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US Debt Soars By $100 Billion On Last Day Of 2014, Hits Record $18.14 Trillion
It seems like it was only yesterday when we reported that, in yet another sleight of hand for the US Treasury and Social Security Administration, US debt rose by $32 billion on the last day of November sending total US debt above $18 trillion for the first time ever. As we further noted, it also meant "that total US debt has increased by 70% under Obama, from $10.625 trillion on January 21, 2009 to $18.005 trillion most recently."
Fast forward to today when we are happy to report that according to the US Treasury, America's debt-funded spending spree, while supposedly slowing down if looking at the declining monthly budget deficit report, never actually has.
As of the last day of 2014, total US debt soared by $98 billion in one day (driven again by Social Security debt surging on the last day of the month to a record $5.117 trillion), and closing off 2014 with a new all time high total of $18.141 trillion in Federal debt - an increase of $136 billion in the month of December and $790 billion for all of 2014.
Source: US Treasury
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Nothing needs to be evaluated. The debt is cancelled, period. No justifications are needed. Your little comments about the lifting of technology and what not are totally unnecesary.
@Pure Evil .30 cents is the new .40 cents: www.zerohedge.com/news/2014-12-28/caught-tape-mcdonalds-customer-goes-be...
With over 18 trillion in debt, are they really keeping track of that measly .30 cents?
PE
Probably the funniest yet truest statement on this post!
+1,000,000,000,000.30
http://www.sadtrombone.com/
Vacations in Hawaii ain't cheap!
'Specaially at restaurants where memberships run $500,000.
And dinners for one, north of $1,000
'Nuffin different than Louis the XVI and his royal court at Versailles.
Anyone voted for Loubama XVI oughta be sterilized and quadriplegicated
"Anyone voted for Loubama XVI oughta be sterilized and quadriplegicated"
That would take care of the left-handed trolls on ZH.
I kinda miss ZH's star left handed troll bob dabolina.
On second thought, no......I don't.
I don't understand why you're so upset about it.
I got my Obamaphone afro my vote.
+1 - just for "quadriplegicated". Of course, I'd give my right arm to be ambidextrous.
Well we all know what happened to Louie in the end, He lost his head in his old age
Anyone who votes should be.......
How long did it take to go from $17T to $18T? Less than 403 days I bet.
Seems that the $ 17T ceiling was broken around mid - October last year http://ftmdaily.com/daily-briefing/how-did-we-get-here/ so if this really is the case (i.e. took about 75 days!!) the situation is getting VERY tense.
Is THIS the reason for all the NK / Ukraine / Russian aggressive posturing? The "wheels have actually fallen off the wagon" and the High Command are doing their very damndest to hide the evolving disaster from the public??
Things are starting to get interesting, for all the wrong reasons . . . .
You forgot celebrity and sports for the sheeps satisfaction. Smoke and mirrors and bread and circuses
1 year and 75 days maybe.
Yes thanks for that pointer - I was careless in not noticing the YEAR!!. Nevertheless not exactly a stellar performance from a President who was so very keen to point out the "problem" of the National Debt when he was a lowly Senator!!
I notice that the Nat. debt is already making "strong moves" towards the next big figure - http://zfacts.com/p/461.html It'll be past 18.15 T this evening (so "only" another measly $850 billion to go - and at an accumulation rate of $1.9 million per second, that $19T target is not as far distant as anyone would like it to be).
Actually, I think you were correct the first time. It seems to me that we crossed the $17T mark in 2014. It was slightly less than a year from that point to $18T. It will much less than a year to get to $19T. It's starting to look like a very steep parabola, one with no downward trajectory.
A "wrong glasses" moment again - $1.9 million per MINUTE acc. to other (maybe more reputable?) websites.
