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Breaking News All | United Prayer | SA Center | SA Newsroom
FRONT PAGE  |  10/25/2021
SATURDAY, OCT 19, 2013  |  12 comments
U.S. debt jumps a record $328 billion — tops $17 trillion for first time
U.S. debt jumped a record $328 billion on Thursday, the first day the federal government was able to borrow money under the deal President Obama and Congress sealed this week.

The debt now equals $17.075 trillion, according to figures the Treasury Department posted online on Friday.

The $328 billion increase shattered the previous high of $238 billion set two years ago.

The giant jump comes because the government was replenishing its stock of “extraordinary measures” — the federal funds it borrowed from over the last five months as it tried to avoid bumping into the debt ceiling. ...


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www.washingtontimes.com

Response to economic crisis?
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· Page 1 ·  Found: 12 user comment(s)
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News Item10/21/13 5:13 PM
Neil | Tucson  Find all comments by Neil
Kyle wrote:
You know the without federal debt a positive net savings rate is not possible, right? Do you know how our monetary system works?
I don't understand why you say that's impossible, so no, I suppose I don't understand how it works. Whose savings are you referring to?

My observation is simply that we have a cultural consensus that debt is a good thing, or at least tolerable, but I dissent. Am I mistaken here?

12

News Item10/21/13 4:32 PM
Kyle | Tucson  Find all comments by Kyle
You know the without federal debt a positive net savings rate is not possible, right? Do you know how our monetary system works?
11

News Item10/20/13 1:02 PM
Neil | Tucson  Find all comments by Neil
Debt is the American Way of Life, & it's What the People Want. This is clear in the public, commerical, & private spheres.

Recently we've been seen ads warning how terrible it would be if Congress revoked the tax deduction on mortgage interest, a relatively minor issue by comparison. Poor little Johnny would have no home to sleep in ! Unsurprisingly, these were sponsored by the real-estate lobby.

I wish I could hide from my foolish fellow Americans somehow, per. Prov. 22:3, so I'll not have to suffer from their stupidity.

10

News Item10/19/13 10:25 PM
Anne | The Wild West  Find all comments by Anne
Harry Leeson, T-bills, notes and bonds make up a percentage of debt, obviously. But total US debt also includes things like our now decrepid housing market (thanks Freddie and Fannie) and other personal debt, plus private corporation debt. Just our national debt totals are painfully misleading - they don't take into account Social Security and Medicare payments (just the trust funds only and those are rather easily manipulated) and some other government securities. It's actually far, far worse than the $17-whatever-trillion they mention in this article.

And, sadly, if the government finds something else to do with the money than pay off EE bonds, don't think for a second they love you that much!

9

News Item10/19/13 8:39 PM
Harry Leeson  Find all comments by Harry Leeson
Anne wrote:
According to the national debt clock, each taxpayer now owes over $134,000 to our illustrious government leaders!
penny wrote:
the great irony -- those who are wracking up the debt are the ones we owe the debt to?
No, the money is owed to those who hold US government bonds.

I have a significant amount of them, and they provide a nice steady income and well secured nest egg. Thanks.

8

News Item10/19/13 9:45 AM
penny  Find all comments by penny
the great irony -- those who are wracking up the debt are the ones we owe the debt to?
7

News Item10/19/13 8:41 AM
Will | Mississippi  Find all comments by Will
Of course we are going to fix the national debt. If we run the the number up high enough then surely those to whom we owe money will simply stop counting and forget right? And even computer systems can only count so high...
6

News Item10/19/13 8:19 AM
Mike | New York  Find all comments by Mike
John UK wrote:
I guess someone forgot how to budget. Mind you, as a peasant, I've only been debt-free since becoming a Christian, seeing things much more clearly. The policy is quite simple, if I ain't got the dosh, I don't spend it.
What? You mean you don't simply raise your debt ceiling, like fools in Washington do?
5

News Item10/19/13 8:07 AM
Anne | The Wild West  Find all comments by Anne
According to the national debt clock, each taxpayer now owes over $134,000 to our illustrious government leaders! Let me just start digging through my couch cushions, I am sure I can come up with something...
4

News Item10/19/13 6:52 AM
Christopher000 | Rhode Island  Find all comments by Christopher000
Thank you, Mr. Obama...for the systematic destruction of this nations economy, that is.
3

News Item10/19/13 3:39 AM
John UK | Wales  Find all comments by John UK
I guess someone forgot how to budget. Mind you, as a peasant, I've only been debt-free since becoming a Christian, seeing things much more clearly. The policy is quite simple, if I ain't got the dosh, I don't spend it.
2

News Item10/19/13 1:12 AM
GsTexas | Texas  Find all comments by GsTexas
The government can't even control the national debt, and now it controls our health care (despite no constitutional authority to do so). Not hard to see an abysmal failure on the horizon.
1
There are a total of 12 user comments displayedSubscribe to these comments



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