Zeev's Turnips Patch-No Politics (ZEEV)

[fabian]

Total accumulated Debt for the U.S. was 1860 $65 million [we spend that much more than we take in about every 22 min now].
Spending for the civil war ballooned that to $2.5 Billion [accumulated debt]
Accumulated debt in .......................... 1910 $2.5 Billion [The U.S,. now racks that much debt up every 16-17 hrs, every day of the week]
The Federal Reserve was created in about 1917
Total debt in ....................................1980 hit $1 Trillion [205 years to accumulate $1Trillion in debt. The U.S. is now adding to it's debt more than that every year].
Current accumulate debt-$13.7 Trillion
What will be the future debt be if promised but unfunded liabilities are figured in? Doesn't matter as it's not possible. "Adjustments" will be made long before then either voluntarily or involuntarily.
A piece by David Stockman if interested,
Not all agree.
http://finance.yahoo.com/news/Banana-Republic-Finance-Why-minyanville-1254294547.html?x=0&sec=topStories&pos=9&asset=&ccode=


Of course, what is important is not just debt but debt as a % of GDP.
Debt as a % of GDP soared to 80% in World War 2 due to massive borrowing to fund the war effort
Debt as a % of GDP then declined to 28% of GDP in 1970 and 26% of GDP 10 years later [the modern low]
Debt as a % of GDP has been rising since but is now accelerating rapidly [still considerably lower than that of at the end of WW2]
Fabian