YOU OWE 15 Trillion

 

Have you seen this lately? U.S. National Debt Clock

The U.S. has crossed the 15 Trillion dollar mark of national debt, not including social security, medicare, and prescription drug liabilities.

$15,000,000,000,000.00

To bring that debt back to zero, not only would the U.S. have to balance the budget, but every tax paying citizen would have to pay $133,000.00 to the government to pay off the debt.

Yes, that’s right, YOU (and everyone else that pays taxes – EVERYONE) would have to pay $133-Grand to Uncle Sam.

How’s that sound to you?

While the attention is currently focused on Europe and the Eurozone’s financial woe’s, what about those of the United States of America? Oh, don’t you worry… as soon as the European financial troubles implode, the attention will turn quickly to the U.S., since the great debt bubble ‘balloon’ in Europe is actually part of the same balloon in the U.S., and there are many ‘pins’ ready to burst that balloon.

What’s a citizen to do?

Step one is to get angry about the situation.

Step two is to become vocal about the situation.

Step three is to vote all the ‘regulars’ out of office – regardless of the political party.

If that doesn’t work…

…get ready for social and financial chaos

Middle-class areas shrinking in US: study

The number of middle-income neighborhoods in the United States has dwindled significantly over the past 40 years, as the rich-poor divide deepens across the country.

Source: Yahoo

U.S. banks face a “serious risk”

U.S. banks face a “serious risk” that their creditworthiness will deteriorate if Europe’s debt crisis deepens and spreads beyond the five most-troubled nations.

The six biggest U.S. banks — JPMorgan Chase & Co. (JPM), Bank of America Corp. (BAC), Citigroup Inc. (C), Wells Fargo & Co. (WFC), Goldman Sachs Group Inc. and Morgan Stanley (MS) — had $50 billion in risk tied to the GIIPS on Sept. 30

Europe’s debt crisis has toppled four elected governments, with the last two, in Greece and Italy, falling last week.

Source: Bloomberg

Fed Now Largest Owner of U.S. Gov’t Debt—Surpassing China

At the close of business on Tuesday, the debt of the federal government exceeded $15 trillion for the first time–with the largest single owner of the publicly held portion of that debt being the Federal Reserve.

The current total national debt of $15.0336 trillion, reported by the Treasury today, consists of approximately $10.3145 trillion in debt held by the public and $4.7191 trillion in intragovernmental debt.

Source: CNSNews

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