US Debt Clock :: National Debt of United States
http://www.nationaldebtclocks.org/debtclock/unitedstates
US national debt is so bad now that the U.S. Treasury has simply stopped reporting it…
“Officially,” the U.S. national debt has frozen in time, though
“unofficially” it continues to grow at a frenetic pace.
What’s going on? Did the federal government suddenly become fiscally
responsible and we are no longer accumulating country-destroying debt?
If you believe the U.S. Department of the Treasury, yes. As reported recently by
CNS News, the national debt froze for more than 21 days.
Oh, wait. Look at the official figure being reported:
$18,112,975,000,000. That just happens to be the official debt limit set
by Congress. Indeed, $18,112,975,000,000 is about $25 million below the
current legal debt limit of $18,113,000,080,959.35.
Hiding the true damage by making up numbers as they go
In a
March 13 letter
to House Speaker John Boehner, R-Ohio, Treasury Secretary Jack Lew
explained that he was planning to declare a “debt issuance suspension
period.” That was required, he explained, because in 2014 Congress
passed legislation that “suspended” the debt limit until March 15, but
reinstated it again on that date at whatever level the debt had reached
at that time.
“As you know, in February 2014, Congress passed the Temporary Debt
Limit Extension Act, suspending the statutory debt limit through March
15, 2015,” Lew said in his letter. “Beginning on Monday, March 16, the
outstanding debt of the United States will be at the statutory limit. In
anticipation of reaching that date, Treasury has suspended until
further notice the issue of State and Local Government Series
securities, which count against the debt limit.”
What are State and Local Government Series securities? According to
the Congressional Research Service they are “customized securities
available for state and local governments to hold proceeds of bond
sales.” They are further considered to be part of the federal government
debt held by the public.
“Because Congress has not yet acted to raise the debt limit,” Lew
continued in his letter, “the Treasury Department will have to employ
further extraordinary measures to continue to finance the government on a
temporary basis. Therefore, beginning on March 16, I plan to declare a
‘debt issuance suspension period’ with respect to investment of the
Civil Service Retirement and Disability Fund and also suspend the daily
reinvestment of Treasury securities held by the Government Securities
Investment Fund and the Federal Employees’ Retirement System Thrift
Savings Plan.”
Some of these same actions have been taken before, during earlier periods when the debt seemed to freeze in time.
http://www.naturalnews.com/051349_Ponzi_scheme_debt_Treasury_Department.html
By This Measure, the U.S. has the 2nd Highest National Debt
USA IS #7 IN DEBT TO GDP, BUT #2 IN DEBT TO REVENUE
In absolute terms, the United States is the most indebted country in the world, accounting for 29% of the world’s
$60 trillion of sovereign debt.
However, this is not really a fair comparison in some ways because it
does not account for the relative wealth of the country in contrast to
poorer economies. That’s why it is standard practice to measure
sovereign debt in a ratio comparing it directly to the economic
productivity, measured by gross domestic product (GDP).
Using this ratio in comparison with other OECD countries, the United
States is a modest 7th place (out of 34) in the rankings in terms of its
debt load. However, as Jeffrey Dorfman writes in Forbes, comparing debt
and GDP has some
considerable problems.
http://www.visualcapitalist.com/by-this-measure-the-u-s-has-the-2nd-highest-national-debt/