Nevertheless, at a sustained $1.9 million (per minute), that $850 billion's going to be reached in about 310 days, so well before next Christmas. Then? $20 T next stop, presumably sometime arond the middle of 2016 (if things continue smoothly, and there are no more "unexpected expenses" (War in Europe, War in Afghanisatan (again), war(s) in the ME)).
Yeah but by then the DOW will be at 20k so it's all good.
obvious correlation a trillion = dow thousand. wow, simple. btfd bitchez, ha...
Obama is going to double the nations debt in eight
years. That doesn t count the three trillion the fed
has spent trying to prop up Obama s policies. People
love Obama!
As rentier and plantation owner in chief, the key thing to support is, as long as there is more debt than money, the system is stable.
The whole game is by design created to ensure that it is mathematically impossible to pay off the debt.
In this way, debt slavery is built into the system.
When the debt serfs pay back the debt, the money disappears. So someone else needs to take out a new loan to get some fresh money into the system. But then, debt increases even more.
The ultimate equilibrium, as far as systemic stability, is that nobody can get out, there is perpetual debt bondage, deflation in wages and inflation in income.
In this way, society can be kept under control.
Whenever the smell of freedom gets too strong, raise interest rates.
Haha, remember the hair brained trillion dollar coin trial balloon, well they need 17 more of them bitches now.
I laughed my ass off at that idea. My first thought was that they had better make it a BIG coin. Imagine loosing that in the couch.
I thought that's where the Pentagon lost that couple of trill!
More like Rusty Trombone :)
WORLDWIDE PROTEST DAY AGAINST DANGEROUS ECONOMIES. Spread the word
http://pneumatikeconomist.wordpress.com/2015/01/03/worldwide-protest-day...
Tiny violin...we...weee.weeeeeeeeeeee
it's only sad if it actually has to be paid... it's not going to be paid, because that which can't be paid back won't be paid back... I've stopped worrying about this long ago, ol' "guns & butter" LBJ set us on this path before I was born... by the time a voter like me showed up on the scene, the exponential debt debacle was already in full swing...
fucking Democrats and RINOs... fuck them all... just once I'd like to see a politician run on a platform that's socially liberal yet fiscally conservative, but there's no way in hell they'd win, especially not now... it's "tax & spend & fuck the Constitution" from here on out...
Jubilee!
El V
One man's jubilee is another man's hyperinflation. Either way debt is gone. If I'm forgiven my debt it means every dollar I own (someone else's debt) is gone too. I believe that this IS the way it will end. Everything that one does not physically own (and possess) will vanish. Even equities do not do well in the economy that almost always accompanies a hyperinflationary collapse.
I like gold.
That is funny.. Their will be daily indexing of your debt, suitably translated to the new fiat currency, jubilee your a funny guy.. They will never let their debt serfs go, only one way to break that chain and hyperinflation is not it.
Exponential, bitchez.
American Exceptionalism, bitchez.
American Exponentialism, bitchez.
FIFY.
Brilliant American Recovery Bitchez
Tis reminding me of the UK's constant recovery is just around the corner meme, I heard so often
growing up. Of cousre that was the corner of a circle.
Its just one big circle jerk, but in the end, everyone gets it.
From behind ,with a circle.
Recovery....
Is that when you cover something up for the second (3rd 4th) time?
And why haven't the spelling police pulled you over yet?
Foreigners get a pass, and the Queens english would be misspelling for most around these parts.
Just back of the envelope (i.e. not least squares,) but going back to 1970, it would appear that the US debt is doubling every 8 years.
A new Moores law?
More's.
Moar's.
Government spending versus serving the public reminds me of a line from an old song chorus line from a Frank Zappa song.
Sooner or later, government is gonna take that debt, and " Rammit, rammit, rammit up your poop chute "
Let's not forget unfunded liabilities of at least $130 trillion and rising at $8 trillion a year. Every corporation is required to account for liabilities but the federal government gets a pass on that.
US debt and liabilities are $1,270,000 per taxpayer and rising at $70,000 per year. Good luck on those 30 year US bonds.
