What is the u.s. national debt (what does it mean) and how much in dollar is the u.s. national debt today? I’m glad you asked that question, because I’m about to break it down for you – the good, the bad and the ugly. Now let’s dive in, shall we?
The u.s. national debt, which is also known as the us federal debt, or simply ‘the federal debt’ or ‘federal debt’ is the sum of all the previous years’ us federal government budget deficits, less what the us federal government has paid down with the generous support of the u.s. taxpaer, i.j. jane and john doe, with additional funds coming from budget surpluses and perhaps the change under all the seat cushions on captiol hill.
Let’s be clear about one thing: when it comes to the balancing the pocketbook of our uncle sam, deficits are embarrasingly common. For example, in the last 50 years, the us federal government (not the behind the scenes, shadow government) has typicall and predictably run a deficit in 45 out of 50 years. This calculates to 95 percent of the time. This means on almost any given day or week or monty or year – the u.s. federal government’s books are not balanced.
Now, Clinton claimed way back when he was president in office that the u.s. federal budget was balanced. If you believe this, I have a bridge in London that I would like to sell to you. You see, while our esteemed president at the time was involved in boudour shenanigans with college aids, the government actually continued to spend as if their were no tomorrow. This freewheeling and dealing and spending was made possible by the u.s. petrol dollar which is truly the one global currency.
Some have rightly pointed out that the u.s. government actually “borrows” it’s own currency from the so-called “federal” reserve bank, which prints the money out of thin air and is no more “federal” than the courier company, Federal Express.
What do you think? Is it reasonable (or even feasible) that the u.s. federal government would hawk the future generations of American citizens to foot the bill of current servants of the state who actually are more interested in serving their own bank accounts?
“This is outrageous. I’ve never seen that money before in my life!” – James Barnett, Trading Places