The Porkulus bill is off budget, i.e., it is not part of the regular budget. However, it will be included in the annual budget deficit and in the cummulative national debt. The national debt has grown by about $150 billion since Obama took office 30 days ago.
U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt as of 23 Feb 2009 at 07:07:08 AM GMT is:
The estimated population of the United States is 305,697,683
so each citizen’s share of this debt is $35,374.54.
Wild Thing’s comment……
Why double the debt in eight years when you can quadruple it in four. sheesh
How long before we start using Renminbi the “people’s currency” and we start using the Yuan instead of the worthless dollar that the people’s leader Komrade Obama and Congress has devalued?
The Dow is down -204 right now, Gold dropped below a 1000 dollars for the first time in a long time. The Congress and Whatshisname keep spending more and more on pork where does it end.
Our Son works for UBS, hopefully he won’t get indicted, but said if the Dow drops to 6000 this will be huge problem. That problem is closer than anyone thinks. Currently the Dow is 7160 and falling.
We are not on the Gold standard anymore otherwise our money would be a lot better than it is now. Hillary got some kind of agrrement from the Chinese to buy T-notes to help finance our debt but they can’t be depended on for too much longer they already own a big chunk of this country.
The terms fiat currency and fiat money relate to types of currency or money whose usefulness results not from any intrinsic value or guarantee that it can be converted into gold or another currency, but instead from a government’s order (fiat) that it must be accepted as a means of payment. It is a money that has value because the government has ordered that it is an acceptable means to pay debt. The more money the FED prints the faster the rate of decline of the dollar. Now Obama wants to raise taxes on Small Business and large industry, what does that do to the dollar. Our maney is backed up the the U.S. Government, when it’s value decreases because business can’t support what the government has done. It is going to drop and there doesn’t seem to be a stopping point right now.
Now we don’t have any leadership in Washington, or anyone to put the brakes on and say, ‘Whoa, stop this senseless spending’.
So we the tax payers are on our own. If there is not some responsibility shown soon, the whole country will be in default and not just the deadbeat mortgage holders.
Jack,”Komrade Obama and Congress has devalued”…..they sure have.
Mark, a huge thank you for all of this explanation and information. It helps a lot to understand better. Prayers and thoughts for your son. It has to be even harder for those working with all of this to see what is happening and wanting Obama to wise up.
Obama gave a speech and somone counted how many times he said the word “crisis” it was something like 27 times in one speech. THAT is the worst thing he can do and he knows it. Doom and gloom and then the stimulus bill.