National Debt Increased by $557 Billion

For the twelve months ending on 2/28/06 the U.S. national debt increased $557 billion.

www.publicdebt.treas.gov/cgi-bin/cgiwrap/~www/opdpen.cgi

 

The national debt is a number that always makes me sick. :(

 

KenH-please do not insinuate or imply that you are against raising the national debt. Or that you would in anyway stop giving King George more money. More money is needed to search out more countries to attack.

 

I am totally against deficit spending by the federal government. Whatever amount the federal government spends it should raise the taxes to pay for it.

 

Imports v Exports always tends to be a factor in national debt. What governments can do to resolve the situation is to have a look at what they are importing that they could manufacture internally.

If all imports of oil were stopped to the U.S because of self sufficency in fuel supply, that may well go a long way to reducing the debt.

http://www.biowillie.org/

 

Imports vs. exports is an irrelevant issue to the national debt. It a simple matter of the federal government spending more than it takes in in taxes.

 

Here is the link to the thread I started last week about this topic in the politics forum:

Retirement Fund Tapped to Avoid National Debt Limit

 

That's not what it's about, imho. The original plan was to raise the debt sufficiently to do away with social security and other social spending. A lot of the old "surplus" that was "rebated" was social security overcollection which should have been used for future payments, but went into the general revenue fund instead. Most of the "rebate" went to the superrich who didn't contribute any SS money beyond 7% of the first $90,000 (this year, less previous years). I know that some people argue that they pay more tax, so they should get more back, but they do NOT pay more FICA tax than the upper middle class.

The extragavant cost of the Iraqi war was a miscalculation. I believe the planners of that really thought it would be over quickly and that we would be swimming in Iraqi oil profits by now.

 

Instead the military industrial complex suddenly found themselves to be flush with an unending supply our tax dollars. I'm sure it's an unexpected consequence they would rather have avoided though.