Federal Government's Debt Jumps More Than $1T for 5th Straight Fiscal Year
 

By the end of the third quarter of fiscal 2012, the new debt accumulated in this fiscal year by the federal government had already exceeded $1 trillion, making this fiscal year the fifth straight in which the federal government has increased its debt by more than a trillion dollars, according to official debt numbers published by the U.S. Treasury.

Prior to fiscal 2008, the federal government had never increased its debt by as much as $1 trillion in a single fiscal year. From fiscal 2008 onward, however, the federal government has increased its debt by at least $1 trillion each and every fiscal year.

The federal fiscal year begins on Oct. 1 and ends on Sept. 30. At the close of business on Sept. 30, 2011—the last day of fiscal 2011—the total debt of the federal government was $14,790,340,328,557.15. By June 29, the last business day of the third quarter of fiscal 2012, that debt had grown to $15,856,367,214,324.44—an increase for this fiscal year of $1,066,026,885,767.29.

In the fourth quarter of fiscal 2012, the federal debt has continued to accumulate, hitting $15,874,365,457,260.40 at the close of business on Thursday, July 19—marking a total increase so far in fiscal 2012 of $1,084,025,128,703.25.

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http://cnsnews.com/news/article/fede...ht-fiscal-year

We're all screwed, unless they get this under control. And sadly, we'll probably all be screwed in the process of them getting it under control.

There are a number of reasons for this, mainly due to the housing market crash of 2006 and the subsequent loss of tax collections. It took another 2 years for the actual implications of the loss of income to effect the federal government. Then the financial meltdown in 08 further exasperated the problem, however between 2014 and 15 it is expected to slow down to the point of going back down based on current private sector incomes. Once that private sector income gets taxed over the next 2-3 years the debt should start leveling off.

If you want to cut something, start with defense. I work for the DoD and I see how much money we waste on what is pretty much just corporate welfare first hand.

It would help if politicians and industry leaders stopped claiming that a vote against their pet weapon contract is a vote against "a strong America"

We spend so much money ensuring that we are 20+ years ahead of anyone else's weaponry, meanwhile China and other nations are gaining power in totally different, less expensive ways.

...

They do it by spying on us.

Well let's see here....
If 2/3rds the debt is from the sale of Treasury Bills, Notes and Bonds, then to fix the national debt we'll just stop selling them.
Problem solved.
Government bonds and all that other crap is supposed to be the safest investments because of the whole "USA being all boss and shit" but if if a bunch of "Liberty loving freedom folk trying to take back the country" have no confidence in the country then maybe we should just stop selling investments backed by the US government.

Tell people to by gold off the television commercial.

As for the rest of it,
We had all the fun in 2007-2009 with the stimulus and the bailouts so we'll be paying that off for a while. At least that's a one time deal...Economy tanked...government helped...life goes on.

The rest of it is military spending. Since we don't have any Nazi's to fight and military people are walking around with a big ole chip on their shoulder we should just cut all that business.
We need to be building oil fields and liberty things. We shouldn't be wasting time sending troops off to places that don't generate Micheal Bay style combat footage.

Finally we need to get that basketball loving rapper who smells like arab out of the office and replace him with someone who looks like a clean shaven version of the Jesus picture over my fireplace (casually decorated with wolves howling at the American flag covered moon plates)

Often, your rambling fables have a point or are funny.

The above has neither and totally overlooks the largest drain on the US' balance sheet.

Now you are thinking with portals