American Elephants

How Big Is the U.S. Debt? by The Elephant's Child

Professor Antony Davies, from Duquesne University, explains just how big our debt is. He doesn’t leave out the parts that no one usually mentions — the entitlements that we have promised to our own people.

Is is a terribly serious matter that cannot be ignored, much as some politicians would prefer to just keep coasting along.

President Obama Signs Law Raising Public Debt Limit to $14.3 Trillion! by The Elephant's Child
February 14, 2010, 6:27 pm
Filed under: Capitalism, Economy, Taxes | Tags: , ,

Friday night news drop — ABC News Senior White House Correspondent Jake Tapper:

Behind closed doors and with no cameras present, President Obama signed into law Friday afternoon the bill raising the public debt limit from $12,394 trillion to $14,294 trillion.

The current national debt is $12.3 trillion.  Check out the National Debt Clock, which tells you your share of that — roughly $40,000 per citizen, $113,000 per taxpayer.

The bill also establishes a statutory Pay-As-You- Go procedure requiring that new non-emergency legislation affecting tax revenue or mandatory spending not increase the Federal deficit — in other words, that any new spending or tax cuts be paid for with new taxes or spending cuts.

President Transparency strikes again.  One of my worst moments recently was when I was listening to the radio while I did other stuff, and the broadcast captured the moment when the Democrats passed the bill raising the public debt limit to $14.3 trillion.

The Democrats all cheered.

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