure double that of when Barack Obama assumed the presidency in 2008, The Daily Signal reports.
The forecast comes from Washington think tank, the Bipartisan Policy Center, which projects the debt cap limit to be reinstated on March 16 at $20.1 trillion.
Shai Akabas, the center's director of fiscal policy, told the Daily Signal that while it is uncertain what new revenues and outlays will be, "we project the total gross debt will hit $20 trillion sometime in February."
February, Akabas noted, is when most income tax refunds are sent out.
The Congressional Budget Office expects the gross debt to hit $20.15 trillion in 2017.
And beyond that, the situation doesn’t look like it will improve anytime soon, Barron’s warned.
"If the Trump administration were to add no spending programs and cut no taxes, the rising costs of existing programs like Medicare and Medicaid would likely push the national debt to $45 trillion in 20 years’ time. So says the nonpartisan Congressional Budget Office," Barron's reported.
The annual interest on a $45 trillion debt load would be about $750 billion at today’s superlow interest rates. If rates rise to a more typical level, the interest on a $45 trillion debt would be about $1.5 trillion a year. That’s right, $1.5 trillion a year in interest payments, as much as the federal government’s total spending over the past five months.

"And that’s before President-elect Trump launches his ambitious spending programs and tax cuts, which are expected to add $6 trillion to the national debt over the coming decade. We expect some, but not all, of those proposals will be blocked by the Republican Congress," Barron's reported.



The debt is almost beyond comprehension.  This has just got to stop, but it won't. Eventually the whole thing is simply going to implode.  It has to.  We can't go on like this indefinitely.


I suppose our "leaders" are doing whatever they can to put off the inevitable in the hopes that someone somewhere will come up with a solution.  Well guess what?  There already is a solution.


In 1942 the United States National Debt was approximately $73 Billion.


In 1942 the German National Debt was only approximately $24 Billion.  Even today it is less than $4 trillion.

True, Germany is a much smaller country with a much smaller population, but that also means fewer people paying taxes both then and now.

How did they do it?  To answer that would take several thousand more words just to give an overview.  But suffice it to say, NS Germany's economy was not on the gold standard.  German did not have a Fort Knox filled with gold to back up their currency. 


Germany's currency was backed up by the word of the government that it would be honoured anywhere in the German sphere of influence as legal tender.  As long as the people trusted the government to honour this - which they did - the system worked.  Also, Germany had removed themselves from the global economy so what ever happened economically in other countries - whether it was good or bad - had no effect on the German economy.


That's kind of like isolating yourself during an epidemic.  Whatever happened to those who didn't isolate themselves would not effect you one way or the other.


The main point is they were off the international gold standard which pissed of international Judeo-Capitalists to no end.


After the war, Winston Churchill basically said that the worst thing Nazi Germany did - aside from concentration camp atrocities - was to remove themselves from the global economy thereby preventing entrepeneurs from profiting off of them.


My jaw dropped when I first read that.  Since when is a nation obligated to allow anyone to profit off of them?  Since when is any individual required to allow another to profit off of them - especially if said individual doesn't get a share of that profit?


The fact that Germany's economic isolation hurt other nations was not their problem.  It's the same for the United States.  Any economic policies that we adopt that will benefit us but may possibly hurt the global economy is not our problem.


I guess I'm just an old fashioned isolationist.  I say let's us worry about the United States, and let the rest of the world take care of themselves.  We have no obligation to them at all.


Dan 88!


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