Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Wonder if this is the reason for the rumors that he will step down?
Quote:
In fact, the debt accrued under Geithner is greater than all federal debt accrued in the first 204 years of the nation’s history. The national debt did not reach $3.7 trillion until October 1991, according to historical Treasury data that reaches back to 1791.
Geithner, who reportedly may step down from his position soon, has overseen the accrual of more federal debt (in only 2.5 years) than every Treasury secretary combined from Alexander Hamilton to Nicholas Brady, who was Treasury secretary in October 1991 when the national debt reached $3.7 trillion.
what do we do about the debt that the U.S. is going to be liable for under the rules of fractional-reserve banking? It's a hell of a lot more than a couple trillion
In absolute dollar value, yes. Increase in percentage rise, no ****ing way.
Under Henry Morgenthau, Jr. national debt rose to 117% of GDP.
Henry Paulsen oversaw the rise of the national debt by 20.7%
Meanwhile under Gietner national debt rose 9%.
Between 1992 and 2000, the U.S. debt increased by less than $200 billion a year.
Between 2001 and 2008, during the Bush administration, the debt increased by $500 billion a year.
But between 2008 and 2010, during the Obama administration, the debt has increased by $1.5 trillion a year!
In 2008, during the presidential election debates, then Sen. Obama, after voting for a $700 billion rescue package for troubled banks, was asked how he would adjust his budget to accommodate this increase in spending. He promised us he would cut spending during his first two years as president.
Right after his election, President Obama did exactly the opposite.
He signed a trillion-dollar stimulus bill, as he and his economic advisors believed that government spending would stimulate the economy.
Since then, he has increased the national debt by more than $1 trillion dollars each year.
Necessary or not, that's got to be a pretty gut-wrenching tagline to carry around with you for the rest of your life. Not exactly a high note for the history books.
Unfortunately, the problems that Bush/GOP created over 8 horrific years, are far worse and more severe than any in history, and the remedies to fix these problems cost far more than at any time in history. Depends on your perspective.
Most importantly though, Pubs were completely ineffective in turning a SURPLUS into a record deficit. Frankly, what good are they?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
