| Our National Debt
By Daryl Hunter 1999 - modified
10-15-2006
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National
Debt Clock
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Our National Debt as of 10/12/2006 $8,546,104,778,895.72
Your
share of today's public debt is:
$28,496.42
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Our National Debt as of 10-2006 is $8.546 + trillion and our legislators lack
the will to pay it. 36% of the annual budget is used to pay the interest for
the National Debt.
It was my assumption before studying budgets and the National Debt that the US budget would not be balanced until the budget deficit as well as the National Debt had been eliminated. As it turns out budget only refers to the current annual income and expenditures. And has nothing to do with the National Debt except as the accelerator of brake for the National Debt.
Our $400 + billion dollars budget surpluses of 1998,1999
and 2000 didnÕt go towards reducing the National Debt except for a short
term $30 billion, we can attribute to election posturing, that President
Clinton threw at the National Debt in spring of 2000. This miniscule showtime
reduction was eclipsed by August of the same year. The debt chart lower on
the page shows the debt history in facial year 2000.
The federal budget surplus for fiscal year 1998 was $69.2 billion, 1999 was $122.7 billion, and 2000 was $230 billion. After the back-to-back surpluses of 98 and 99, the first since 1957, the government claimed to pay down $138 billion in national debt. But the proof is absent according to the annual debt accumulation figures below.
If we accumulated $400 billion dollar budget surplus
the balance of the National Debt should have been $5,525,793,008,897 at the
end of fiscal 2000 instead of $5.674.178.209,886 a difference of 148,384,200,989
a net gain of the National Debt of $148,385,200,989 in a time of healthy
budget surplus. This shell game of public proclamations and contradicted
by the governmentÕs own accounting must stop. Most folks donÕt have the knowledge
or inclination to research for the truth and have no idea when to call bull
hockey.
By eliminating the National Debt, we could reduce the needed tax revenue by 36%. The 36% we are paying now buys us no infrastructure, socialism programs or anything else. It just pays for our failure to live within our means. Or to put it another way, our leaders failure at temptation to use your money for give away pork programs during their campaign promises in their effort to influence elections in their favor. We all want our piece of pork, but our children are paying a terrible price for it.
Since the recession that was the result of the Dot Com Bubble crash of 2000, the corporate scandals, a parade of devastating hurricanes, 911 and the war on Islamo fascism predictably and understandably we no longer have a budget surplus. Our National debt has sky rocketed as a result. Periodically wars, recessions, and national disasters happen and they are never in the budget, it is incumbent upon us as citizens to hold our legislators feet to the fire to control spending in the after math of economic disasters that make us run up the National Debt. We send these people to Washington and we have the power to send them home.
In 1999 I was against tax cuts because the economy
was good and I wanted our surplus to go towards National Debt elimination.
All the problems of the new millennium ushered in a new dynamic. At first
I was skeptical of George BushÕs Tax cut scheme but the proof is in the pudding. Despite war, natural disaster, Medicare drug benefits, creation of the Department of Homeland Security and Transportation Security Administration, stock market fraud and the irrational exuberance that led to the popping of the Dot Com bubble our economy in 10/2006 has the Dow Jones Industrial Average setting new records, in 2002 the Dow was down to 7100 points and now it is pushing 12,000. Unemployment in most states is negligible and our budget deficit is half of what it was a few short years ago and dropping all of the time. GWB has sold me on the merit of tax cuts; they inarguably can increase revenue to the National Treasury due to increased corporate profits and individuals choosing to sell assets at times of advantageous capitol gains tax rates that donÕt
discouraging the selling of stocks, bonds and real property.
That said, the National Debt is a grim reaper that
haunts our future and hopefully soon we well be able to address it effectively
for the sake of our progeny. During the budget surpluses of the late 1990Õs
many legislators were calling for tax cuts and my question to them at the
time was: If today's surplus belongs to the taxpayers, why does yesterdays
National Debt belong to our unborn children?
