The US Debt Clock - 16 Trillion Dollars today

By
Real Estate Agent with Carmody and Associates LLC

The US Debt Clock, a real time representation of our basic debt components, will click over to show $16 Trillion today during the running of the Democrat National Convention - a bit of irony there. 

You will note that that number exceeds our total US Gross Domestic Product.  Both numbers are indicated by red arrows on the graphic.  

For those of you who would like to see the website - perhaps display it in your bedroom <link here>  (Well it keeps me up at night... why not put it in the bedroom ?)  The link is always on offer in my links section on the right side of my page here in Active Rain.

Enjoy the DNC.  Sleep well tonight.

 

US Debt Clock

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Rainmaker
447,867
Malcolm Johnston
Century 21 Lanthorn Real Estate LTD., Trenton, Ontario - Trenton, ON
Trenton Real Estate

That would keep me up at night too if I were American Ted. 16 trillion is a very big number.

Sep 04, 2012 08:53 AM #1
Rainmaker
373,370
Ted Baker
Carmody and Associates LLC - Winter Haven, FL
MidFloridaMediation.com

Malcolm - feel free to lose sleep with me anyway - it will certainly impact your local real estate market. 

Thanks for stopping by.

Sep 04, 2012 09:00 AM #2
Rainmaker
447,867
Malcolm Johnston
Century 21 Lanthorn Real Estate LTD., Trenton, Ontario - Trenton, ON
Trenton Real Estate

No thanks Ted, I already have enough reasons for sleepless nights, I don't need one more.

Sep 04, 2012 09:20 AM #3
Rainmaker
217,889
Dale Bledsoe
Crown Key Realty - Tracy, CA
Realtor in Tracy, California

I just keep asking will we ever really pay this off, or just keep piling on the interest. The DNC folks seem to think its just a mythical number and if we can just keep on increasing it all of the nations problems will be solved. We need to return to the gold standard and a enact a constitutional amendment mandating a balanced budget. Just my thoughts.

Sep 04, 2012 10:36 AM #4
Rainmaker
589,518
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

Don't worry about it. Bush created more debt in his 8 years in office (Wait, he didn't? Are you sure? I know I saw that on TV or the internet...They lied?)

This administration has created more debt in 3 years than Bush did in 8 years, but the continued increase in debt is blamed on Bush. Bush didn't try to blame the debt on Clinton or the fact he dealt with democrat majorities in both houses and tried to compromise. (He spent way too much, IMHO, but he tried to work with the Dems and got kicked in the teeth)

Sep 04, 2012 11:39 AM #5
Rainmaker
373,370
Ted Baker
Carmody and Associates LLC - Winter Haven, FL
MidFloridaMediation.com

Hi Dale - it is a complex problem.  I am not sure how a gold standard works in this day and age.  Even if we back up our currency with gold, currency is a small part of our M1 money supply with the greater emphasis on demand deposits.  I had the notes of my next blog of today, but you have wandered into my sights, so I may give you more than you asked for in your comment.  

While I favor a balanced budget, I oppose a balanced budget amendment because I believe it would only give cover to those who want to raise taxes.  

The problem, in my view is spending, taxing and spending, borrowing and spending and more spending. That is where the rubber meets the road, in my view. And so far, I do not see the courage in Congress to really address the tough questions.  I have watched Paul Ryan for more than four years.  My first blog about Ryan was four years ago <link>. He still shines - and for the same reasons.  If Romney and Ryan do not have all the answers yet - at least they seem to be asking the right questions.  That is more than the Dems can say, in my view. 

Initially we need tax reform and true spending cuts.  They can complain all they want about tax cuts for the wealthy - but I am talking about tax cuts for those who pay taxes.  And that one per cent you keep hearing about pays 40% of our tax bill.  I can't help the 50% of us that pay no taxes with tax reform.  But I can help those folks with jobs and improved economic conditions.  

There may come a time where raising taxes will be necessary to meet the demands of our commitments.  But first we start the economy with tax reforms which lower all rates but close most of the special interest loop holes. We can then make rate changes for the benefit of all rate payers while still being revenue neutral with the changes. Eliminate regulations that do not favor economic growth and eliminate capital gains and corporate taxes (or at least give significant credits for investment).  The economy moving again will increase revenue and put more workers back on the tax rolls.  

Increased revenues from productivity and spending cuts can eliminate the deficit in the short term.  Then there may be a need for a surtax or value added tax that may be targeted at reducing the debt itself.  But raising taxes in the teeth of this economy and failing to cut spending is foolish and mirrors the policies of this Administration.

In my view, the debt is the most serious issue to face our nation.  Jobs represent the best first steps to beginning to find a solution to the debt.  They are related.  But we must keep our collective eye on the goal - stop spending money we do not have and reduce the debt that will strangle us as a nation.  

That is my opinion based upon my study, my observations, my analysis and my experience. My view of history is that the American economy with the freedom for Americans to reach for a better day is the most inclusive and remarkable wealth creation machine in the history of the world.  But our government with its corruptions in both parties has gotten in the way.  By definition, the government does not know better than "We the People" how to solve our problems.  It is true that we did not take care of the least among us.  The sick need care and the poor need opportunity.  But I am not sure that government is the answer to those problems.  

