Can anybody guess what happened yesterday, just before midnight?

[boarderbloke]

The U.S. government goes past 18 trillion in debit!

[URL="http://usdebtclock.org/"]18 and growing[/URL]

[wmoebis]

At what point is the USA broke? And the next great depression start.

[dalek]

They've been broke for years, they just keep redefining the term

[sumdumguy]

The US is about as broke as anyone else with borrowed money. They figured it out long ago. Will go on forever. My dad used to warn us 50 years ago that , "it won't last", these banks are going to go broke. Your going to lose all your money in a bank. Yah right!

[tweety]

Redefining a 'booming' economy are they?

[hedgehog]

Holy shit on a sixpence!

[cottonpicken]

As the debt matures it has to be resold.

So we got zirp,and debt service costs actually went down as debt and deficits skyrocketed.

Japan is further down the same path,with the same policies,but if you look at their government tax revenues,interest is eating up a huge chunk.

We use to get a lot of bang for our buck when the government ran a deficit,something like 2.50$ for every dollar of deficit,now its like 20 cents or something(i'll have to double check those numbers)

[cottonpicken]

If the debt was a trillion in 1980 and thirty four years later its eighteen thats four and a half doubling periods. Obama increased it seventy percent in six years. So ballparking those two facts the doubling time is around eight years,I think.

Scary stuff

[Oliver88]

I'm guessing Obama doesn't have a Masters in Mathematics.

[rockpile]

Why blame just Obama? The whole damn lot of them are throwing money around trying to get elected in 2016 and I don't see a saviour anywhere on the horizon. There is a systemic problem with Governments everywhere, including ours, who think you don't need to be financially responsible when all you need to do is control monetary policy and print, print, print. It's the Scarlett O'hara syndrome - "I'd rather not think about that right now, I'll think about it tomorrow".