The best thing to do with our budget surpluses of the future is to pay down our National Debt. After removing this elephant from our living room we will be healthier as a nation, and we will have a better ability to address our remaining financial problems, and budgetary needs.
We also need to free ourselves from foreign oil. If we put our farmers in the energy business creating ethanol it will help reduce the National Debt. If we develop a synfuel program to make good use of our prodigious coal reserves, it can help reduce the National Debt. By increasing wind, solar and hydro power we can reduce our National Debt, and if we just develop the national will to develop our nuclear power, and domestic oil and gas, the money that is spent in the United States for these items instead in a foreign country will make us prosper enabling reduction of the National Debt.
We need to get discretionary spending under control
but that wonÕt do it alone, entitlement programs are a monkey on the back
of the National Debt. These programs need to be streamlined and some need
to be eliminated if we are ever to achieve sanity for our national bottom
line.
If a time ever comes when we arenÕt paying 36% of
our budget to service our National Debt the result will be unprecedented
tax cuts that will usher in prosperity that that has seen no equal in our
history.
Our National Debt Current 10/12/2006 $8,546,104,778,895.72
4,851,779,258,334.19 ( trillions)
in debt held by the public, (The
on budget National Debt) in U.S. Savings Bonds and Treasury
Notes.
3,694,502,975,226.45 ( trillions)
in debt held by the government in trust funds, (The off
budget National Debt) primarily
Social Security and other retirement funds.
Think about it! To put that into perspective, if
everyone in the world, man woman and child pitched in $1.424
it would be paid
off. Or if every man woman and child in the United States paid
$28,487.00 it would be paid off.
I do understand the argument that Congress
will spend anything they can get their hands on, and history
does back this up. But
using this argument to short change our children and not legislating
safeguards against misuse of a surplus that should be used to
pay our National Debt is to imply that our legislators are incapable
of,#1- learning #2- doing the right thing
#3- stewardship of America's money
It also implies that if the above incapability's are un-reversible
our country is screwed. I personally don't believe that yet.
This reactive instead of proactive fatalistic approach to the
stewardship of Americas money is short sighted, selfish, lazy
and cowardly. A perfect example for the argument for Term Limits
which Citizens For a Freer America today are against.
Our representatives have to answer to us, but first we have
to ask the questions.
1) Why were still selling United States Savings Bonds and
Treasury Notes during our budget surplus that our unborn children
will have to pay the interest on with their taxes if in fact
we didn't need the money for current expenses? Besides selling
the Savings
Bonds
we are spending millions of dollars on a national advertising
to do so. A bit irresponsible don't you think!
2) A child born today upon birth will pay $100,000 + over the
period of their lifetime paying interest on a debt they inherited
from us, due to our reckless self centered spending policies.
How can we correct this?
The Debt To the Penny
Current Amount
10/12/2006 $8,546,104,778,895.72
CurrentMonth
10/11/2006 $8,544,968,376,000.88 10/10/2006 $8,546,276,240,603.85
10/06/2006 $8,546,983,873,609.00
10/05/2006 $8,545,048,487,560.99
10/04/2006 $8,545,777,575,825.47
10/03/2006 $8,547,636,616,507.85
10/02/2006 $8,548,384,110,614.28Prior
PRIOR FISCAL YEARS
09/29/2006 $8,506,973,899,215.23
09/30/2005 $7,932,709,661,723.50
09/30/2004 $7,379,052,696,330.32
09/30/2003 $6,783,231,062,743.62
09/30/2002 $6,228,235,965,597.16
09/28/2001 $5,807,463,412,200.06
09/29/2000 $5,674,178,209,886.86
09/30/1999 $5,656,270,901,615.43
09/30/1998 $5,526,193,008,897.62
09/30/1997 $5,413,146,011,397.34
09/30/1996 $5,224,810,939,135.73
09/29/1995 $4,973,982,900,709.39
09/30/1994 $4,692,749,910,013.32
09/30/1993 $4,411,488,883,139.38
09/30/1992 $4,064,620,655,521.66
09/30/1991 $3,665,303,351,697.03
09/28/1990 $3,233,313,451,777.25
09/29/1989 $2,857,430,960,187.32
09/30/1988 $2,602,337,712,041.16
09/30/1987 $2,350,276,890,953.00
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Interest Expense on the Public Debt Outstanding
The monthly Interest Expense represents the interest expense
on the Public Debt Outstanding as of each month end. The interest
expense on the Public Debt includes interest for Treasury notes
and bonds; foreign and domestic series certificates of indebtedness,
notes and bonds; Savings Bonds; as well as Government Account
Series (GAS), State and Local Government series (SLGs), and
other special purpose securities. Amortized discount or premium
on bills, notes and bonds is also included in interest expense.
