A day that will live in infamy: Paul Ryan on national debt passing $15 trillion
posted at 5:25 pm on November 16, 2011 by Allahpundit
The word came down from Treasury earlier this afternoon. Think of all the terrible policies, myopic budgeting, and reckless leadership that had to come together for decades to produce the largest sovereign debt in the history of the world.
As The One said in his State of the Union: America — we do big things.
The deficit has ballooned to nearly $48,000 for every man, woman and child in the U.S. This year alone, the U.S. will spend $1.3 trillion more than it takes in.
The debt has expanded at an alarming pace, from $7.5 trillion in 2004 and $5.6 trillion in 2000. At the current rate, Debtclock.org reckons that the debt will top $23 trillion in 2015, though the nonpartisan Congressional Budget Office puts the estimate at $17.6 trillion.
Back in August after a protracted fight, Congress voted to raised the national-debt ceiling by $2.7 trillion to $17 trillion, while requiring $2.7 trillion in deficit reduction by 2021.
Here’s a funereal Paul Ryan marking the occasion by wondering when, exactly, this is going to become a priority for the White House. Safe bet: Since any solution would involve entitlement reform, it won’t happen in the next 51 weeks.
Blowback
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Ace has a link to USDebt.kleptocracy.us with a neat graphic.
There is also the MegaPenny Project, does something similar with pennies.
The comments at kleptocracy are …. humorous, if you’re in the mood.
Skandia Recluse on November 16, 2011 at 5:31 PM
The big question I have is, what would the debt look like at it’s peak under the Ryan plan? Oh, that is right, way way way way higher than 15trillion dollars. Red for as far as the eye can see.
astonerii on November 16, 2011 at 5:31 PM
One bonus tax at a time will take care of it.
Notorious GOP on November 16, 2011 at 5:31 PM
Tellem Paul!!!!!!!!!!!!!!!!!!!!!!
Katfish on November 16, 2011 at 5:31 PM
So when does this guy actually run for President so I don’t feel so damn depressed about the options?
StoutRepublican on November 16, 2011 at 5:32 PM
America’s odometer is about to roll over.
Time for an overhaul.
portlandon on November 16, 2011 at 5:34 PM
Overhaul? No, a new freakin engine is what’s needed. :)
sicoit on November 16, 2011 at 5:36 PM
If we don’t do some serious cutting it will be $20 Trillion pretty soon.
zmdavid on November 16, 2011 at 5:37 PM
The debt hit $10 trillion 3 years and six weeks ago.
In other words, it increased by $5 trillion…50 percent…in a little over three years.
Bonus points to anyone who can name something else that has been going on for about three years.
MadisonConservative on November 16, 2011 at 5:39 PM
Are you kidding? The replacement would be made in China or Mexico!
portlandon on November 16, 2011 at 5:39 PM
Largest sovereign debt, largest economy by a mile. The gross numbers mean much less than the GDP weighted numbers, of course, but Ryan has people to scare.
ernesto on November 16, 2011 at 5:40 PM
Why didn’t you run for president? I get that he’s a leader in the House, but his words would resonate more had he run for president.
cpaulus on November 16, 2011 at 5:41 PM
While the situation is very bad, that debt clock is a bit misleading. At the bottom of the page an attempt is made to present the assets and liabilities of the Country. The one asset they fail to consider is the estimated present value of future tax receipts. The accrual based liabilities are presented but the accural based tax receivable is ignored. Apples and oranges.
David in ATL on November 16, 2011 at 5:43 PM
SuperCommittee has it under control. Relax!
a capella on November 16, 2011 at 5:44 PM
Or GM! :O
sicoit on November 16, 2011 at 5:46 PM
I can hear my son when he grows up…
… and my answer will be,
Seven Percent Solution on November 16, 2011 at 5:47 PM
The sad fact, those who do not pay taxes and live off us who does, don’t give a flying flit how much money they ‘owe’, they won’t pay and demand we pay them! This is just going very well with bho and team to make us, The United States of America, a third world nation! I fear it has gone past the the point anyone who is elected(God help us not bho) to help our Republic. Oh well, my faith says things happen for a reason and it is happening big time now!
L
letget on November 16, 2011 at 5:48 PM
VERY loud and hearty ROFLMAO!
sicoit on November 16, 2011 at 5:48 PM
You mean the whole 100% thing that’s also been in the news, sport?
MNHawk on November 16, 2011 at 5:52 PM
Congrats, the fed has made sure we owe twice that much.
Speakup on November 16, 2011 at 5:52 PM
Stoopid lazy Americans.
