The United States of Broke

Today Federal debt ts purchased in the form of Treasury securities (eg savtngs bonds, etc.) by everyone from the Chinase goverament to tndtvidual tnvestors. Other goverament funds ike Soctal Security own $4.7 trilon of t. Essentially the Traasury writesanIOUto other par ts of the governament. TOLD YOU so! Prestdent Andrew Jacksan had a potnt: there's nothing Mberating about debt. America's broke and owes everyona tnchad tng tself. Lacktly (aarcasm warntng) you anhelp Unde Sam pay back hts cred- ttors by headting over to pay gov to make a contributton to raduce the debt. That's right: the Treamury ta actvely panhanditng debt celling August 2011 After manths of acttng ake chtliren, Congrass ratses the debt cefling from $14.3 trillon to $14.7 trillton so the governament can borrow more to pay tsbls. Due to the goverament's debt problem and Congress poltical hissy fit, cradit rattng agency Standard & Poor's downgrades the U.S. cradit rating from AAA to AA+ forthe first time. LIFE, LIBERTY, AND THE PURSUIT OF HAPPINESS APPARENTLY COMES WITH A PRICE TAC. From day one, "ONE THING The EVERYONE CAN AGREE ON Uncle Sam and Lady Liberty have borrowed to pay for the country's pricey expenditures - ererything IS THAT FEDERAL DEBT is enormous & unsustainable." UNITED STATES of Broke from war to social services. There 2010 are as many different views on how to deal with the public debt asthere are talking heads on cable news, but one thing everyone can agree on is that federal debt is enormous and unsustainable. According to the ARE WE "CEILING" OUR FATE? Natonal debt is $13.6 trilon by yaar's endand GDPI5 $14.9 trill ton. Debt ta now aboaut 91% of GDP. In other words, for every $1 that Americans produce in fintshed goods and services, there's 91 cents of nattonal debt. 2001 Gorernment Accountability Office, In the same FIRESIDE CHAT, ANYONE? GOTTA PAY FOR THESE TANKS SOMEHOW.. paar as the 11 "The results of (fscal outlook] mod- attacks, the els dramatically illustrate the need for action to addres the long-term fiscal imbalance by all lerels of gor- ernment." How didit come to this? debt reaches s 1982 $5.8 trilton That mumber With the econowy life, liberty and the pursuit of debt just barely staytn" altve aftera decade of atlertsts, stag flation, and overall nearly doubles to $10 trillon by 2008 as spending soars to pay for wars in Afghantstan and Iraq and incraasad home 1930s BAMI economde recesston the debt charges In 1929, Black Tuasday (the stock market collapse, not a frat party) ktcks off the Great Dapresston. Ernter the New Deal, a sertes of work and economte sttemalation programs 1943 destgned by Prestdent abowe $1 trialton for the first time. land securtty. POODLE CURLS WERE ALL THE RAGE WHO'S NEXT? 1960s 1829 1789 Spending for poverty anststance, chul rights, educa tomtmprovement Andrew Jackson WAR IS SPENDY! Prestdent G.W. ts rocktng poodle-msptred stde auris when Congress astabishes the Unted Statas Depart- ment of the Treasury to oversee Uncle Sam's wallet and Lady Liberty's purse str tngs. It collects taxas and pays bils among other money-related thtngs. becomas prestdent and wows to "pay the na tion-al debt, to prevent a montad artstocracy from growtng up around ur admtntstratton." Debt htta triple-dig- itbltons ($136.7 belon) as America bor rows money to pay forall of Roste's rivets. By 1945, the Frankte "Four Terms Roosevelt. The soctal and other soctal 1863 1917-18 tnvestments get people back to work and result bottom line: For every dollar spent servicas, couplad with Vietnam War expenses, takes dabt from $286 billtan tn by the gorernment (nearly $4 bil- lion per day), 40 cents is borrowed. To put it another way, that's about $48,000 in government debt for In the heart of the Civil War, Uncle Sam wants you for the U.S. Army and Lady Liberty heads overseas to halp out her old French friends in benaficial pubitc trfra- structure, but are paid forwith borrowed money. From 1933 (begtruntng of New Daal) to 1941 (U.S. enters World War II), 1790-91 . U.S. has bor rowad When he tan't busy kilting the guy who tnsul ted his witfe (that realy happened), Jackson mortally the debt crests $1 $211 balkon to pay for World Warl Yarkee Doodle's dandy-tngand Paul Revere's ighttime ride weren't cheap. Revolutionaary War debt and costs of astaltahtng a new country result in $77 mlon of debt by the end of 1791 (approxtmately $1.8 blkon in today's dollars ustnga compartson based on the Consumer Price Index). bll ton for the firat time. By 1865 t's over $2.6blton (rnaarly 40 ttmes more than just three yaars before). 