Ernest Hemingway once wrote, “How did you go bankrupt? Two ways. Gradually, then suddenly."
Howmuch.net, a website that provides visualizations about money, recently published a new report that shows a unique perspective, breaking down debt into the deficits of each U.S. President has added throughout history.
Hemingway’s warning looks strikingly similar when it comes to the U.S. national debt, which now stands at a whopping $21 trillion.
When President Trump was elected, the National Debt Clock at 1133 Sixth Ave., New York, NY, where it has flashed sobering stats on America's indebtedness from the Durst Organization-owned office tower since 2004, was quickly removed.
Now, one must check Twitter @NationalDebt for daily sobering tweets about the debt. And, as of October 29, the U.S. national debt officially stood at $21,694,906,926,249.
$21,694,906,926,249.19 (-) #NationalDebt— National Debt Tweets (@NationalDebt) October 29, 2018
Before the Reagan administration, the combined cumulative U.S. debt stood at $750 billion, which Reagan almost tripled over eight years, said Howmuch.net.
After Reagan, his successors did not slow down, with George H.W. Bush adding $1.55 trillion in a single term, followed by Clinton at $1.4 trillion, Bush at $5.85 trillion, and Obama at $8.59 trillion.
Estimates already show that Trump is expected to add a total $4.78 trillion during his first term.
So the trajectory of the deficit is out of control. Reagan inherited a national debt of $750 billion, and Trump added almost $779 billion in fiscal 2018 alone.
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So, the kids can afford to work and pay for college. Then colleges decide they want to be paid more and Congress steps in. What happens? It's called "student loans". You either don't give colleges more money for their payroll or you find a way for students to pay the debt over time. It would have been better to stop pay escalation at colleges (Crhistine Ford ring a bell?). I say find a way of preparing citizens for careers without these colleges.
ReplyDeleteThey are destroying the US Dollar and find themselves asking American youth to wage wars to force its acceptance in exchange for others’ natural resources.
ReplyDeleteVery sad
It is Congressional debt, not Presidential debt; as only Congress can allocate money's to be spent, per the Constitution. Now, the president may have spent the money, but Congress approved, and/or demanded/sought, the expenditure before hand. Read the Constitution, you'll see!
ReplyDeleteKeep in mind that a President does not spend one dime during his term. All spending is done by Congress. Spending is a responsibility of the House and Senate. The president can only submit a proposed budget/spending bill.
ReplyDeleteBlame the "Tax-an-Spend" Congressional politicians that are only interested in spending to buy votes. Not the good of the ccountry.
Thank you 12:24
ReplyDelete100% correct
Time too change education