There's an app for that...
"There's nothing left to cut"
What do you mean?
There are quite a few necks that come to mind.
Oh, and the average employee who works for 30 years makes 1 million on average so go fish... even if they enslaved everybody and made them work all their live, it just wouldn’t cut it!!!
I guess that’s why they brought in the extra Mexicans to even the math problem.
So, following that logic, America needs 10 to 15 million extra lemmings a year just to have the assets to back it’s debt.
and if they ever run out of Mexicans.... they’ll just let the Canadians in... and that’s when all hell will break loose...
Mexicans are probably a small net loss. They are the army to come however..
Dude, we are like, totally already here. So, take off, eh ?
Any more comments like that shit, and we will cut off the maple syrup and Crown Royal supply like right fucking now.
Canadian honey badgers don't give a shit about government debt - they made it, they can pay off all that shit too.
goddammit, I was trying to forget that
Unfunded liabilities is a conspiracy made up by the tea party, actually these liabilities only exist on paper.
As we know, now that we have the printing press, we can make anything with paper.
We make paper "gold" for investors, paper pension "funds" for the retirees, paper "money" for the workers, and paper "news" for the sheeple.
The nice thing is, there is no need for any solid backing of any of these as long as you keep papering over the old paper.
Small potatoes.
mad max money, honey, bitchez, ha...
"last day of November" or last day of year?
"What difference, at this point does it make?"..........sHitlery.
But we're spending a lot less...
It's not as if it is real money...
So hoist up more bucks John B.,
From the taxpayers and me,
Double the bills each day, and take out more loans...
Citizens broke, no jobs and no hope,
We feel so broke up, most don't have a home...
There are fellow Americans that do not think this is a problem. I am trying to formulate an argument in their favor, but am having trouble. Can anyone help me with this? Why besides being a fucking retard or somehting to that effect would a fellow citizen think this is not a problem?
Is Accounting101 still around?
Maff is just not cool, don't you know? What are you, a fucking nerd know it all? Don't spoil my scene with your reality shit, man.
LOL
Tall Tom: You're behind the times my friend. It's no longer spelled "maff". Kids today spell it "pppffffftttt".
I think you mean "don't harsh my vibe"
Your math is fine. Your physics OTOH sucks. Dollars are meaningless units of account. The USSA "owes" 18 trillion fictions with no physical basis. How do you write 18 trillion dollars in the MKS system?
Yes, but its an elective.
I studied accounting in high school, then physics in university.
You say this is a problem. Why is that? Problem for whom?
The US government does not need to pay the debt. Its a fiction. They pay interest by borrowing. I have no idea why they bother keeping accounts while they could easily change the numbers in all accounts at will, both by addition and substraction.
The issue is that once you have a very high principal, any move upward in rates makes the debt carry cost extraordinarily high. Once that carry cost is higher than tax revenues, you're sunk. For example, Japan spends about 40% of its tax revenue on carrying debt. If their interest rate goes up a few percentage points, interest will consume all of government revenues and they will be bankrupt. In general, the higher the debt goes, the less likely people will want to lend, and in turn, your interest rates will rise, and then you're done. Which is why Japan is monetizing 100% of their bond issuance. They cannot let their rates rise without going bankrupt.
You might say, well, why would they rise? The BOJ can just monetize forever. Well, maybe and I guess. We're definitely going to find out if that's possible in our lifetimes. And nothing bad or unforeseen better ever happen to that country (another tsunami, etc), because if it does, they're done. That's the thing about high debt load, it makes you ill-prepared for any sort of shock.
One final thing too: if you can't let rates rise, you end up with massive bubbles and malinvestment because the cost of money is zero.
I get that. I also get that its all a fiction. The USSA could default any day now, interest rates high or low, does not matter.
