Tuesday, February 15, 2011

The federal debt

I still have more to post on the MURDER of unborn toddlers series I am doing. However, I am changing direction today and tomorrow because there was a news story in Monday’s morning paper by the Associated Press entitled “New Budget makes ‘tough choices’” (Peoria Journal Star, February 14, 2011, page A2)

First, let’s clarify a few things in relation to the federal budget.

1) The President proposes the federal budget.

2) Congress writes and passes the federal budget.

3) At the present time, the fiscal year begins on October 1 of the current year and continues until September 30 of the next year.

4) President Bush’s first proposed budget was for fiscal year October 1, 2001-September 30, 2002.

5) President Obama’s first proposed budget was for fiscal year October 1, 2009-September 30, 2010.

6) Once a President takes office in January after his election the previous November, he may propose changes to the current budget. However, it is Congress which must approve those proposed changes.


From: http://seekingalpha.com/instablog/239719-james-quinn/18242-national-debt-by-year

Note: The fiscal year has chanced at different times in our federal government’s history.

The lowest federal debt at the end of the fiscal year:
(Note: I rounded the cents)

01/01/1835 = 33,733.

First year that the fiscal year ended with a federal debt over 1 billion dollars:
(Note: I rounded the cents)

07/01/1863 = 1,119,772,139.

First year that the fiscal year ended with a federal debt over 1 trillion dollars:
(Note: The amount was rounded to the nearest million)

09/30/1982 = 01,142,034,000,000.

National debt by fiscal year end (except 2009):
(Note: I rounded the cents)

President Bush took office in January of 2001

09/30/2000 = 05,674,178,209,886.
09/30/2001 = 05,807,463,412,200. (Republican Congress)
09/30/2002 = 06,228,235,965,597.
09/30/2003 = 06,783,231,062,744.
09/30/2004 = 07,379,052,696,330.
09/30/2005 = 07,932,709,661,724.
09/30/2006 = 08,506,973,899,215.

From the end of the fiscal year of 2000 to the end of fiscal year 2006 before the Democrats took control of Congress in January of 2007, the federal debt increased by 2,832,795,689,329 dollars in six years (That’s almost three trillion dollars in 6 years!)

09/30/2007 = 09,007,653,372,262. (Democratic Congress)
09/30/2008 = 10,024,724,896,912.
07/22/2009 = 11,634,723,000,000.

From: http://www.brillig.com/debt_clock/

The Outstanding Public Debt as of 15 Feb 2011 at 01:24:28 AM GMT is:
(Note: I rounded the cents)

02/15/2011 = 14,095,655,733,282

From the end of fiscal year 2006 (President Obama took office in 2009 but the Democrats controlled Congress from January of 2007. So, the Democrats controlled Congress for this entire period except for 3+ months from October 2006 to early January 2007. Additionally, the Republicans gained control of the House of Representatives in early January having control in the House for about a month and ½) to February 15, 2011 (About 4 years and 4 ½ months), the federal debt increased by 5,588,681,834,067 in 4 years and 4 ½ months. (That’s almost twice the increase as in the previous SIX years!!! And almost as much as the entire federal debt in 2000!!! (OVER A TRILLION DOLLARS A YEAR in increases!!!)

$02,832,795,689,329 increase in six years
$05,588,681,834,067 increase in 4 years and 4 ½ months
$08,421,477,523,396 increase in 10 years and 4 ½ months
$14,095,655,733,282 total federal debt!!!

We have more than doubled our federal debt in less than eleven years! And we are speeding up our increases! The projected increase in our federal debt for the current fiscal year which ends September 30, 2011 according to the Obama Administration is another increase of about 1.65 trillion dollars!!! If that increase occurs, it would be a record increase from one fiscal year to another!!!