Total US Debt Rises Over $18 Trillion; Up 70% Under Barack Obama

Tyler Durden's picture

Last week, total US debt was a meager $17,963,753,617,957.26. Two days later, as updated today, on Black Friday, total outstanding US public debt just hit a new historic level which probably would be better associated with a red color: as of the last work day of November, total US public debt just surpassed $18 trillion for the first time, or $18,005,549,328,561.45 to be precise, of which debt held by the public rose to $12,922,681,725,432.94, an increase of $32 billion in one day.

It also means that total US debt to nominal GDP as of Sept 30, which was $17.555 trillion, is now 103%. Keep in mind this GDP number was artificially increased by about half a trillion dollars a year ago thanks to the "benefit" of R&D and intangibles. Without said definitional change, debt/GDP would now be about 106%.

It also means that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently.

And now we wait for the US to become Spain, and add the estimated "contribution" from hookers and blow to GDP, once again pushing the total debt/GDP ratio below the psychological 100% level.

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deagle44's picture

this is a positive thing.  public sector debt = private sector savings.

SilverIsKing's picture

More debt = more toys for cops.

Xibalba's picture

Bur we owe it to ourselves!  = means YOU'RE gonna have to pay it off, sucka! 

Richard Chesler's picture

About that "public trust" thingy...

"America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit."

-- Sen. Barack Obama, March 16, 2006

Baldrick's picture

I LOVE the "...some folks" phrase! it never gets old.

Shocker's picture

Then you ask.. how can we ever have a recovery with debt numbers like that?

Layoff List: http://www.dailyjobcuts.com

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zaphod's picture

Meh, The Krugman told me we can easily create 18 one trillion dollar coins to pay that off, easy peasy. 

The problem are all those pesky unfunded liabilities of $150T to $225T depending on who estimates it. Creating 18 shinny coins does not provide the servies people expect to the tune of $200T, that is when we'll have a SHTF moment.

pelican's picture

Who the hell owns all that debt?  As for all the cash in the system who is seeing it?  I surely am not.   My employeer is not (as they lay more people off).

BurningFuld's picture

Some folks borrowed some money.

Beam Me Up Scotty's picture

So by the time he leaves office, in his one term he will have added MOAR debt than ALL off the presidents before him, including Bush 43.

bunzbunzbunz's picture

Another way to spin facts: the US has only had a surplus 11 of the last 200 years. 70% increase in debt in 6 years is modest compared to the increases under past presidents.

Using the debt in dollar amounts contradicts the general knowledge at ZH of inflation. Try in terms of of present day dollars.

Nemo DeNovo's picture

What the FUCK are you smoking?  Share some of that good shit this way, cause you are delusional as FUCK!!!

nope-1004's picture

.gov troll Nemo.  Ignore the idiot.

 

palmdetroit's picture

18 trills is not what is used to be

SWRichmond's picture

We defrauded some folks by borrowing $trillions and signing their names on the loan documents.  We call these people "taxpayers".

odatruf's picture

The good news is that there are so few of them these day, the damage is self contained.

 

Lemons to hard lemonade, folks.

COSMOS's picture

All those _______ Czars cost money.  As well as funding Vicky Nuland's colored revolutions. Not to mention all those aircraft carrier groups and shiny new toys for the generals.  I see it on people's faces they all know something is up, they may not be smart ZH readers to understand it, but the sheeple are getting restless.

gold-is-not-dead's picture

Relax, USA will pay off the debt, NOT!