I don't get the statement, "it's all a fiction." The bonds they sold are a reality. The debt is not IOUs on a ledger, they are a legally binding contract with the purchasers of the bonds. If they default on those bonds and don't repay it no one will buy them ever again. In other words, no new debt could be acquired. And don't forget that some of the major holders of US debt are sovereign nations, so it would completely destroy the US's standing in the world. As well, banks have a boatload of US bonds, and lever against them in other markets, so the banking sector would crumble. And then there are default contracts and insurance on those bonds that would have to be paid, which can't be paid. It would cause a cascading failure in the entire system. It would be like 2008 on steroids. Maybe in the end that's a good thing, but it's not fiction.
Nonsense. Contracts are just paper. Laws if you will, and laws are for the little people. The US breaks laws and treaties day and night.
Look if you are trying to avoid some sort of fictional financial cascade scenario, the US could just PRINT said 18 trillions, pay the debt and forget about the whole thing. If you have the power (nukes) you can do whatever the hell you want.
Or some sort of deal could be worked out with those who own the bonds, like the argentinians do (and people still loan them money).
As the US prints currently, the only thing holding inflation down in the US is the reserve currency status. If the US prints $18 trillion, it will lose it overnight. Prices on imports to the US would skyrocket. Globally priced commodities like oil, raw materials, etc, would go exponential as everyone started dumping their US reserves. And the US economy would tank because consumer spending is 70% of GDP. If prices go up, the US economy tanks.
"fictional financial cascade scenario"
Like the fictional one in 2008? So do you believe none of that was real?
"Or some sort of deal could be worked out with those who own the bonds, like the argentinians do (and people still loan them money)."
So are you arguing that the US economy being like Argentina's is a good thing? Their inflation rate is around 40-50%. Their rates are also around 10%, btw.
How about this:
1.-Print the money.
2.-Create a special account to deposit the payment.
3.-Pay, credit the accounts. Invite all parties to withdraw their cash.
4.-One second later, accuse everyone of supporting terrorism. Freeze the account.
http://en.wikipedia.org/wiki/Gordian_Knot
It's both interesting and funny to me that all of your solutions to overspending are unethical and / or immoral.
Oh but taxation war and empire are super ethical, no?
Right, so you want to pay for immoral acts with immoral financial schemes. How about we don't do the war and empire thing and live within our means? Novel idea, I know.
Its too late. Those who "invested" in the government of the USSA invested in war and empire. They assumed uncle sam would shake down the little guy to make the payments. So how is it moral to actually pay them?
Japan is probably our future. Japan can monetize it's debt and the Fed monetizes a large portion of ours mainly because this currency-debt-refinance game is a game we are all in together.
I think no one knows how long it can go because we have never been at these levels as a whole world before.
We indebted some folks.
just think of all that USURY on all that debt..........
We usuryed some folks..........
We're number one! We're number one! USA! USA!
DEBT is borrowed with the intent of repayment.
The 'National Debt' is not meant to be paid back, ergo: it is not debt.
Perpetual Tax Revenue Streams aka Taxpayers are being SOLD.
I think rehypothecation is the correct term here.
Taxpayers are not paying the debt. Neither principal nor interest. The USSA borrows more than it pays back each year, in effect, it pays nothing back. Not a single investor in treasuries ever got paid back a single cent, on average.
attributed to Everett Dirksen (circa 1967), updated for accuracy
Pbama must really hate our kids ...............
And bush hated our childrens
Pbama must really hate our "white" kids ............... There, fixed it
Good ol Ronny RayGun must have hated our kids too
Its a big club and your kids are not in it..
"Deficits don't matter." -Dick Cheney
"Deficits don't matter when the Dollar is the Reserve currency, and the whole world has to swallow your fiat currency. It's great to be King Dollar." FIFY.
How are we exceptional, let me count the ways:
1. We can conjure money out of thin air to enslave the world
2. We are above ALL laws, treaties, mandates
3. We kill more people than anybody else
4. We kill them in more ways than anybody else
5.
