Debt

As we end this quarter, all eyes are on the hurricane victims and the aid they will receive. No doubt the American people will be generous. We have seen an outpouring of charity unmatched in the annals of American munificence. Not to be outdone, Congress got into the act with an initial $10.8 [...]

From UNCLE SAM COOKS THE BOOKS  In 1789, Congress assumed the total Revolutionary War debt of $78 million. Since then, Congress has tried several times to set an overall ceiling on the amount of the debt outstanding. In 1946, $275 billion was set as the limit. It remained in effect until 1954. [...]

09/01/2004 Total Gov’t Debt $7,372,572,002,165.00 09/01/2004 Money Supply(L)$9,255,169,195,204.00 This entire $9 trillion money supply was loaned into circulation from a basis of debt. It currently yields about $400 billion annum These federal reserve notes could be retired and replaced with [...]

Recent exhortation by popular financial gurus seems to follow a subject which I find ludicrous. The theme is simple in its elegance: Pay off your debts, save your cash, and live debt free. These ideas are really drawing a lot of attention in the financial press. With all due respect to the authors [...]

04/01/2004 Total Gov’t Debt   $7,162,025,763,951.47 04/01/2004 Money Supply(L) $8,950,610,201,151.00  My, oh my, all that debt! Well, the rallying cry in Washington is, “deficits don’t matter.” They are correct, to a point. Deficits matter only in regard to [...]

01/10/2004 Total Gov’t Debt $6,849,715,229,636.36 01/10/2004 Money Supply(L) $8,861,215,320,000.00 Money supply is somewhat stabilized after dramatic increases in the first 3 quarters of 2003, look for further weakness. Government debt increased in typical fashion with an additional $500 [...]

10/28/2003 Total Gov’t Debt $6,849,715,229,636.36 10/28/2003 Money Supply(L) $8,899,715,130,000.00 New records once again. Money supply is growing at about $5 million a second while Government debt is increasing at a rate of only $1 million a second ! Hey, here is a great assignment for the [...]

02/11/2003 Total Gov’t Debt $6,460,406,169,833.02 04/30/2003 Money Supply(L) $8,662,230,130,000.00  Welcome to a brave new world. Congress approved and the President has signed an increase in the debt limit. From $6.4 trillion to $7.38. The $984 billion increase is a record. Scary thing [...]

02/11/2003 Total Gov’t Debt $6,460,406,169,833.02 04/30/2003 Money Supply(L) $8,662,230,130,000.00 As this is written, Congress is grappling with the tax cut and a necessary increase in the debt limit. Currently at $6.4 trillion, the limit must be raised a staggering 1 trillion just to last [...]

02/11/2003 Total Gov’t Debt   $6,403,775,445,922.86 02/11/2003 Money Supply(L) $8,641,210,350,000.00 I thought the debt ceiling was 6.4 trillion. I suppose it really is so much lip service. It is time, however, to raise the number again. Any guesses? How about 7 trillion? That would [...]