cnmcdee's picture

Sadly 2015 is going to be shocking

A DIRTY NUKE WILL TAKE OUT 5 CITY BLOCKS OF CHICAGO in the spring of 2015, by the US government itself!
  - Iran will be blamed as the perpetrators and the public will DEMAND the nuking of Iran in retaliation (which to the benefit of the Globalist interest's they will gleefully comply).
  - Iran oil facilities will be taken off line by bombing reducing 2 million barrels of day of production to get oil prices back up.
 -  Russia will loose there only major ally (Iran) from the strikes.  They will be unable to stop the US strikes as the US will have the political currency required for this attack since from the public and international perspective the US was hit first.
 -  Canada will be annexed in a back room deal as a result of this attack - being blamed for allowing the 'Iranian terrorists' into the country, and also as a punishment for Harper setting up trade deals with China bypassing the US dollar.
 - The US will default on it's debt eventually (by the fall??)!!  International investors will also get a back room deal for pennies on the dollar.
 - The US will be under emergency police powers (not called martial law) this will be the answer to all future riots and uprisings.
 - All 401K's will be frozen, bank balances and stocks over a certain value will be frozen.  It will be called the 'Obama Freeze' - thus all US citizens will have their assets frozen inside the country preventing a bank run (captive citizens / captive investors.)
 - Once the US defaults on it's debts  some time by the fall of 2015 the timing is not exactly known - international investment into the country will halt, and by this eventually cease.  The US will be desperate for investments and this will cause interest rates to skyrocket.  Unlocked mortgages will skyrocket in tandem with people walking on their homes, causing a real estate price collapse in excess of what happened in 2008.
 - This false flag must be conducted in the spring to give a good bombing window to run it's course through the summer.  Iran is mountainous and stormy making a bombing campaign difficult in the winter.

Israel will be an ally in this coming strike, and will also be using nuclear warheads against Iran. When they do this every regional Muslin nation will be unified and launch war against Israel.

But what the US does not know is that in the fall of 2015 a tsunami about 300 ft high is going to strike the West coast of America and cripple her.  She will be unable to help Israel as a half dozen nations will declare full war against Israel and what happened to Iran.

THE ONLY ESCAPE VEHICLE IS PHYSICAL GOLD.  When there is nowhere to invest because the stock market tanks from these events by the fall of 2015,  and the government is defaulting on debt,  the banks have frozen accounts, and real estate prices are collapsing because of shock interest rates from the coming default - THE ONLY ESCAPE VEHICLE WILL BE PHYSICAL GOLD.  While prices will fall on everything  denominated under the US dollar 40-80% gold will appreciate 250%.

If you buy $100,000 in physical today it will have 10X the purchasing power by the winter of 2015 ($1,000,000).

winchester's picture

meanwhile, what the fuck you all were thinking about when you elected a black as president... i mean... damn ! you mad ?

ersatz007's picture

i think someone forgot their /s tag.

bunzbunzbunz's picture

OH NEMO babay....tell me what i said that was wrong. I like data. I like to be proven wrong.

Nope: you must be hungry for green arrows. if someone disagrees with the ZH meme, just call them a .gov troll. Easy fucking points for you. Too bad you're just another retard who can't come up with a thought of their own. 

nope-1004's picture

<------  Obama will lower our national debt

<------  bunzbunzbunz is an idiot troll

 

Let's see how many green arrows I get....

lmao.

 

BraveSirRobin's picture

Actually I think YOU are the one who needs to present facts and figures when making an assertion. 

In fact, according to data from the US Treasury at

http://www.gpo.gov/fdsys/browse/collection.action?collectionCode=BUDGET&...

there have been 31 surplus years since 1900. The first 50 years of the US saw a net surplus, so there had to be a number of supluses those years too. So, your first fact is in fact not a fact, but either a statement born of ignorance or just a plain lie. 

Looking at the same data series, the growth in debt under Obama is unprecedented in time of peace, except for during the Reagan administration. In fact, the rate of increase is even greater than the debt increase during the Great Depression. 

The difference between the Reagan deficits and the Obama deficits is that the Reagan deficts were attained from a much lower base as a percentage of GDP, occurred partially during a period of vigorous economic growth so they did not increase as a percentage of GDP to the same extent, and actually produced goods, albeit military goods, that had the effect of extending and expanding national power and global influence. Nonetheless, the rate of growth of the Obama deficits is still greater, increased the debt to GDP ratio more, and, as far as I can see, produced no goods to extend or promote national influence or affluence. 

As far as I can tell, the only one who profited by Obama's deficits are a small cadre of crony capitalists.

V in PA's picture

I agree with what you said, but I have a problem with "Looking at the same data series, the growth in debt under Obama is unprecedented in time of peace"...

 

America has been in a constant state of war under President Obama.

The Wedge's picture

"70% increase in debt in 6 years is modest compared to the increases under past presidents".

 Barry has increased US debt nearly half of our GDP. Others have done this and maybe even exceeded it but NOT IN A MATURE ECONOMY like the US.

However, trying to pretend that debt increase has been modest under Barry is just as silly as trying to blame it all on him.

