U.S. National Debt: 10.9 Trillion & Clicking

Limbaugh's un-Republicans vs. The United States of America
By Steven Stoft, March 3, 2009
Limbaugh is hoping for Obama's economics to fail and for the United States to sink into another Great Depression. See for yourself. But here's the Wall St. Journal quoting Fed. Chairman Bernanke—and remember, he's George Bush's man, not Obama's:

"The recent near-term [economic] indicators show little sign of improvement," Mr. Bernanke said, citing higher levels of new jobless claims since mid-January. ... Meanwhile, businesses "have apparently cut back their plans." ... "We are better off moving aggressively today to solve our economic problems." But given the economic climate, "enormous" deficits are "unavoidable," Mr. Bernanke said

Check this graph.

Most Republicans would rather not see their country crushed by a depression just to prove an ideological point, even if it was correct. But extreme conservatives fought recovery in the last depression, and Roosevelt did not spend enough from 1933-41 to get us out of it. Only World War II provided the excuse for the enormous deficits that finally jolted the economy out of depression and into overdrive. (#1 villain)

	Accumulated Debt/Savings	In the last # secs.
Borrowed by the General Fund	– $ #*	$ #
Income: Income taxes. Outgo: Defense 30%, Interest 19%, ...
Saved by the Social Security Trust	+ $ error	$ error
Income: FICA Payroll taxes. Outgo: Benefits and disability
Saved by other Gov. Trust Funds	+ $ #	$ error
Income: FICA & gas taxes. Outgo: Medicare, highways, etc.

Debt Held by the Public (net debt)	– $ error^†	$ error

* Gross National Debt † Debt Held by the Public Debt Clock Source Data

How Do the General and Trust Funds Get their Money?
For The General Fund: All personal and corporate income tax.
For Social Security Trust Fund: Payroll taxes on wages up to $102,000 (2008).
For Medicare: Payroll taxes on all wages. (Medicare is the big part of "other.")


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how

http://zfacts.com/p/461.html | 07/05/09 01:27 GMT
Modified: Tue, 17 Mar 2009 05:44:06 GMT

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