Greater Debt in 3 Weeks
We are seeing something absolutely phenomenal in United States history. The National Debt is rising so fast that anything I can say about it may be untrue by the time I post this article, let alone by the time you read it.
On September 30, the last day of fiscal year 2008, the debt amount crossed $10 Trillion for the first time ever. On October 20, less than three weeks later, the debt stood at $10.46 trillion.
That increase, nearly $465 billion, was larger than the deficit for the entire fiscal year, 2008!
Larger than the entire year, 2008—in just three weeks.
Larger than any year in our history—in just three weeks.
What's your share of that? If you're a typcical working person, your share is about $3,200. On September 30, your share of the full National Debt was less than $71,000. It had increased by less than $30,000 over the past seven and a half years.
I can't really tell you where that money is going. Certainly, a lot of it is being spent—or perhaps invested—in the current financial crisis. But I don't think they've spent anywhere near $465 billion yet.
I advise you to do what I'll be doing in about three weeks. On November 13th, the Monthly Treasury Statement of the U.S will be released—for the month of October. You can get it where I get it: at http://fms.treas.gov/mts. I'll be comparing that statement to the October statement for 2007, line-by-line, to see the differences. Try it yourself. Let's see what we learn.
|copyright © 2010, J. C. Adamson|