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$1 Trillion of Debt

Posted by Steve Markowitz on July 25, 2012

When the United States runs a deficit, i.e. spends more than its annual revenue, it borrows assets from future Americans.  In times of national crisis like World War II, such deficits are defensible.  However, when deficits are run for the benefit (greed) of a current generation, the act is criminal.  Such is the situation that the United States currently finds itself with the Baby Boomer generation attempting to improve its mature years at the expense of future generations.

As the chart shows, the United States total debt adjusted for inflation was relatively flat through the mid 1990’s.  It has since exploded with on the books debt now at about $16 trillion.

During his presidency, George W. Bush ran what were then historic deficits of up to $400 billion annually.  Since then Barrack Obama has made Bush look like an amateur, running annual deficits in excess of $1 trillion.  Given that deficit spending is stealing from future generations, Obama has proven to be a bigger thief than Bush.

This morning Lee sent in the photos below that help show just how much we are robbing form future Americans.  Multiple the money in the lowest photo by 16 to understand the magnitude of America’s current debt.

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