We were going to get this kind of an increase no matter who occupied the White House. This is monetary policy!

cnmcdee's picture

SHOCKING SETUP.

1. THE US IS GOING TO DEFAULT ON THE DEBT AND BACKROOM DEAL FOR PENNIES ON THE DOLLAR.

2. IN SPRING OF 2015 THEY WILL DETONATE A 5 CITY BLOCK RADIUS DIRTY NUKE IN CHICAGO BLAIMING IRAN AND THEN USING IT TO ACCOMPLISH THE FOLLOWING

 A. THE FREEZING OF ALL 401K'S AND THE MAJORITY OF US HOLDER ASSETS AND FOREIGN INVESTMENTSTS TO BE CALLED 'THE OBAMA FREEZE.'

 B. MARTIAL LAW NAMED AS EMERGENCY POLICE POWERS

 C. THE NUCLEAR STRIKE ON IRAN KNOCKING OUT RUSSIA'S MAJOR ALLY

 D. THE ANNEXATION OF CANADA 'BECAUSE THE TERRORISTS SNUCK IN FROM YOU GUYS..'

 E. THE DEFAULT OR EVENTUAL DEFAULTING OF THE US DEBT TO BE NEGOTIATED OFF FOR PENNIES ON THE DOLLAR.

The result:

 A. INTERNATIONAL TRADE WITH THE US WILL BE HALTED / CASH UP FRONT ONLY.

 B. INTERNATIONAL INVESTMENTS WILL FALL OFF A CLIFF CAUSING INTEREST RATES TO SPIKE 7-15% IS COMING BACK.

 C. THE STOCK MARKET WILL COLLAPSE BUT IT WON'T MATTER CAUSE YOU WON'T BE ABLE TO GET IT OUT.

 D. ONLY PHYSICAL GOLD WILL ESCAPE.  EVERYTHING ELSE UNDER THE UMBRELLA OF THE US DOLLAR WILL BE MONKEY HAMMERED DOWN 50-70%.  WHILE GOLD WILL APPRECIATE 250%.  THE END RESULT IS PHYSICAL WILL BUY 10 FOLD IN PURCHASING DOLLARS WHAT YOU PAY FOR IT NOW.

 E. IT MUST BE DONE IN THE SPRING OF 2015 SO THAT A FULL SUMMER IS ALLOCATED FOR THE BOMBING RUNS ON IRAN (HARD TO BOMB STORMY AND MOUNTAINOUS IN THE WINTER).

 F. THIS WILL SPIN ALL OUT OF CONTROL AND ALMOST ALL REGIONAL MUSLIN NATIONS WILL GOTO WAR WITH ISRAEL AS THEY WILL BE THE MAIN ALLY HELPING THE US.

Please get ready!

bunzbunzbunz's picture

Orrrrrrrrr.....they could just continue devaluing the debt through inflation, and pay it off in future dollars when tax collections are higher.

cheech_wizard's picture

You mean higher than the record collections they are currently seeing?

Standard Disclaimer: Links too numerous to post...

 

bunzbunzbunz's picture

.......inflation means higher incomes, which means higher tax collection given the same tax rates.....so yes, high than the records.

JamesBond's picture

stop cutting and pasting DNC tripe.  and stop smoking pot all day.  

Jimmy Carter taught you the term, Stagflation.  You know, the economic condition of both continuing inflation and stagnant buisness activity, together with an increasing unemployment rate.

 

 

nmewn's picture

lol...it would appear bunz has a freshly printed Ivy League economics diploma. Pity the theory of what he was taught falls well short of the reality of implementing such fiscal insanity.

Its all true, Keynes corpse was metaphorically dug up and put on public display by Carter. But they go right on teaching this bullshit to the young, trying to tweak it & make it work.

Kinda like socialism ;-)

cheech_wizard's picture

Exactly what rock did you crawl out from? Because you need to crawl back under it.

You probably voted for Obama... twice.

Let's start with the full list of Obama's tax hikes...

http://www.atr.org/full-list-ACA-tax-hikes-a6996

Let's look at median income under Obama...

http://www.washingtontimes.com/news/2014/sep/4/incomes-fell-most-familie...

Should we tack on every other nightmare the lawn jockey in the White House has wrought on the American populace?

Standard Disclaimer: I could go on, but I will tell you what I tell others when they are so easily proven wrong, practice stupid and party line excrement in the privacy of your own domicile.

