U.S. National Debt: 11.4 Trillion & Clicking

Why Borrow and Spend for Economic Stimulus?
July 11, 2009. Money flows in circles: you get paid you spend it, and the store pays someone else, who spends at another store. But what if everyone spent 90% and saved 10% in the bank? The circle of money would dwindle away to nothing, all the money would be in the bank, the stores would shut and we'd all be out of work. ... more >>

Check this graph.

Learn from History

Most Republicans would rather not see their country crushed by a depression just to prove an ideological point, even if it was correct. But extreme conservatives fought recovery in the last depression, and Roosevelt did not spend enough from 1933-41 to get us out of it. Only World War II provided the excuse for the enormous deficits that finally jolted the economy out of depression and into overdrive. (#1 villain)

	Accumulated Debt/Savings	In the last # secs.
Borrowed by the General Fund	– $ #*	$ #
Income: Income taxes. Outgo: Defense 30%, Interest 19%, ...
Saved by the Social Security Trust	+ $ error	$ error
Income: FICA Payroll taxes. Outgo: Benefits and disability
Saved by other Gov. Trust Funds	+ $ #	$ error
Income: FICA & gas taxes. Outgo: Medicare, highways, etc.

Debt Held by the Public (net debt)	– $ error^†	$ error

* Gross National Debt † Debt Held by the Public Debt Clock Source Data

How Do the General and Trust Funds Get their Money?
For The General Fund: All personal and corporate income tax.
For Social Security Trust Fund: Payroll taxes on wages up to $102,000 (2008).
For Medicare: Payroll taxes on all wages. (Medicare is the big part of "other.")


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how

http://zfacts.com/p/461.html | 08/27/09 04:31 GMT
Modified: Sun, 19 Jul 2009 00:51:54 GMT

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Secretary of Commerce under Nixon, Peterson explains the national debt by the Republicans' pursuit of reckless supply-side economics and the Democrats' unwillingness to consider limits on entitlements.
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