5. You incarcerate more than anybody else.
And not just on a per capita basis either. It would be bad enough if we incarcerated more people on a percapita basis than China, but we decided to be exceptionally bad and incarcerate more people than China does period. Welcome to the land of the decree and the home of the raped.
LOL, never will be paid back.
All the overseas creditors will get jack.
Roughly $920B on Medicare, $855B SS, Defense $600B, Interest on Debt $240B, and Federal Pensions $250B
Yep, it's sustainable
Your defense number seems light. You should also look at / add the CIA, NSA, TSA, and a chunk of "foreign aid", that is actually in support of "defense". It likely ends up at the highest cost of them all.
With DHS, CIA black ops and the various dozens of intelligence agencies the future for 'defense' is around 1 trillion per annum.
I heard they were supporting themselves on Yamashita's gold.
Not to worry they just totaled up the "aid" supplied to the isaeli sludge fund
Just sell the entire stock market and pay the debt! - newly graduate from chicago school of economics
You must not have listened, it's simply ctl P.
Nothing that 18, 1 trillion dollar copper coins won't fix and they can store them in Fort Knox where the gold used to be :)
Fiat currency is like bitcoin, except you need a computer to produce bitcoins, an algorythim manufactured coin you can't see. The Fed manufactures coin no one can see either but it is manufactured through an order.
Paging Kyle Bass (with large boner) --
Just read the "kill the dollar" post downstream.
His nickles are looking better by the day.
Obama will add more to deficit than all other Presidents combined. If you figure the 8 years of Bush and 6 of Oblowme it has been exponential. And the assclowns thought Ron Paul was a nutter.
Fuck You Bernanke
Soaring Debt - intentional
Blowing off legitimate budget discussions and debt ceilings - intentional
Abenomics - intentional
OBOZOCARE - intentionally designed to cripple U.S. economy
Cap & Trade - same as OBOZOCARE
ISIS - intentional and controlled by status quo to generate fear
Ebola - same as ISIS
Ferguson - same as ISIS
Cops Getting Clipped - same as ISIS
I enjoy laughing at the absurdity of it all just as much as the next guy but things have gotten SO ridiculous and absurd that even though I feel these politicians by and large are indeed morons nobody can possibly be as stupid as necessary to think any of these things are productive in any way shape or form . . . . . . . . unless the objective is to support the banking cabal's agenda. I'm not a conspiracy theary guy or a digital dickweed but there's no other explanation.
This crazy motherfucker seen below is pretty damn accurate if you ask me:
https://www.youtube.com/watch?v=aYX4WeqQfRo
The powers at be know there is nothing that can or will challenge them, period.
Reagan added more debt than all other presidents before him. Bush II almost holds that distinction. It's a matter of holding office for 8 years when the debt is doubling roughly every 8 years, with the Clinton years being an aberration. Nixon would have also been close to that too, had he not resigned.
The largest debtor nation is running the show.
China and Russia, how does that make you feel?
LOL, The US is insolvent on a mark to market basis pushing everyone else around.
I lost track how are we sitting on the debt ceiling? Wow
What debt ceiling? It's long gone. It didn't matter anyways because Moodys (Mark Zandi's company) , S&P and Fitch would all lower the credit rating otherwise.
It's infinite debt with the Federal Reserve's Zimbabwe economic model.
Just print until everyone realizes the US just folds interest payments and prints payback money.
Of course the Federal Reserve can never raise rates. Just watch the Fed's BS about higher rates.
QE 4 coming late this year or early next. Print and monetize until the US dollar blows up. Maybe 3 to 8 years.
Japan may implode first. Then again the US is paying billions in welfare to newly amnestied illegals and new illegals.
"Then again the US is paying billions in welfare to newly amnestied illegals and new illegals."
