Bu Bob Weaver|
The USAs national debt has now exceeded $8 trillion dollars.
It is completely out-of-control, but it is rarely a hot button issue on the political map.
The National Debt is the total amount of money owed by the government.
It should not be confused with the federal budget deficit, government spending exceeds revenue.
Add up all the deficits (and subtract those few budget surpluses we've had) for the past 200+ years and you'll get the current National Debt.
Politicians love to crow "The deficit is down! The deficit is down!"
Don't be fooled. Reducing the deficit just means we're adding less to the Debt this year than we did last year.
The National Debt on January 1, 1791, was $75 million dollars.
Today, it rises by that amount every hour or so.
Except for a rise at the end of World War II, the Debt remained remarkably constant for nearly forty years when inflationary forces are taken into account.
After 1983, mostly during a time when "conservatives" have been in charge of the government, the rise has been dramatically upward, even when inflation is taken into account.
The debt was a "hot button" issue for Republicans for many years, accusing Democrats of relentless spending, which they did.
On October 18th 2005, the outstanding Public Debt rose to $8,003,897,406,911.24.
Visit the U.S. National Debt Clock