1 Trillion

We had a discussion here a while back about how much money 1 billion dollars is, as it's kind of a tough number to wrap your head around. Since trillion is the new billion, put this in your pipe and smoke it (please feel free to double check the math:)

If you borrowed 1 trillion (1,000,000,000,000) dollars today, with 0 interest, and started paying back the loan tomorrow @ 1 million (1,000,000) dollars every day, it would take you roughly 2,800 YEARS to pay the money back. In other words, If Jesus Christ himself took out a trillion dollar loan on the day he was born, and paid back a million dollars a day, he's still got ~790 years worth of payments left.

How many dollars in debt is our country?

captainzib wrote: How many dollars in debt is our country?

As of 10:08 AM? $10,626,078,634,370.54, according to the treasury department. Give it a few more days, though.

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

U.S. NATIONAL DEBT CLOCK The Outstanding Public Debt as of 29 Jan 2009 at 03:08:37 PM GMT is:

The estimated population of the United States is 305,549,506 so each citizen's share of this debt is $34,795.59.

The National Debt has continued to increase an average of $3.32 billion per day since September 28, 2007! Concerned? Then tell Congress and the White House!

All of my is about $4800.00. I'm looking to bring that down in a lttle bit.

I have about 10k in student loans, and that is just on my 2 associate degrees, god forbid i finish my 4 year

I have $14k in student loans these days... I used to really sock it to them, had over $34k at one point, but now i'm just making minimum payments, waiting for Citibank to go bankrupt.

I'm sitting on about $85,000 in student debt now. berkeley college.

I have about $90k between my wife and myself...

UGH..

Ahhh, come one now, it's only money... if we need more, we can just print more... what's wrong with that?

poopshovel wrote:

captainzib wrote: How many dollars in debt is our country?

As of 10:08 AM? $10,626,078,634,370.54, according to the treasury department. Give it a few more days, though.

Wow, as an IT person I'm not used to seeing numbers that big And IIRC (although often I don't) it was a surplus not too long ago? drops match in flounderkeg

confuZion3 wrote: I'm sitting on about $85,000 in student debt now. berkeley college.

85K?? Jeremy Clarkson probably wrecks more than that in wheel estate in every episode of Top Gear.

GameboyRMH wrote:

poopshovel wrote:

captainzib wrote: How many dollars in debt is our country?

As of 10:08 AM? $10,626,078,634,370.54, according to the treasury department. Give it a few more days, though.

Wow, as an IT person I'm not used to seeing numbers that big And IIRC (although often I don't) it was a surplus not too long ago? *drops match in flounderkeg*

BUDGET defecit/surplus and federal debt/surplus are not the same thing:

http://www.cedarcomm.com/~stevelm1/usdebt.htm

The original post was not meant to be an slam on Obama, Bush, or anyone else (obviously, Bush increased the federal debt more than any president in history, and Obama plans to do the same.) In his words: "We shouldn't worry about the deficit next year or even the year after:"

http://www.reuters.com/article/newsOne/idUSTRE4AG02G20081117

It was meant to illustrate how much 1 trillion dollars is. I'm not really sure why people started posting their personal debt, but whatever floats your boat I suppose.

poopshovel wrote: In other words, If Jesus Christ himself took out a trillion dollar loan on the day he was born, and paid back a million dollars a day, he's still got ~790 years worth of payments left.

Year 0 didn't mark his birth

poopshovel wrote: I'm not really sure why people started posting their personal debt, but whatever floats your boat I suppose.

misery loves company..

DUH!

Photoshop opportunity BTW:

ignorant wrote:

poopshovel wrote: I'm not really sure why people started posting their personal debt, but whatever floats your boat I suppose.

misery loves company.. DUH!

I bought a car thats the only debt I have

GameboyRMH wrote: And IIRC (although often I don't) it was a surplus not too long ago? *drops match in flounderkeg*

Nope. You don't remember correctly.

The US has had a debt since it's inception. That debt increases every year there is a deficit in the budget.

There was a surplus in the PROJECTED budget. NOT one in the debt.

The bigger issue to me is the ratio of debt as a percentage of the GDP. (Gross Domestic Product, essentially our "potential income")

The worst condition we were ever in was after WWII, 1944-1948. At that time, the ratio was around 90%.

That means we BORROWED almost as much as we MADE in those years. That's not we borrowed as much as we collected in taxes, we borrowed as much as the entire income producing potential of the entire country.

Keep in mind- we were still recovering from the Depression (GDP was down), and paying for the war (expenses were up).

2008 was the second worst year. Debt was 72% of GDP.

Frankly, it wouldn't shock me if in the next couple of years we saw the debt to GDP ratio EXCEED 100% for the first time in history.

some good info (OK, it's just Wiki)

US DEBT

For those of you whose perspective is, "I've just got a car loan", or some such thing...

$10T dollars is owned by our Nation.

As a citizen, with 305 million people in this country, your share of the obligation is $32,786. For every member of your family. I've got 5 kids, so I guess that means my family's share of the obligation our elected leaders have indebted us to is nearly $230,000.

That doesn't count the interest.

At the core, your government essentially needs to collect that much from you (plus interest) to break even, before spending a single penny on any new services. Of course, that assumes we all carry equal shares of the responsibility. We don't. My family might have to carry a larger burden, as some people don't carry any weight at all.

THINK about the debt when you vote.

I've got one degree down and am almost half done with this one, no student loans, no debt. That won't change either. No car payments either. Basically I'm a giant cheapskate and if I can't afford it in cash, I won't buy it, with the sole exception of my house.

One trillion is a E36 M3 load of money though!

Datsun1500 wrote:

poopshovel wrote: I'm not really sure why people started posting their personal debt, but whatever floats your boat I suppose.

I guess for the same reason people post things that are forwarded to their inbox and try to pass it off as something they came up with...

Yes, I totally remember being all "Check me out dudes, I'm totally a berkeleying genius. This E36 M3 came to me in a dream...A berkeleying DREAM, MAN!" I heard it on the radio. Sorry I didn't list all my sources in the bibliography at the end of my post. Guess that means no Nobel prize for me.

P71 wrote: One trillion is a E36 M3 load of FB RX-7's though.

fixed.

Strizzo wrote:

P71 wrote: One trillion is a E36 M3 load of Miatas though.

fixed.

Fixed your fix.

its less miatas than it is fb rx-7's though, so it would be more like 7/8ths of a E36 M3 load of miatas