Dr. Carlo Lombardi on November 16, 2011 at 5:52 PM
Do you think the people in China visit the HotAir website? I’m hoping they do, and I know Barack the Destroyer is visiting China. If you’re out there my dear friends in China and reading this blog ………………
WILL YOU PLEASE KEEP THE SOB?
fogw on November 16, 2011 at 5:52 PM
It won’t happen in the next 51 weeks, or the 51 after that or ever. No politican has the guts to tackle the problem. When the whole system collapses, perhaps then the American public will demand action instead of the usual “what’s in it for me” attitude.
NNtrancer on November 16, 2011 at 5:54 PM
That rumbling sound you hear is the sound of the founders rolling over in their graves.
UltimateBob on November 16, 2011 at 5:57 PM
Out of curiosity, how much debt should we worry about? I would assume that our debtors would eventually want their money paid back, or is that just me thinking small? Let’s say the number to worry about is $25,000,000,000,000, what in our past debt history makes you think our government would suddenly stop the spending?
Another thing everyone should be concerned about is the foreign policy aspect of having other people buy our debt. Around 60 years ago Britain was going to protect their former possessions lost during WWII, but their major debtor told them that if they did so; that we would no longer purchase any of their debt. The British government quickly caved and it is often said to be the end of the British Empire. That country was the United States. Do you honestly believe another country would not do the same to us if it conflicted with their political aspirations?
txaggie on November 16, 2011 at 5:57 PM
Paul Ryan would make a most excellent pick for VP. I think he’d be better as Speaker (hand Boehner the Kleenex if that hurt his feelings), but a X/Ryan ticket would definitely get out the base and excite fiscal conservatives, even if Ryan doesn’t necessarily have the bona fides to back up some of his talk.
RachDubya on November 16, 2011 at 5:58 PM
Stoopid lazy Americans and their gross, non-GDP weighted numbers.
Dr. Carlo Lombardi on November 16, 2011 at 5:59 PM
Well, yeah. Seeing as other developed market democracies reach debt to gdp ratios of 200% or more, saying we’ve amassed the largest sovereign debt in history just doesn’t carry that much weight. Besides, we owe such a large portion of it to ourselves…when the time comes my generation will just rip up the liabilities and let boomers deal with their own mistakes. Problem solved!
ernesto on November 16, 2011 at 5:59 PM
As you have aptly demonstrated, the idiots aren’t scared.
fogw on November 16, 2011 at 6:00 PM
Good point. Why worry about 100% debt ratio, when we are heading towards 200% at a record pace.
Ever consider financial planning, ernesto?
lorien1973 on November 16, 2011 at 6:01 PM
Can you say, “Inflationary death spiral…”
trigon on November 16, 2011 at 6:01 PM
You’ve done a great disservice to your argument, attempting to distill hegemonic stability theory into one little spat between the US and Britain. Your oversimplification will not lead to any enlightening discussion.
ernesto on November 16, 2011 at 6:01 PM
This is a joke, right? Hyperinflation to the degree that it would negate $15T of debt– or even a couple trillion– is not going to be fun.
RachDubya on November 16, 2011 at 6:01 PM
Too bad all liberals aren’t as honest as you. ;)
lorien1973 on November 16, 2011 at 6:01 PM
What’s the big deal? Just pass a one-time tax of $50,000 on every man, woman and child. Instant surplus, baby!
Hollowpoint on November 16, 2011 at 6:02 PM
Hey! Thanks Ernesto! To think, all this time I thought that there was something about that debt that I should be worried about. Even, scared about! But, you made me feel better. Thank you for that. Now its clear to me that the only reason I’m scared is because Paul Ryan is such a fear monger. Phew! That damn Paul Ryan almost had me.
Zetterson on November 16, 2011 at 6:07 PM
My constant heartburn and my migraine headache. Started in Novemeber 2008. Really took off in January 2009.
platypus on November 16, 2011 at 6:16 PM
platypus on November 16, 2011 at 6:18 PM
Why tax? Just pass a bill forcing everyone to buy $50,000 bonds from the government. Problem solved.
No need to even raise taxes that way. Commerce clause!
lorien1973 on November 16, 2011 at 6:24 PM
And the GOP is just as culpable as the Dems! Which is why I left the Republican party years ago! Someone had best get this administration to stop the spending, now! I guess everyone in Washington is corrupt?
GFW on November 16, 2011 at 6:25 PM
Fine and Dandy but I didn’t ask them to go into debt especially spending money to bail out failed institutions whether government (Dept’s of Energy/Education, or Business Sector…Goldman Sachs etc.)
Hence they can send the IRS to try to get my property if they want to but at that point they are openly stealing from me to give to someone else…hence they need to be aware their are a LOT of Prepared Bitter Clingers out here!
RedLizard64 on November 16, 2011 at 6:42 PM
Sorry, he must have forgotten that only your side gets to do that when they claim Ryan wants to let seniors die in the street.
But hey everyone, ernesto is saying there really is no problem, so clearly Ryan is just making this up.
