2009 December 13 Sunday
New US Government Debt Limit

The current US government debt limit of $12.1 trillion isn't big enough.

Congressional Democrats prepared to pass big spending bills and a roughly $1.8 trillion increase in the federal debt limit, all at a time when concern is growing over the government's chronic deficits.

Well, if the new debt limit is $13.9 trillion that's very close to the projected $14.26 trillion US GDP for 2009. In 2011 the outstanding federal debt might well exceed 1 year's GDP. But this is only a beginning. Surely the Obama Administration and Congress will break new debt records in future years. I see these people as achievers. Scaling new heights. Breaking new records. Doing things I would have considered impossible a few years ago. Change.

Their basic mistake: They take for granted the continued ability of the US economy to generate more goods and services.

Share |      By Randall Parker at 2009 December 13 05:24 PM  Economics Government Costs


Comments
B.B. said at December 14, 2009 1:21 AM:

What's the point in having a debt limit if you are just going to increase it whenever you come close to reaching it?

Michael said at December 14, 2009 12:56 PM:

I for one am tickled pink that Obama is working so hard to bankrupt the greatest enemy White People have ever had: The US Government.

The South knew that Black Slaves would be an incredible burden if they were ever freed. So what did the US Government do? It fought a brutal and nearly genocidal war against the South to force them into freeing the Slaves.

The Soviet Union was the most brutal regime in the 20th Century, and they killed more White People than any other Government in Human History. So what did the US Government do? It sided with the Soviet Union in a World War and conspired to help it take over Eastern Europe.

Segregation was a profoundly valuable protection to White Schoolchildren, who didn't have to worry about the lessons going too slowly just to accommodate Black Students, and who didn't have to worry about getting beaten and/or raped by Minority Classmates. So what did the US Government do? It forced the States to desegregate the School Systems, causing untold Human Misery and forcing White Parents to flee to the Suburbs so their children wouldn't have to go to desegregated schools.

White Men contribute more to the Economy than Minorities do. So what does the US Government do? It passes tyrannical laws forcing Employers to Discriminate against White Males, thus cruelly denying them their well-earned monetary reward.

Black Africans are breeding far too much, putting a burden on the environment and putting pressure on Blacks to invade White Countries. So what does the US Government do? It does everything it can to subsidize the irresponsible reproductive practices of Black Africans, thus causing an Environmental Catastrophe to overtake the continent.

I hope Obama pushes the National Debt up to $100 Trillion before he leaves office! And if he wants to let in Jihadists who can blow things up and thus undermine the US Tax Base, that would also be much appreciated.

The sooner the US Government is moldering in the graveyard of History, the better off we’ll all be.

Mthson said at December 14, 2009 9:48 PM:

Michael, there is another way out for the West from the low-IQ/high-fertility trap: technologies to increase IQ and give folks more control over their brains.

Ray Kurzweil gives his predictions for 2020 in an article for the popular media here: http://www.nydailynews.com/opinions/2009/12/13/2009-12-13_top_futurist_ray_kurzweil_predicts_how_technology_will_change_humanity_by_2020.html

Kurzweil's predictions in 1999 for 2009 seem accurate enough. However, I think it's wise to be on the safe side and just double the time frames he predicts. It would be a huge mistake to assume humankind will be the same forever.


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