Tuesday, October 2, 2012

US Debt Soars. Now What?


As of the first day of fiscal year 2013, US debt stood at an outstanding $16,159,487,013,300.35, or 103% of GDP and rising at a handy 1.5% per month. You can read all about it on ZeroHedge if you've a mind to.


But what happens when you spend more than you have and end up massively in debt? Detroit happens.


Which reminds me of a time, long ago, when I was taking an English friend across the river from Windsor to visit the Motor City and its suburb, Troy. We reached the US border and the usual questions.

"Where you headed?"
"Troy, officer."
"Anything to declare?"
"Just me and my wooden horse, sir," quipped my English friend.
"What?"
"Nothing, officer."

There's a moral in that, if you care to draw it.

But carry on, nothing to worry about here.

LSP


7 comments:

LL said...

The even more interesting factoid was that President Obama had no idea what the number was when David Letterman asked him. He just spends the money, he doesn't care what it costs.

LSP said...

And the more the merrier, apparently. The whole thing's getting surreal, LL.

Silverfiddle said...

Mark my words, the federal government will end up bailing out these man-made disaster areas wrecked by progressives.

But then, who will bail us out? As Mark Steyn says, we are the brokest nation in the history of the world.

The trend will continue until it no longer can.

Invest in gold and lead.

G. Tingey said...

There's another graph which should be pulished as well as the one shown.
US unemployment.
Now back to where it was 4 years ago - when it weas still rising steeply - it is now still going down (i.e. Employment is going UP).
IF:
you have lots of people out of work, there is both less money going round in the economy
AND:
less taxes, so of course the debt goes up.
Right.

Now who got you into this mess?
That's right Geo W. Shrub & his rich friends, running the USSA for their own benefit, arther than the county's.
And who are the R's putting up this time?
Yup.
Another self-interested, religious nutter (Mormons are NOT sane, even by religious standards) who seems concerned with the top 0.1% comfort & who denigrates 45% of US citizens.
Um.
Enjoy your election!

Mattexian said...

Silverfiddle got my answer: buy more steel, lead and brass. I'm taken with a fever for a Swiss K31 right now, not too easy to find in my nearby gunne shoppes, but this is Texas, there's a gun show somewhere EVERY weekend!

LSP said...

Hmmmm, a K, Matexxian.

Tempting.

Silverfiddle said...

Tingey: I invite you to take a closer look. If you seriously think it's as simple as "republicans bad, democrats good," then you are a dupe and I am glad you are not voting here.

The Wall Street-DC orgy on the taxpayer dime (trillions, actually) is a bipartisan affair, and Obama has turned out to be an even bigger crony crapitalist statist than Bush.

You should really study up before commenting on the politics of other countries, although it is amusing to see foreigners standing aboard the sagging Olde Continent pointing at America's failings.

I liken such commentary to a dog walking on its hind legs. Amusing, but not very useful.