The GDP in 1981 was $3.1 trillion, today it is $14.7 trillion.
The National Debt in 1981 was $907 billion, today it is $14.4 trillion.
The amount of annual Federal income tax revenue in 1981 was $347 billion, today it is $1.1 trillion.
The amount of annual Federal spending in 1981 was $678 billion; today it is $3.8 trillion.
Total consumer debt in 1981 totaled $353 billion, today it is $2.4 trillion.
Total mortgage debt outstanding grew from $1.5 trillion in 1981 to $14.6 trillion by 2008.
Median household income was $17,710 in 1980 and is now $49,777.
These facts reveal an empire spiraling out of control, delusional and living on borrowed time with borrowed money.
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All this national debt and the interest is compounding !
ReplyDeleteFunny money but not so funny interest /usury debts .
“There they scheme to profit at the expense of their needy neighbours, how to amass wealth and get rich, to be lazy and idle and live in luxury on the labour of others, without any care, danger, and loss.
To sit by the stove and let my 100 gulden gather wealth for me in the country and yet keep them in my pocket, because they are only loaned, without any danger or risk; my friend, who would not like that?"
(Martin Luther, Wittenberg, 1540.)
Yes what banker would not like that!
To solve the problem of paying off the national debt we only need to tax the people to invest in a “sinking fund’and use the magic of compound interest to beat the bankers at their own game as once proposed by Dr Price and prime minister Pitt to the English parliament in 1774 .
Of course the bankers have a few trillions start in the business but no matter
Money self expands and grows and interest compounds .Right ?Everybody knows that!
Perhaps Geithner should simply double the existing national debt and use the new debt to pay off the interest on the old debts ,it will then all balance out and the national interest bill will simply disappear? :)
Says Dr Price
"A shilling put out to 6% compound interest at our Saviour's birth" (presumably in the Temple of Jerusalem) "would ... have increased to a greater sum than the whole solar system could hold, supposing it a sphere equal in diameter to the diameter of Saturn's orbit." "A state need never therefore be under any difficulties; for with the smallest savings it may in as little time as its interest can require pay off the largest debts" (pp. XIII, XIV).
So, it seems that the compounding interest on the money already issued as US debt by the Federal reserve money printers will be growing exponentially till the second coming of Jesus !
:)
So the level of already existing national debt now can never be repaid?
Perhaps its time for Americans to ring in a jubilee year on a Fiat paper national debt that was only “created out of fresh air ‘anyway ?
What a pretty theoretical introduction to the national debt of England .Says Marx quoting price above !
“For some reason Marx did not think much of the National Debt games of the bankers.
In fact while mainly concerned about land for the peasants and getting the industrial capitalists off the workers backs, one of his demands for the international workers movement in his day was the abolition of the national debt.
“For vulgar political economy, which seeks to represent capital as an independent source of value, of value creation, this form is naturally a veritable find, a form in which the source of profit is no longer discernible, and in which the result of the capitalist process of production — divorced from the process — acquires an independent existence.
It is not until capital is money-capital that it becomes a commodity, whose capacity for self-expansion has a definite price quoted every time in every prevailing rate of interest.
“Firstly, through its continual existence as money, a form, in which all its specific attributes are obliterated and its real elements invisible. For money is precisely that form in which the distinctive features of commodities as use-values are obscured, and hence also the distinctive features of the industrial capitals which consist of these commodities and conditions of their production. It is that form, in which value — in this case capital — exists as an independent exchange-value. In the reproduction process of capital, the money-form is but transient — a mere point of transit. But in the money-market capital always exists in this form. Secondly, the surplus-value produced by it, here again in the form of money, appears as an inherent part of it. As the growing process is to trees, so generating money (tocoz) appears innate in capital in its form of money-capital.” Marx