The fiscal year Interest Expense represents the total interest
expense on the Public Debt Outstanding for a given fiscal year.
This includes the months of October through September.
Interest Expense
FISCAL Year 2006
September
$ 20,854,140,227.59
August
24,213,287,037.82
July
23,296,471,495.96
June
98,255,216,240.82
May
26,062,286,332.48
April
19,621,068,645.56
March
19,693,659,965.94
February
21,243,326,109.56
January
13,849,325,895.77
December
93,067,144,638.06
November
26,912,473,405.45
October
18,803,709,320.82
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FISCAL Year Total
$ 405,872,109,315.83
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Available
Historical Data - FISCAL Year End
- 1998 $363,823,722,920.26
- 1997 $355,795,834,214.66
- 1996 $343,955,076,695.15
- 1995 $332,413,555,030.62
- 1994 $296,277,764,246.26
- 1993 $292,502,219,484.25
- 1992 $292,361,073,070.74
- 1991 $286,021,921,181.04
- 1990 $264,852,544,615.90
- 1989 $240,863,231,535.71
- 1988 $214,145,028,847.73
Click for text links
Historical Public Debt Outstanding-Annual
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- Date Amount
- ---------- -------------
- 01/01/1791 • 75,463,476.52
- 01/01/1792 • 77,227,924.66
- 01/01/1793 • 80,358,634.04
- 01/01/1794 • 78,427,404.77
- 01/01/1795 • 80,747,587.39
- 01/01/1796 • 83,762,172.07
- 01/01/1797 • 82,064,479.33
- 01/01/1798 • 79,228,529.12
- 01/01/1799 • 78,408,669.77
- 01/01/1800 • 82,976,294.35
- 01/01/1801 • 83,038,050.80
- 01/01/1802 • 80,712,632.25
- 01/01/1803 • 77,054,686.40
- 01/01/1804 • 86,427,120.88
- 01/01/1805 • 82,312,150.50
- 01/01/1806 • 75,723,270.66
- 01/01/1807 • 69,218,398.64
- 01/01/1808 • 65,196,317.97
- 01/01/1809 • 57,023,192.09
- 01/01/1810 • 53,173,217.52
- 01/01/1811 • 48,005,587.76
- 01/01/1812 • 45,209,737.90
- 01/01/1813 • 55,962,827.57
- 01/01/1814 • 81,487,846.24
- 01/01/1815 • 99,833,660.15
- 01/01/1816 • 127,334,933.74
- 01/01/1817 • 123,491,965.16
- 01/01/1818 • 103,466,633.83
- 01/01/1819 • 95,529,648.28
- 01/01/1820 • 91,015,566.15
- 01/01/1821 • 89,987,427.66
- 01/01/1822 • 93,546,676.98
- 01/01/1823 • 90,875,877.28
- 01/01/1824 • 90,269,777.77
- 01/01/1825 • 83,788,432.71
- 01/01/1826 • 81,054,059.99
- 01/01/1827 • 73,987,357.20
- 01/01/1828 • 67,475,043.87
- 01/01/1829 • 58,421,413.67
- 01/01/1830 • 48,565,406.50
- 01/01/1831 • 39,123,191.68
- 01/01/1832 • 24,322,235.18
- 01/01/1833 • 7,001,698.83
- 01/01/1834 • 4,760,082.08
- 01/01/1835 • 33,733.05
- 01/01/1836 • 37,513.05
