Media behind on the Debt

Tom Nichols, writing in the Gainesville Times, is a little bit behind in his numbers. Like several other writers, he thinks the National Debt is approaching $10 trillion.

We went past $10 trillion and we are well on the way to $11 trillion with our total debt today at $10,525,823,144,117.64.

So Tom missed it by over $500 billion dollars. Didn't Gainesville fire that School Director guy over some small amount like a couple million?

Isn't Georgia short a couple of billion?

Aren't we giving $700 billion to a few Wall Street firms? Didn't we just pump $150 billion of tax credits into the economy? What about the $123 billion given just to AIG? Didn't the taxpayers just buy Freddie Mac and Fannie Mae like a pig in a poke with no price tag? On September 18, the Federal Reserve pumped $105 billion into "money market funds" to prevent a collapse. The largest savings and loan company in the U.S., Washington Mutual, aka WaMu, was seized by the government with no price tag. On October 1st, we pumped another $100 billion of tax credits into the bailout bill, further inflating the $700 billion price tag. October 7th, the Federal Reserve created another new financial thing called the Commercial Paper Funding Facilty (CPFF) with no price tag. On October the 14th, the US began purchasing stocks in bank to the tune of $250 billion dollars. [The total liability assumed through this action is $2.25 trillion including a $1.5 trillion guarantee of new senior debt issued by banks and a $500 billion guarantee of deposits in noninterest-bearing accounts (business accounts used to pay current obligations such as payroll).] On October 27th, the US bought another $33 billion in bank stocks.

That's about $1.5 trillion since the middle of September.

So, how much was the debt on September 5? $9,669,798,894,468.78.

In less than 60 days, your government borrowed and spent $856 billion dollars.

I didn't get a T shirt. Did you? Someone did get the shirt off my back.