The federal government is telling us our accumulated national debt is somewhere around $16 Trillion. Sorry, but I am just not buying it – not even for a second. Of course, estimates of our real accumulated national debt are all over the map, and just trying to research this unpleasant and complex topic can leave your head positively spinning as you pull out of the driveway and head straight for your local liquor retailer – credit card at the ready.
Personally, I have settled on a figure of about $134 Trillion. I do not have any hard data to back that number up – perhaps it is coming from my gut, I do not know, but it is a number a little north of the mean of the estimates I have seen – the highest of which was an eye-popping $222 Trillion. The truth, after all, is often times somewhere in the middle. Besides, I doubt there there is anyone out there that knows exactly what our accumulated debt actually is.
Of course, the actual amount we are in hoc for is not nearly as important as how we came to this sorry point in our short 236 year history as a nation. Since WWII, America has been on a spending binge with no end in sight, and it gets worse as each year passes.
I may disagree with the numbers, but I am confident the rate of our hideous national debt increase illustrated in the above graph is dead-on.
(Note also that WWII saw the introduction of payroll withholding to help speed up funding for building the war machine that ultimately defeated Japan and helped to crush Corporal Hitler. Only problem is, congress failed to do away with it after the war. What a surprise).
This out-of-control growth in federal spending cannot go on for much longer, as at some point (and I believe it is coming sooner rather than later), America’s financial and economic house of cards is going to come crashing down literally overnight.
Yeah, I know many are saying that we are putting our children and their children in the poorhouse and thus relegating them to a much lower standard of living.
That is, of course, correct, but we are also screwing ourselves in the here and now.
FY 2013 Appropriations Tracker Update: Continuing Resolution Spends Even More
Emily Goff September 28, 2012 at 11:42 am
Members of Congress left plenty of unfinished business as they hustled out of town last weekend, but they did manage to boost spending through another half-baked legislative measure.
The fiscal year (FY) 2013 Continuing Resolution (CR), H.J. Res.117, now on the way to the President’s desk, funds the federal government for six months at an annualized rate of $1.047 trillion—an $8 billion increase. Thus another dose of spend-as-you-go from a Congress that has all but given up on serious budgeting.
The Heritage Foundation’s FY 2013 Appropriations Tracker has been updated to reflect the annualized spending amounts in the CR and compares the agreement to House and Senate versions of the 12 regular appropriations bills as well as an FY 2013 base level and the amounts spent in the pre-stimulus year of 2008.
Usually a CR spends at the same level as would result from continuing the previous year’s policies—in this case, $1.039 trillion. This CR’s additional spending, however, pushes the rate of spending to that consistent with the total spending level of $1.047 trillion provided in the Budget Control Act of 2011.
You will find the rest of the article at this link.
I do not have much to add here, other than “our side” is clearly not in our corner.
The House of Representatives is the only government entity that is constitutionally authorized to introduce spending bills of any kind, but for whatever reason, they do not have it in their DNA to just say no – and they have had nearly two years to do so.
I am sorry, but John Boehner & Co. are all out of excuses, and we as a nation are pretty much out of time.