We will never know what George Bush (43) could have accomplished in the absence of the attackd of 9/11/01.  The wars distracted the administration and siphoned off much of the productive capacity of the nation.  Barack Obama came to office with great expectations that were beyond the achievment of mere mortals.  Mr Obama tapped into the fears and discontents of the nation by focusing on Mr Bush who was not a candidate.  But in the end, it seems to me that he had great questions but was short on answers.  He was ideology driven, surrounded by ideologues and eventually forgot that the other 50% of the country was still in the room.  By his refusal to accomodate and compromise, he squandered his potential and his political capital. in my opinion.  

I hope that Mr Romney will be our next President through the process of election.  And I hope that his choice of wizkid Paul Ryan means that Mr Romney will draw on the young shining lights of both parties to heal the divide and use the talents of all of us to reach a peace in what has become the 2nd American Civil War and to revive the promise of the Declaration of Independence and the Constitution to right the ship and move us toward the third American Century. 

We have such possibilities, you and I.

 

 

Sep 04, 2012 12:12 PM #6
Rainmaker
476,695
Kenneth Cole
Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com... - Staten Island, NY
NYS Licensed Real Estate Salesperson

It's too bad so many of us are so selfish that we can't bite the bullet and get this Country back on the right road of fiscal soundness.  Sure we all would like something for nothing, but life just doesn't work like that.  Even if you did get something for free, somebody had to pay for it.

I like the way you write, you say it much better than I.

Sep 04, 2012 02:00 PM #7
Rainmaker
323,404
Yolanda Hoversten
Berkshire Hathaway HomeServices Elite Properties - O'Fallon, IL
Broker - O Fallon, IL Real Estate

Ted - I am upset that our household owe $140,000 that I didn't spend myself. lol

I'm optimistic, but difficult to be if I look at that clock.

Sep 04, 2012 08:09 PM #8
Rainmaker
160,681
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

No worries! Your man, Paul Ryan, will balance the budget in 30 years! He'll just need to convince the Republicans that his budget is something they should implement. ;)

Rand Paul budget was balanced in 5 years and Ron Paul's budget shaved 1 trillion off the first year.

 

Anyway, a few points:

1. We do not need a balanced budget amendment. The Constitution already has procedures in place for times where the federal budget exceeds the monies in the treasury.

2. Having our money pegged to something of value is ideal. Right now it is a fiat currency. We should be able to return to a gold standard. However, it will take time as there is not enough physical gold to do so. Competing currencies can help alleviate the strain till we are able to get back to a gold standard.

3. We need to change from a Keynesian model to an Australian model.

4. We need to get rid of the Federal Reserve as it creates the moral hazards and places power to the bankers rather than the people.

 

Sep 04, 2012 08:18 PM #9
Ambassador
1,345,542
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Curious if anyone celebrates, or is ecstatic. We  are moving fast. The questionable part is the direction

Sep 04, 2012 10:16 PM #10
Rainmaker
390,046
Karl Hess
Keller Williams Ocean County - Toms River, NJ
on The Jersey Shore

Not to beat this dead horse again; would someone please show me any significant spending increase by the Obama Administration outside of of the stimulus and the extension of unemployment benefits. 

Sep 05, 2012 05:05 AM #11
Rainmaker
160,681
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Karl - Bottom line is that we take in 2.2 trillion and spend at least 3.6 trillion (last I checked). No one in government is addressing this. All proposed spending cuts are in reference of cuts in future spending increases.

http://www.usgovernmentspending.com

Sep 05, 2012 09:07 AM #12
Rainmaker
373,370
Ted Baker
Carmody and Associates LLC - Winter Haven, FL
MidFloridaMediation.com

An insignificant item, but representative, would be the white house staff (senior staff, I assume) that received salary increases in the range of 40% while the country was suffering about a year and a half ago.

When we are borrowing 42% of every dollar we spend from people who don't like us, it is appalling to me that the President cannot show enough concern and leadership to get a budget through congress while he is in office so that the nation can discuss spending priorities.

My measure is not how much spending - but how much borrowing. 

It sounds like I may want to do a post on this.  Karl, fell free to email me with any links you want me to look at.  I have seen articles which indicate that spending increases are not as high as assumed, so I will dig a little deeper - and we will talk again - soon

 

Sep 05, 2012 12:30 PM #13
Rainmaker
131,980
Chuck Mixon
The Keyes Company - Cutler Bay, FL
Cutler Bay Specialist, GRI, CDPE, BPOR

Very good article. I think the average America can't grasp the number because they are too big for them to comprehend. A better way to look at it is on a household level the GDP is you annual income and the Fed. Debt is you Credit Card. when you Credit Card exceeds your annual income( As it does today) it will not get paid off in normal terms.

We have only two ways to solve the problem, Default or Inflate. With Default no one wins, Borrower and Lender both lose. I think this country with take the route of inflation in the form of QE1, QE2 and now talks of QE3.

I expect interest rate to rise in 2014 and housing price to soften again because rates on the rise.

Sep 08, 2012 06:26 AM #14
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Rainmaker
373,370

Ted Baker

MidFloridaMediation.com
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