- 01/01/1837 • 336,957.83
- 01/01/1838 • 3,308,124.07
- 01/01/1839 • 10,434,221.14
- 01/01/1840 • 3,573,343.82
- 01/01/1841 • 5,250,875.54
- 01/01/1842 • 13,594,480.73
- 01/01/1843 • 20,201,226.27
- 07/01/1843 • 32,742,922.00
- 07/01/1844 • 23,461,652.50
- 07/01/1845 • 15,925,303.0l
- 07/01/1846 • 15,550,202.97
- 07/01/1847 • 38,826,534.77
- 07/01/1848 • 47,044,862.23
- 07/01/1849 • 63,061,858.69
- 07/01/1850 • 63,452,773.55
- 07/01/1851 • 68,304,796.02
- 07/01/1852 • 66,199,341.71
- 07/01/1853 • 59,803,117.70
- 07/01/1854 • 42,242,222.42
- 07/01/1855 • 35,586,956.56
- 07/01/1856 • 31,972,537.90
- 07/01/1857 • 28,699,831.85
- 07/01/1858 • 44,911,881.03
- 07/01/1859 • 58,496,837.88
- 07/01/1860 • 64,842,287.88
- 07/01/1861 • 90,580,873.72
- 07/01/1862 • 524,176,412.13
- 07/01/1863 • 1,119,772,138.63
- 07/01/1864 • 1,815,784,370.57
- 07/01/1865 • 2,680,647,869.74
- 07/01/1866 • 2,773,236,173.69
- 07/01/1867 • 2,678,126,103.87
- 07/01/1868 • 2,611,687,851.19
- 07/01/1869 • 2,588,452,213.94
- 07/01/1870 • 2,480,672,427.81
- 07/01/1871 • 2,353,211,332.32
- 07/01/1872 • 2,253,251,328.78
- 07/01/1873 • 2,234,482,993.20
- 07/01/1874 • 2,251,690,468.43
- 07/01/1875 • 2,232,284,531.95
- 07/01/1876 • 2,180,395,067.15
- 07/01/1877 • 2,205,301,392.10
- 07/01/1878 • 2,256,205,892.53
- 07/01/1879 • 2,349,567,482.04
- 07/01/1880 • 2,120,415,370.63
- 07/01/1881 • 2,069,013,569.58
- 07/01/1882 • 1,918,312,994.03
- 07/01/1883 • 1,884,171,728.07
- 07/01/1884 • 1,830,528,923.57
- 07/01/1885 • 1,863,964,873.14
- 07/01/1886 • 1,775,063,013.78
- 07/01/1887 • 1,657,602,592.63
- 07/01/1888 • 1,692,858,984.58
- 07/01/1889 • 1,619,052,922.23
- 07/01/1890 • 1,552,140,204.73
- 07/01/1891 • 1,545,996,591.61
- 07/01/1892 • 1,588,464,144.63
- 07/01/1893 • 1,545,985,686.13
- 07/01/1894 • 1,632,253,636.68
- 07/01/1895 • 1,676,120,983.25
- 07/01/1896 • 1,769,840,323.40
- 07/01/1897 • 1,817,672,665.90
- 07/01/1898 • 1,796,531,995.90
- 07/01/1899 • 1,991,927,306.92
- 07/01/1900 • 2,136,961,091.67
- 07/01/1901 • 2,143,326,933.89
- 07/01/1902 • 2,158,610,445.89
- 07/01/1903 • 2,202,464,781.89
- 07/01/1904 • 2,264,003,585.14
- 07/01/1905 • 2,274,615,063.84
- 07/01/1906 • 2,337,161,839.04
- 07/01/1907 • 2,457,188,061.54
- 07/01/1908 • 2,626,806,271.54
- 07/01/1909 • 2,639,546,241.04
- 07/01/1910 • 2,652,665,838.04
- 07/01/1911 • 2,765,600,606.69
- 07/01/1912 • 2,868,373,874.16
- 07/01/1913 • 2,916,204,913.66
- 07/01/1914 • 2,912,499,269.16
- 07/01/1915 • 3,058,136,873.16
- 07/01/1916 • 3,609,244,262.16
