Comments about ‘U.S. national debt grows so fast CBO predictions can’t keep up’

It would be interesting to know what the outstanding debt held privately by Americans is. I am almost positive it has gone down in the last four or five years which is the reason why government spending has risen.

Until people understand that Money is Debt and that money only comes into existent as debt, can we actually have a debate and real solutions, like monetary reform.

For Fabian socialists this is a planned event and not a subject of concern. Obama only criticized Bush for using the Chinese credit card as irresponsible and unpatriotic when he was campaigning in 2008. That was quickly forgotten when he came to power. When the debt service consumes all of our disposable income we will owe the government everything and they will give us what they determine we need. It's called taking over the government by legislation and not by revolution.

With the debt under BO spiraling out of control, is it any wonder BO focuses on Big Bird?

Shaun,
I suspect a significant reduction in private debt the past couple years has been due to bankruptcy. Some has been paid down, but a lot was discharged in bankruptcy.

I do not agree that money comes as a result of debt. Money is only a medium of exchange, whereby one trades goods and/or services for different goods and/or services. Rather than saying 2 bags of potatoes are worth three hours of a laborer's time, etc, money became the common medium. Gold and silver used to back our currency, but now it is backed by "the full faith and credit of the US".

Debt arises when one has nothing to give, other than a promissory note, in exchange. The person accepting the promissory note expects more in the future than the value they currently surrender in excahnge for the note - that is known as interest.

Most people get money by my labor. I would not say my labor is debt or the money I get for my labor arises from debt.

Since the 1960s and LBJ's so called War On Poverty, the taxpayers of this country transferred over $16 Trillion of their hard earned money to the poor and low income through means tested welfare programs. We have over 70 such programs. We now have a huge poverty problem and are $16 Trillion in debt. I guess all that taking and giving didn't work out very well.
Maybe we should try giving away another $16 Trillion. Maybe it will work better the second time around.