Yeap. And if it didn't, the whole shebang would crumble even faster, because even those dimiwits can figure out that the real economy relies on consumption. No jobs, no salaries, no money, no consumption. So, bring in illegals, give them food stamps and you get that bit more consumption... on taxpayers backs.
Neat.
I hope you're correct.....need moar time
https://www.youtube.com/watch?v=PxG_QTD3nJI
Is this like one of those African tinpot counties where we will find Obama and Moochy filling the uhaul with gold bars when they fleet the white and country?
Kim: Where the fuck have you been? You didn't die you old puss nut. You let your idiot son take over while you get your balls washed in Thailand retirement.
One thing's for sure, O'barecrack seems to like your son for his CNN / FBI effect. Maybe they'll share their penis' together.
Did I mention SONY? Sorry, almost forgot.
Captain I'm giving her all she's got! What comes after printing presses running beyond warp speed? I declare the debt based wealth illusion delusion warped shit!
.
It's just a flesh wound.
Live for today. Some sucker will get the bill later. No one has the balls to propose a balanced budget anymore - thous that tried in the past got killed by the status quacks. Lip service and head shaking. I just hope I live long enough to use up my 30,000 rounds - I know who deserves a few in DC.
30,000 rounds hey if they're 762x51 I'll help >>> "long" headshots at 800meters (pun intended)
Slugs, 00 buck, #2 bird, 338, 22 LR, 30-30 All for distance and up close and very personal
Don't worry, the budget will balance itself eventually.
Coward for not using them already.
The actual debt level is at least 10 times higher.
LOL, mark to fantasy.
The Ponzi goes on until all confidence is lost. It may take a wile.
Debt doesn't matter; it's just another extension in a system that's designed to implode.
Debt doesn't matter, period.
Many students do not plan to repay their loans - when will the rest of society get on board and say fuck all debt - lets party.
hb, you may be onto something there, I don't see many old cars everyone has new wheels with a 7 year payment book.
lets party.
Fiat backed by nothing but BS from the Federal Reserve.
More Fed dog and pony shows next week.
Maybe ZH should start a pool...
Name the date the US economy goes tits up and get 1,000 up votes.
Wait, these dates are kind of fuzzy. Are we talking about the date that an event happens that causes the Fed to print at plaid speed, or are we talking about the day that the dollar starts not being accepted, or the day that the dollar is no longer accepted by anybody as currency? Because if oil prices don't start a very fast ride back up and soon, by no later than 2H 2015, we're going to have a bond crisis on our hands.
Imagine how much worse it would be if Bush/Republicans were in charge and not Obama and his minions?
I don't know to call it truth or sarcasm????? Must drink more.....
Could be worse, the banksters could be running the show!
Definitely drink more.
$1,000,000,000,000,000; $1015 or bust, bitchez!
Why not $1050 ?
Let's make it a real absurdity.
Go for the Googolplex!
I'll shoot back another one for that!
Wait until QE 4 comes. QE 4 will be much larger.
Fed's Zimbabwe economiics and bust.
http://www.thecommonsenseshow.com/2015/01/02/no-recovery-americas-econom...
So here it is again:
The year: 1995
The show: Michael Reagan talk show
The topic: The nation's 'dangerously high' debt level.
$Debt level at the time: Approaching $5T
Of course I'm being sarcastic here but, 'does it really matter' anymore...? I believe the answer is, No. At least as it pertains to any sort of 'Domestic' solution. The fate of our $Debt and just about every other act of fiscal Tom Foolery, Monetary Chicanery and outright $Fraud of the system and against the American taxpayer, awaits from a storm brewing off shore. Perhaps many.
Speaking of taxpayer, did you notice that the Gator Bowl is now the "Taxslayer" bowl? For a minute there, I thought it was being sponsored by Obummer and the IRS!
I was half waiting for a team of goobermint gladiators to start lobbing grenades into the stands of "taxpayers" or something!
That's a lot of golf balls.
Sure, we can pay that back.