Obama Gossip - Maxing $10,639,798,482,512.69 National Debt
Times Square's National Debt Clock, which has been compiling money owned by the U.S government since 1989, is running out of spaces.The national debt broke $10 trillion on Sept. 30, but honestly there was so much going on that we can forgive everyone for being distracted. Including us.
In September 2008, the dollar sign was eliminated to make a space for an extra digit, the "1" in $10 trillion. A new clock is in works that will make a room for quadrillion dollars. Completion is likely in 2009.
History on the clock: It was created in 1989 by Manhattan real estate developer Seymour Durst to inform the public about the nation's snowballing national debt (back then, it was $2.7 trillion). Seymour died in 1995, and the clock is now owned by his son, Douglas Durst.
Debt problem is getting worse as we are spending more on interest on the national debt than we are spending on IRAQ war. For 2008, there will be $400 billion deficit, but that was before Wall Street bailouts.
Even with borrowing and bailing out banks, Wall Street and eventually homeowners, government may actually make money thought investments it did with banks. With government providing cash directly to banks for exchange of stocks, government may actually make money.
Bu that may take a while and so far no one is talking about how taxpayers will pay for this debt by increased taxes or spending cuts.
The Government Accountability Office estimates that rising health care cost and retirement of baby boomers could cost $53 trillion in "unfunded liabilities". If by 2040 nothing changes government will run out of money for Medicare, Medicaid, Social Security and even paying interest on the money we borrowed.
Not even Barrack Obama can solve the crises. Tax policy center says that Obama's plan would increase national debt by $3.5 trillion over next 10 years. As of now to calm public Obama most likely will offer tax cuts and tax credits that country does not have, but will be added to national debt.
U.S bailouts will help for a while, but critics are already there with many answers that not matter what bailout comes it is not enough. U.S government is adding to national debt and more and more bailouts will come will create more problems.
Critics describe government actions as taking it from the back and not approaching it from the front. Instead of giving money to Wall Street and banks, those who created the problems at the first place, help homeowners to save their homes.
Government has rolled a new plan that will modify loans from providing lowers interest rates to extending terms from 30 years to 40 years. But it did take a long time to come up with the plan, when this plans should have been first.
The problems for new president and government will be piling up and our national debt will grow larger.
"Our children and grandchildren will be paying the price for years to come as they shoulder this growing burden of debt," said House Budget Committee Chairman John Spratt Jr., D-S.C.
Article Source: http://articlelibrarian.com
Susan Duey represent 1DebtMoney Debt Relief program. To learn more about debt negotiations visit Debt Management section.
Obama Bobble Head