 

walküre's picture

you're high alright, debt high maybe?

as long as we can pull money from thin air and the rest of the world swallows our Fed cum, no problems right?

messymerry's picture

Nope, they are running out of time and they know it. The jump in Gold and Silver today scared the pookey out of them.  They know they are losing control.  You notice they hammered on black Friday thinking nobody would notice.  This is what happened.  I think PMs have bottomed...  Have a Holly Jolly Christmas, It's the Best Time of the Year...   ;-D

OBTW:  Fuck you eBay!  You aid and abet criminal product counterfeiters.  I am ashamed I ever did business with you!!!

Greenskeeper_Carl's picture

"when tax collections are higher" HAHAHA thats rich. one problem with that, you kinda need people to have JOBS to earn MONEY in order to pay taxes. not looking like too many of those will be popping up any time soon

Oldwood's picture

Not if your plan is to have fewer and fewer paying for more and more.

BringOnTheAsteroid's picture

Ahhhhh, there you go, "pay it off in the future when . . . . . ".

Why in the future, why not deal with it now ?????

The Wedge's picture

"pay it off"

No, there is no intention or real way to pay it off. Inflating, in monetary terms,  just means maintaining the debt. This is what the Fed is doing and has always done but the problem is that it's not working anymore. The velocity of money is very low since 2008. We have had food and energy inflation for sure but not core price inflation. Commodities are tumbling and next it will leak into durable goods. We are actually moving into deflation which means default if they cannot arrest it. The only thing left to do is direct money injection or simply put, checks. Or more subsidies which have a similar effect. I don't believe it will work this time. We will see in the summer of 2015.

Hulk's picture

Dude !!! Dirty nukes are SO over rated !!!

StandardDeviant's picture

The OP should try writing lurid military fiction -- give Tom Clancy some competition.

Oldwood's picture

Look around. Regardless of how broke and stupid the American government may seem, they are still the dominate power in the world and will impose their will on whomever they choose.

Do you really believe that with a collapsing dollar they will allow you to trade gold at those rates? You know they will attempt to tax the crap out of gold transactions forcing it underground, and from there, criminalization, indefinite imprisonment of those hostile to the economic laws of the US (terrorists) and do not forget they have tied themselves into just about every financial transaction in the world. You may have gold but will be trying to survive in a third world environment as an outlaw. Good luck.

Bollixed's picture

Yes, that is an entirely plausible scenario. People who believe the governmnent will just let gold hoarders ride off into the sunset unmolested must have slept through their history classes. Or taken history classes under the American educational system.

BringOnTheAsteroid's picture

Good luck trying to survive . . . . . .  without gold. At least you have options if you have gold/silver. You have the option of trying to survive. I suspect in a SHTF scenario people will actually starve. Our cities are so highly geared to uniterrupted supply chains that a disruption of only a few days would see society collapse.

Government needs you to pay taxes's picture

Maybe ZH is full of Wall Street types, but precious metals are serially inadequate if times get dicey.  First, the US government has a history of confiscating gold from citizens.  Second, PMs are bulky which limits the amount one can concealed carry over distance.  Third, assuming folks give a shit about precious metal as a currency/store of value, every strongman will be after it.  So if you own a gold horde, prepare to defend it.  Finally, you cant eat gold, it wont keep you warm at night, and it doesnt make good clothing.  In other words, if times get REALLY tough, PM wont have value in trade.  You'd be wiser to practice suck starting a leaf blower.  Land trumps PM in every aspect except portability.  For portable value storage, precious gemstones crush gold, but ask someone who survived the Depression how easy it was to move their stones . . .

Oldwood's picture

Obviously the best hedge is diversity and above all things, your survival, be it in the modern world or medieval, relies on minimizing your dependencies. Gold and silver imply trade or commerce which even if it exists is still dependent upon those you trade with. I think the trader mentality that thrives here is addicted to the concept of speculation and those who have missed out on the big stock ramp are hoping their big metals purchases will redeem them in the end. I have done neither so monetarily I will only prosper if the economy survives relatively intact. If we are hoping, I'm hoping for the best. Still my hedges are on my own possessed abilities and personal possessions. Cash, weapons, food, land, machinery, tools and most importantly a mental preparation to deal with what may come.