Why Does TreasuryDirect.gov Show That Our Total Public Debt is Higher Than the Debt Ceiling?
Treasurydirect.gov has a feature called, “The Debt to the Penny and Who Holds It”. It is a government website, typically dealing with items such as savings bonds, and is separate from Treasury.gov. It shows some interesting data regarding the current debt: Current Debt 10/15/2013 Held by the Public 11,926,495,975,191.95 Intragovernmental Holdings 4,820,874,558,898.67 Total Public Debt Outstanding 16,747,370,534,090.62 Here we see that this history feature shows | Read More »
Government Spending, Debt and the Fiscal Cliff Solutions — In Scaled Down Equivalent Numbers
In order to understand the magnitude of government spending, debt and fiscal cliff “solutions”, it is helpful to scale down the numbers to more manageable ones that we are more accustomed to. Most citizens cannot properly comprehend the magnitude of the government finances because the amounts with which we are dealing were — at one time — unimaginable. First, some basic facts: 1. Government annual | Read More »
Breaking: US Credit Downgraded Again
US Credit Downgraded again on QE3 move: From MarketWatch “SAN FRANCISCO (MarketWatch) — Egan-Jones Ratings Co. said Friday it downgraded its U.S. sovereign rating to AA- from AA on concerns that the Fed’s new round of quantitative easing, or QE3, will hurt the U.S. economy. The ratings agency said the Fed’s plan of buying $40 billion in mortgage-backed securities a month and keeping interest rates | Read More »