Armed Polite Society
Main Forums => The Roundtable => Topic started by: MicroBalrog on October 09, 2008, 02:55:43 PM
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US debt clock runs out of digits
The US government's debts have ballooned so badly the National Debt Clock in New York has run out of digits to record the spiralling figure.
The digital counter marks the national debt level, but when that passed the $10 trillion point last month, the sign could not display the full amount.
The board was erected to highlight the $2.7 trillion level of debt in 1989.
The clock's owners say two more zeros will be added, allowing the clock to record a quadrillion dollars of debt.
Douglas Durst, son of the late Seymour Durst - the clock's inventor - hopes to replace the Manhattan clock with its lengthier replacement early next year.
For the time being, the Times Square counter's electronic dollar sign has been replaced with the extra digit required.
For its part, the digital dollar symbol has been supplanted by a cheaper version - perhaps a sign of the times for the American economy.
Some economists believe the $700bn bail-out plan for ailing US financial institutions could send the national debt level to $11 trillion.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/business/7660409.stm
Published: 2008/10/09 02:21:23 GMT
© BBC MMVIII
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Scary stuff right there. What percentage of taxes is used to pay the interest on the national debt?
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Why only two more number slots? Don't the clock's owners know whose debt they're tracking?
Think ahead, add 5 or 6 zeroes at least.
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And I answer myself.. in 2006 it was $415 Billion in interest payments.
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Scary stuff right there. What percentage of taxes is used to pay the interest on the national debt?
For a very long time, the single largest item in the Federal budget was interest on the national debt. Last time I checked (a couple of years ago) it was a close second to defense. I don't remember the percentage, but it has to be way up there.
And this is a perfect example of how the Washington politicians stick it to the American people. Year after year we hear politicians claim that they are "reducing deficit spending." What they don't say is that they aren't reducing the deficit. All they're saying is, "Last year we overspent our income by 63 percent, but this year we'll only overspend our income by 57 percent." Doesn't matter -- the bottom line is that the debt is always increasing, so in reality there is no "deficit reduction."
Take a look at the Federal budget and see if you can find the line item for paying off the principle on the national debt. We can't possibly have any real control over the economy unless and until we both permanently end deficit spending entirely, and start paying down the actual debt rather than patting ourselves on the back for not increasing it quite as much this year as we did last year.
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Why only two more number slots? Don't the clock's owners know whose debt they're tracking?
Think ahead, add 5 or 6 zeroes at least.
That would entice 'em :laugh:
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Scary stuff right there. What percentage of taxes is used to pay the interest on the national debt?
100% of the combined US Income Tax.
And that is just to barely manage the MINIMUM Payments