The Classic Liberal Blog

National Debt Now Tops $12 Trillion

It's another record-high for the U.S. National Debt which today topped the $12-trillion mark. Divided evenly among the U.S. population, it amounts to $38,974.34 for every man, woman and child.

Technically, the debt hit the new high yesterday, but it was posted on the Treasury Department website just after 3:00 p.m. ET today. The exact calculation of the debt is a 16-digit tongue-twister and red-ink tsunami: $12,031,299,186,290.07

This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion – more than triple the previous year's record high.

Much of the increase in the deficit and debt is attributed to government spending outpacing revenue ... including hundreds of billions in bailouts and stimulus spending and tax cuts along with decreased tax revenues due to rising unemployment.

But don't you worry, 'cause "the One" is on it.

Obama: Too much debt could fuel double-dip recession

President Barack Obama gave his sternest warning yet about the need to contain rising U.S. deficits, saying on Wednesday that if government debt were to pile up too much, it could lead to a double-dip recession.

"It is important though to recognize if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the U.S. economy in a way that could actually lead to a double-dip recession," he said.

Barack Obama sure does take BS to a whole new level, doesn't he?

Whatever could be causing this mysterious surge in American indebtedness?

Maybe this is a clue:

And where does all the money go?

Where All Boodle Goes to Die

The site also shows $1,471,518 going to New Hampshire’s 6th congressional district, $1,033,809 to the 4th congressional district and $124,774 to the 27th congressional district. In fact, New Hampshire only has two congressional districts; inviting confusion about where the money listed for the 00, 4th, 6th and 27th districts is going.”

GM Paying Back Taxpayers?

Mickey Kaus isn’t buying it. “But of course it’s paying back that debt to taxpayers with money from … taxpayers.

The technical term for this is “Ponzi Scheme.” In a Ponzi Scheme, the fraudsters pay some “investors” with money from later “investors.”

When Bernie Madoff did this, and stung a few hundred rich people, he was called a monster and sent to jail for life.

When the government does it, know-nothing rubes cheer their lungs out. (cf. social security as well).

Armed Robbery and Grand Theft Auto

Might as well buy a car from GM or Chrysler: You already paid for a third of it.

No, I’ve already paid for the union benefits on the labor it took to build that car.

Of course, I’m not going to buy one anyway, so what happened is simple: Obama took the money from my pocket as an armed robber and handed it to a bunch of union thugs - or thuggish unions, take your pick.

And conveniently ... it's all YOUR DEBT too. Congratulations!