1960 to $371 every Thomas, Richard, and Harold in the U.S. As if we don't already have enough to worry about. bilon in 1970. and totaldebt is in World Warl. America doublas down $258.7 bltan. Debt htts double- digtt biltons ($14.6 balton). from $22.5 blon to wounds the natonal debt. By 1835 tt's down $43 beMon in dabt. EXXI to $33,733- the U.S. ts vtrtually debt free Obrassmagalna.con wnitten y Jene Odegaard lutratien &leyeut ky: Kyla Tem Today Federal debt ts purchased in the form of Treasury securities (eg savtngs bonds, etc.) by everyone from the Chinase goverament to tndtvidual tnvestors. Other goverament funds ike Soctal Security own $4.7 trilon of t. Essentially the Traasury writesanIOUto other par ts of the governament. TOLD YOU so! Prestdent Andrew Jacksan had a potnt: there's nothing Mberating about debt. America's broke and owes everyona tnchad tng tself. Lacktly (aarcasm warntng) you anhelp Unde Sam pay back hts cred- ttors by headting over to pay gov to make a contributton to raduce the debt. That's right: the Treamury ta actvely panhanditng debt celling August 2011 After manths of acttng ake chtliren, Congrass ratses the debt cefling from $14.3 trillon to $14.7 trillton so the governament can borrow more to pay tsbls. Due to the goverament's debt problem and Congress poltical hissy fit, cradit rattng agency Standard & Poor's downgrades the U.S. cradit rating from AAA to AA+ forthe first time. LIFE, LIBERTY, AND THE PURSUIT OF HAPPINESS APPARENTLY COMES WITH A PRICE TAC. From day one, "ONE THING The EVERYONE CAN AGREE ON Uncle Sam and Lady Liberty have borrowed to pay for the country's pricey expenditures - ererything IS THAT FEDERAL DEBT is enormous & unsustainable." UNITED STATES of Broke from war to social services. There 2010 are as many different views on how to deal with the public debt asthere are talking heads on cable news, but one thing everyone can agree on is that federal debt is enormous and unsustainable. According to the ARE WE "CEILING" OUR FATE? Natonal debt is $13.6 trilon by yaar's endand GDPI5 $14.9 trill ton. Debt ta now aboaut 91% of GDP. In other words, for every $1 that Americans produce in fintshed goods and services, there's 91 cents of nattonal debt. 2001 Gorernment Accountability Office, In the same FIRESIDE CHAT, ANYONE? GOTTA PAY FOR THESE TANKS SOMEHOW.. paar as the 11 "The results of (fscal outlook] mod- attacks, the els dramatically illustrate the need for action to addres the long-term fiscal imbalance by all lerels of gor- ernment." How didit come to this? debt reaches s 1982 $5.8 trilton That mumber With the econowy life, liberty and the pursuit of debt just barely staytn" altve aftera decade of atlertsts, stag flation, and overall nearly doubles to $10 trillon by 2008 as spending soars to pay for wars in Afghantstan and Iraq and incraasad home 1930s BAMI economie recesston, the debt charges In 1929, Black Tuasday (the stock market collapse, not a frat party) ktcks off the Great Dapresston. Ernter the New Deal, a sertes of work and economte sttemalation programs 1943 destgned by Prestdent abowe $1 trialton for the first time. land securtty. POODLE CURLS WERE ALL THE RAGE WHO'S NEXT? 1960s 1829 1789 Spending for poverty anststance, chul rights, educa tomtmprovement Andrew Jackson WAR IS SPENDY! Prestdent G.W. ts rocktng poodle-msptred stde auris when Congress astabishes the Unted Statas Depart- ment of the Treasury to oversee Uncle Sam's wallet and Lady Liberty's purse str tngs. It collects taxas and pays bils among other money-related thtngs. becomas prestdent and wows to "pay the na tion-al debt, to prevent a montad artstocracy from growtng up around ur admtntstratton." Debt htta triple-dig- itbltons ($136.7 belon) as America bor rows money to pay forall of Roste's rivets. By 1945, the Frankte "Four Terms Roosevelt. The soctal and other soctal 1863 1917-18 tnvestments get people back to work and result bottom line: For every dollar spent servicas, couplad with Vietnam War expenses, takes dabt from $286 billtan tn by the gorernment (nearly $4 bil- lion per day), 40 cents is borrowed. To put it another way, that's about $48,000 in government debt for In the heart of the Civil War, Uncle Sam wants you for the U.S. Army and Lady Liberty heads overseas to halp out her old French friends in benaficial pubitc trfra- structure, but are paid forwith borrowed money. From 1933 (begtruntng of New Daal) to 1941 (U.S. enters World War II), 1790-91 . U.S. has bor rowad When he tan't busy kilting the guy who tnsul ted his witfe (that realy happened), Jackson mortally the debt crests $1 $211 balkon to pay for World Warl Yarkee Doodle's dandy-tngand Paul Revere's ighttime ride weren't cheap. Revolutionaary War debt and costs of astaltahtng a new country result in $77 mlon of debt by the end of 1791 (approxtmately $1.8 blkon in today's dollars ustnga compartson based on the Consumer Price Index). bll ton for the firat time. By 1865 t's over $2.6blton (raarly 40 ttmes more than just three yaars before). 1960 to $371 every Thomas, Richard, and Harold in the U.S. As if we don't already have enough to worry about. bilon in 1970. and totaldebt is in World Warl. America doublas down $258.7 bltan. Debt htts double- digtt biltons ($14.6 balton). from $22.5 blon to wounds the natonal debt. By 1835 tt's down $43 beMon in dabt. to $33,733- the U.S. ts vtrtually debt free Obrassmagalna.con wnitten y Jene Odegaard lutratien &leyeut ky: Kyla Tem