- 07/01/1917 • 5,717,770,279.52
- 07/01/1918 • 14,592,161,414.00
- 07/01/1919 • 27,390,970,113.12
- 07/01/1920 • 25,952,456,406.16
- 06/30/1921 • 23,977,450,552.54
- 06/30/1922 • 22,963,381,708.31
- 06/30/1923 • 22,349,707,365.36
- 06/30/1924 • 21,250,812,989.49
- 06/30/1925 • 20,516,193,887.90
- 06/30/1926 • 19,643,216,315.19
- 06/30/1927 • 18,511,906,931.85
- 06/30/1928 • 17,604,293,201.43
- 06/29/1929 • 16,931,088,484.10
- 06/30/1930 • 16,185,309,831.43
- 06/30/1931 • 16,801,281,491.71
- 06/30/1932 • 19,487,002,444.13
- 06/30/1933 • 22,538,672,560.15
- 06/30/1934 • 27,053,141,414.48
- 06/29/1935 • 28,700,892,624.53
- 06/30/1936 • 33,778,543,493.73
- 06/30/1937 • 36,424,613,732.29
- 06/30/1938 • 37,164,740,315.45
- 06/30/1939 • 40,439,532,411.11
- 06/29/1940 • 42,967,531,037.68
- 06/30/1941 • 48,961,443,535.71
- 06/30/1942 • 72,422,445,116.22
- 06/30/1943 • 136,696,090,329.90
- 06/30/1944 • 201,003,387,221.13
- 06/30/1945 • 258,682,187,409.93
- 06/28/1946 • 252,292,246,512.99
- 06/30/1949 • 252,770,359,860.33
- 06/30/1950 • 257,357,352,351.04
- 06/29/1951 • 255,221,976,814.93
- 06/30/1952 • 259,105,178,785.43
- 06/30/1953 • 266,071,061,638.57
- 12/31/1953 • 275,168,120,129.39
- 12/31/1954 • 278,749,814,391.33
- 12/30/1955 • 280,768,553,188.96
- 12/31/1956 • 276,627,527,996.11
- 12/31/1957 • 274,897,784,290.72
- 12/31/1958 • 282,922,423,583.87
- 12/31/1959 • 290,797,771,717.63
- 12/30/1960 • 290,216,815,241.68
- 12/29/1961 • 296,168,761,214.92
- 12/31/1962 • 303,470,080,489.27
- 12/31/1963 • 309,346,845,059.17
- 12/31/1964 • 317,940,472,718.38
- 12/31/1965 • 320,904,110,042.04
- 12/30/1966 • 329,319,249,366.68
- 12/29/1967 • 344,663,009,745.18
- 12/31/1968 • 358,028,625,002.91
- 12/31/1969 • 368,225,581,254.41
- 12/31/1970 • 389,158,403,690.26
- 12/31/1971 • 424,130,961,959.95
- 12/29/1972 • 449,298,066,119.00
- 12/31/1973 • 469,898,039,554.70
- 12/31/1974 • 492,665,000,000.00
- 12/31/1975 • 576,649,000,000.00
- 12/31/1976 • 653,544,000,000.00
- 12/30/1977 • 718,943,000,000.00
- 12/29/1978 • 789,207,000,000.00
- 12/31/1979 • 845,116,000,000.00
- 12/31/1980 • 930,210,000,000.00
- 12/31/1981 • 1,028,729,000,000.00
- 12/31/1982 • 1,197,073,000,000.00
- 12/31/1983 • 1,410,702,000,000.00
- 12/31/1984 • 1,662,966,000,000.00
- 12/31/1985 • 1,945,941,616,459.88
- 09/30/1986 • 2,125,302,616,658.42
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SOURCE:
BUREAU OF THE PUBLIC DEBT
General
Accounting Office
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