Ming the Mechanic:
National Debt
The NewsLog of Flemming Funch
 National Debt2004-01-14 03:20
3 comments
by Flemming Funch

More on the U.S. national debt, from Al Martin Raw, the article "Scoreboard 2003". Seems to be in the member area, but somebody sent me an e-mail copy.
The total national debt of the United States on a fully realized basis, inclusive of federal, state, county and local debt stood at a record $20.613 trillion (83.73% of said debt having been created from 1981-92 and from 2001 to present.) The total public and private indebtedness of the United States ended the year 2003 at $39.384 trillion. The total public and private assets of the United States ended the year 2003 at $26.134 trillion. Thus, the United States by the end of 2003 has a negative net worth of approximately $13 trillion. The total debt service of the United States ended the year 2003 at 309.4% of GDP (Gross Domestic Product). These are numbers never before seen. This is a higher debt to gross domestic product ratio than any other country on earth, which still services its debt.
Doesn't sound good. I'd like to see some other sources on that, of course. The periods he's mentioning, 81-92 and 2001 to the present, where 83.73% of the debt were generated is when Reagan and the two Bushes have been presidents.


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3 comments

14 Jan 2004 @ 11:04 by sharie : $ paid to the Rich, billed to the poor
To refer to this as *U.S. debt* is a lie.

This *debt* is money *owed* to the rich because of the way the *rich* manipulate the media, the politicians, and the mass population.

$500 billion a year to weapons companies, for example, for what?

What country is a threat to us?

Who is a threat to us?

The weapons makers!

They're the threat.

The military and CIA is there to protect us?

Obviously not.

So why pay them?

Their perspective on the *debt* needs to be adjusted.

The U.S. people don't *owe* the rich *any* money.

Those who've swindled, and embezzled, and funnelled the money, distorted evidence and lied to the press in order to manipulate the federal budget funding... they owe *us* the money they embezzled and swindled.

Come on, Ming, don't look at it from *their* perspective.

*THEY* owe *US* ...

$20 trillion.

Divide $20 trillion by the 100 million U.S. adults (ballpark figure) and we might expect a refund of ...

let's see where's my calculator ...

20,000,000,000,000 divided by 100,000,000...

= 20,000,000

$20 billion to each of us.

Sounds about right.  

14 Jan 2004 @ 11:16 by ming : Who owes who
Yes, I agree, it would be more correct to look at it that way. Somebody has stolen 20 trillion dollars from the U.S. population. They've to a large extent given it to their friends and spent it on frivolous pet projects of theirs. They leave the people of the U.S. with the bill, without being authorized to do so. To correct the calculation, 20 trillion divided with 100 million adults is $200,000 per person. Which is still a heluva lot.  

14 Jan 2004 @ 12:08 by sharie : Math was never my strong suit.
I tried to be so careful with all those zeros.

But you're right... 5 zeros...

$200,000 to us all.  

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