Thanks to Bush & GOP, U.S. Debt Is Growing at $1 Mil Per Minute

8 Comments on “Thanks to Bush & GOP, U.S. Debt Is Growing at $1 Mil Per Minute”

1. One million a minute is $1,440,000,000 each 24 hours … (1mil x 60 X 24)

   The psychotic denial of preznit blush and his bushie nits is clearly reaching into financial markets:

   Overall, the glum conclusion is that equity investors are still – as they say – in denial.

   (Tony Jones, Financial Times).

   I posted on Bradblog long ago, before the housing bubble burst, that Bob Ney (R-Prison) engendered the housing crisis with his legislation in the 108th republican led congress, and that such legislation would lead to disaster eventually.

2. a few key grafs

   Venezuela has backed an Iranian proposal to add the group’s concern over the falling Dollar to a summit declaration to be made today (Nov. 30th). Saudi Arabian foreign minister Prince Saud Al-Faisal said that no mention of the Dollar should be made in the declaration, because he didn’t want the US currency to “collapse”.

   Nigerian Finance Minister Shamsudeen Usman said last Friday that his country’s laws have been changed to allow it to diversify its foreign reserves out of the Dollar. Angola may shift its international reserves away from the Dollar too, says finance minister Jose Pedro de Morais. The Southern African state has $10.2 billion of foreign-currency reserves. De Morais said around 80% of the reserves are in the US Dollar.

   Three of the world’s biggest oil exporters – Iran, Venezuela, and Russia – are now demanding payment in the Euro rather than in the Dollar. Iran insists that Japan should make all its payments for oil in Yen, rather than in the Dollar.

   story

3. well depends how your counting it. for the fact it is 10 trillion if americans count it, but the rest of the world would tell you that the number is in fact 10 billion ameircans do not count the 1000th million it will be hard to pay off the debt although as the real estate market is crashing as well for the stock market debt is a hard word for me to say this is future general maximus bidding you good day.

4. Let me share my recent newsletter with you:

   Greetings,

   It is generally not official when citizens become scientific. In our sycophantic society we have emptied our souls and submitted to the powers that be under the guise of “righteous obedience”.

   So remember when this citizen, some time back, made the prediction that the housing market would burst and take down financial institutions, AND other credit would file suit?????

   Check this out: “it [officialdom] warned that credit card debt and auto loans could be the next sectors to suffer”.

   It is common to confuse science with religion. One reason is that in science the test of a hypothesis is its ability to predict. If it predicts accurately it becomes a law.

   In religion the ability to predict is supposed to indicate closeness to God, so long as the predictor does not advocate wrongdoing or wrongthinking.

   Don’t confuse my predictions with religion. It is purely scientific, math based, projectionism.

   When home overbuilding takes place on a local scale that locality will suffer housing devaluation, and when done on a national scale the nation will suffer housing devaluation. Simple 1 + 1 = 2.

   The real problem at the detail level is the corruption of the Appraisal Industry. I advocate a “GAAP” for appraisors “Generally Accepted Appraisal Principles” to back up the GAAP (Generally Accepted Accounting Principles) of the accounting industry.

   Appraisers and their practices are like the desert sands and are blown to and fro without principle.

   How can the value of a home increase merely by the government printing more money so builders can overbuild?

   Until appraisers get in tune with the damage that “having only 100 buyers chasing 1000 houses” brings, their appraisals will continue to be the seed of economic disaster “fostered by the housing market”.

   later,
   [Dredd]

   (Tomorrow’s News by Dredd).

5. You are quite mistaken. The debt of the government is 53 trillion dollars. The US is insolvent. Our federal deficits alone now total more than 400% of GDP.
   That’s according to a 2006 Treasury/OMB report entitled Financial Report of the United States Government.

   Please look at the following link for further details:

   http://www.financialsense.com/fsu/editorials/martenson/2006/1217.html

6. jesus christ what did i say about counting it right you meant to say 53 billion dollars count the 1000th million if it exsits to you your other facts are right and that i agree with but the numbers are wrong

7. .

   Brad,
   You’re being far too kind toward the Dem’s.
   For all those years, what role did the Dem’s play?

   No FILIBUSTER?
   Just consent… that’s all.

   The GOP needed the Dem’s to cooperate, and they did.

   Otherwise, the assertion you make about these last seven years would be false because there would have been a concerted effort by the Dem’s to curtail this out of control spending, maybe even marked evidence that would have suggested as much.

   I happen to be just a frightened by all this spending as you are, however, I feel the Dem’s have a role to play, otherwise, if they be so innocent, we wouldn’t have the situation as it is today.

   Message to Dem’s,
   ACCOUNTABILITY begins with ownership.

   Just what does blaming the GOP and the president accomplish?

   .

8. anthony Maximus I DID mean “53 Trillion dollars”. That’s 53 with 12 zeros. Please check that link for an explanation and check the Financial Report of the United States Government by the Treasury department released on Dec 15, 2006.

   “In his accompanying statement to the report, David Walker, Comptroller of the US said:

   “Despite improvement in both the fiscal year 2006 reported net operating cost and the cash-based budget deficit, the U.S. government’s total reported liabilities, net social insurance commitments, and other fiscal exposures continue to grow and now total approximately $50 trillion, representing approximately four times the Nation’s total output (GDP) in fiscal year 2006, up from about $20 trillion, or two times GDP in fiscal year 2000.

   As this long-term fiscal imbalance continues to grow, the retirement of the “baby boom” generation is closer to becoming a reality with the first wave of boomers eligible for early retirement under Social Security in 2008.

   Given these and other factors, it seems clear that the nation’s current fiscal path is unsustainable and that tough choices by the President and the Congress are necessary in order to address the nation’s large and growing long-term fiscal imbalance.”

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