http://home.att.net/~mwhodges/debt.htm

 

Federal Government Debt ending fiscal year 2008 was $10 trillion and climbing
That’s about a Trillion dollars higher than last year.

In the 1990s $2.8 trillion of new debt was created;
more than created in the nation’s entire history prior to 1990

In the 4 years 1997-2001 total federal debt increased $438 billion,
a period when politicians bragged about a $557 billion surplus.
That’s a $1 Trillion creditability gap.
(Some might suggest Enron and others learned reporting gimmickry from government practices)

An additional $4 trillion of debt was added in 2002-2008

FEDERAL GOVERNMENT DEBT of $10 TRILLION = $32,716 per PERSON, and rising Fast !!

If  we divide fiscal year 2008 ending debt of $10 trillion by the population of 304 million we have debt per person.

                                                                                                At the left is a chart showing the rapid build-up of federal debt per man, woman and child to $32,716.

This means a family of four (4) shares $130,864 in federal debt responsibility – – including those still in diapers – $11,572 more than last year. And, that’s not all they owe.

Our nation’s founders were against debt. At the writing of the Constitution they were concerned about debt incurred to finance the Revolutionary War, and it was their intention to promptly pay it off. Alexander Hamilton (federalist paper #7) called for the “extinguishment of all debt.” Thomas Jefferson later wrote, “I place economy among the first and most important of republican virtues, and public debt as the greatest of dangers to be feared.”

If today’s debt ratio to national income were the same as in the early 1970s (40%), today’s debt would be a whopping $3.6 trillion ($12,000 per person) less than it is.

Is the debt going down? Nope!! In fiscal year 2008 (ending 9/30/08) federal debt rose to $10 trillion –  $1 Trillion more than the prior year, which is a one-year increase of $2,893 per man, woman and child – or $11,572 more per family of 4 – – another in a long string of new records.

During the period since the Sept. 11, 2001 terrorist attack, federal government debt increased $4.3 trillion.Some might say, “But isn’t more debt OK to fight the ‘war on terror’?” My response: did they reduce non-defense spending to fund our protection, since the major reason our founders formed a federal government was for national security? Answer: Nope!! They increased non-defense spending, too. How many senators and congressmen can you name who proposed serious legislation to significantly reduce non-defense spending in that period?

Question: Subterfuge continues, such as how could officials claim budget surpluses in the late 1990s, and that they paid down debt, when total debt increased to a new record high each and every year?


Answer: the general federal government did not have a surplus in any year in the past 20.  For example > During the 4-year period FY 1998-2001 politicians claimed a $557 billion surplus, yet total debt increased $438 billion in that period – – meaning the actual situation was nearly $1 trillion over-stated, which makes such ‘hide-the-debt’ scandals like Enron look like child’s play.

The Deficit-Trust Report shows the general government spent more than its general revenues every year, and covered up over-spending deficit by siphoning-off all $ 3.3 trillion cash surpluses incoming to trust funds, including spending every penny remaining in the social security trust fund on non-pension items – – creating even more non-marketable debt IOUs to ‘paper-over’ their actions – – while claiming they want to ‘save social security’. (If a private firm did that to its employee pension fund its officers would go to jail – a law in every state).

This site can also be accessed by clicking the “national debt clock’ in the links section.  This is an extensive site loaded with links to government debt and its source. 

 

http://home.att.net/~mwhodges/debt.htm