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Friday, December 11, 2009

National Debt Passes 12.1 Trillion Dollars!

Bob Brinker constantly bashes congress and "the White House" for massive deficit spending. He says they are spending like "drunken sailors." Other than I think this is a slam on many of our sober men and women in service of our country, this is one area I am in complete agreement with him.

Check out The National Debt Clock for a sobering set of statistics.

As I type, the total nation debt is over 12 TRILLION 1o4 Million!

$12,104,298,636,666

It advanced over 30 MILLION as I wrote that down.

National
  • Debt per citizen = $39,283
  • Debt per taxpayer = $111,224

  • Interest per citizen = $5,859
US Population = 308,129,449
Number of US Taxpayers = 108,834,743
Number of Officially Unemployed = 15,403,989

Number of US Workforce 138,584,486
Number of Federal Employees = 4,238,946
Number of US retirees = 37,500,533

Notes of interest:

Not all workers pay taxes since they fall below the threshold.

If you define "supporting" as you give more to government than we get from the government, then this calculation is staggering:

Us 108.8 million taxpayers are supporting 57.1 million people!
  • 4.2M federal workers
  • 15.4 M unemployed and
  • 37.5M retired people!
The price of Gold at $1,113 (Gold quote and Charts) is probably reflecting the market's belief in how difficult it will be for US taxpayers to repay this debt without massive inflation.

Disclosure: I have no position in Gold but I do have significant personal positions in TIPS, TIPS mutual funds and iBonds plus I hold them in BOTH my newsletter portfolios. See: Kirk's Two Investment Letters

3 comments:

  1. The National Debt first crossed over the $12 trillion mark on November 16-17th.

    So in one month it has risen this much: ,091,292,877,094.86 (+) Very alarming, in my opinion...

    National Debt

    .

    ReplyDelete
  2. As of this post, the national debt stands at $12,245,588,637,325

    That is up 140 BILLION DOLLARS in 11 days

    the national debt is growing about 12.8 Billion dollars a day

    Number of US Taxpayers = 108,834,743

    That means each taxpayer is seeing his or her debt load increase by about $85 a day thanks to an out of control Federal government.

    $85x365= $31,250! That is how much MORE each taxpayer is in debt for a year's worth of spending at the current rate.

    Did anyone here feel they are getting $31,250 value for our generosity?

    Those of us in California are also going into greater debt each day also due to out of control state government spending.

    ReplyDelete
  3. I want to gently take Mr. Brinker to task for always referring to spendthrifts as "drunken sailors". I think that nowadays most would more easily understand a "crazy drunken congressman" is a spendthrift. They're more ubiquitous than sailors in any case.

    ReplyDelete

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