Esthier on November 16, 2011 at 6:47 PM
You did the world a disservice by opting to work the counter at Starbucks instead of becoming the most brilliant economic mind in the universe.
Is Zucotti still closed or is it too cold outside to keep on bravely ‘sticking it to the man’?
BigWyo on November 16, 2011 at 6:48 PM
This is rich. So your side demonizes Ryan as wanting to kill old ladies, but you do want to strip benefits from old people exactly when they need it most. I’ve known for a long time that much of liberal thought is just projection, but I’m sick of being proven right.
Esthier on November 16, 2011 at 6:52 PM
This was one of the all time great GOP betrayals. They could have stopped this, but instead they chose the insiders game and spit in the face of the 2010 voters.
What a corrupt institution the GOP has become.
The GOP will betray you
True_King on November 16, 2011 at 6:52 PM
We know, Jew-hating spambot.
MadisonConservative on November 16, 2011 at 7:01 PM
OK, you never answered my basic question, merely called my question stupid and moved on. How much debt is to much, and what makes you think the government will stop spending one that target is reached?
The allegory between the US and Britain is neither minor nor inconsequential in this case. China is the largest holder in US debt and our primary purchaser. Currently the only country capable of checking China’s aspirations is the US. If we decided to oppose China on anything they truly wanted, do you not think that they would use their leverage over us to broker a better deal for them? How is that an inconsequential question?
txaggie on November 16, 2011 at 7:01 PM
WASHINGTON — A new wave of pessimism colored super committee talks on Tuesday as Senate Majority Leader Harry Reid (D-Nev.) blasted anti-tax crusader Grover Norquist for meddling with the panel’s progress and suggested that the American public “impeach” him.
I agree. Harry Reid should be impeached.
J_Crater on November 16, 2011 at 7:10 PM
What? What do you mean?
Alana on November 16, 2011 at 7:14 PM
I think ernesto must be off girding his loins for the big event tomorrow…
Hey ernesto, here’s some advice…Be sure and wear a ski mask or at least a bandanna over yer face…get a 2×4 and pound some nails through it….and most importantly…GET IN THE VERY FRONT of the mob and start swinging that 2×4. Don’t worry about the cops in riot gear…they ain’t gonna do anything, they’re just there for show..in fact if you get close enough, take a swing at them…they’ll back off and you’ll probably go viral on YouTube…
Bonus!!!!
BigWyo on November 16, 2011 at 7:25 PM
Hahaha! Well said Esthier! I have a sneaky feeling that little Ernesto will be ignoring your comment. Just completely destroyed his entire world with 3 sentences.
Zetterson on November 16, 2011 at 7:47 PM
Possibly the dumbest thing you’ve ever written. Can I get a ruling, folks?
DrSteve on November 16, 2011 at 7:53 PM
Don’t hold your breath txaggie. We all know why Ernesto won’t be answering your question anytime soon. To do so would require him to transform his entire political philosophy. It would require that he recognize his own bias. It would be to admit that his logic is flawed. Such self reflection is hard. Only a real man can do it. Ernesto, as we know, has a very long and winding journey ahead of him until he gets to that point.
Zetterson on November 16, 2011 at 7:53 PM
Nay. He’s said worse. Will again to. Just wait and see.
Zetterson on November 16, 2011 at 7:55 PM
Earlier you said there was no problem. Now there is but it’s the fault of the boomers and you plan on sticking them with the tab?
Okay. Whatever. But you might want to consider that all the boomers will be dead before you reach puberty.
Rod on November 16, 2011 at 8:13 PM
The reason you don’t hear a general outcry is because the people that are the least bit concerned haven’t yet resolved what they know is in it for them…the bitter pill they are going to have to take.
belad on November 16, 2011 at 8:31 PM
People don’t care about government debt. To them it is just an esoteric concept that never has meant anything before, so won’t mean anything in the future. You could tell them it was 15 quadrillion, and you would get the same blank look and shoulder shrug. And even conservatives don’t want to do what would be required to make the republic solvent again – and that is entitlement reform. How many tea party types want their social security and medicare slashed? None. The fact is, nobody wants their fat cut. They want tax cuts AND they want everything they feel they are entitled to and its up to somebody else to make those two reconcile.
But as long as the world continues to buy US debt, this ponzi scheme can go on indefinitely and people sense that. Ergo, they don’t really think there will be any major ramifications to 15 trillion or 15 quadrillion worth of debt. It’s just numbers. And they may be right. The world knows the US can never actually repay that money. Yet it continues to want to buy US debt. And with the Euro looking to collapse, there really is nowhere else for their money to go in any case. So, yes, this ponzi scheme has no end in sight.
keep the change on November 16, 2011 at 9:17 PM
I’m a conservative, I will gladly support entitlement reform. I would voluntarily give up my claim to Social Security benefits in exchange for sunsetting the program. Every penny I have contributed has already been spent. There is no lock box waiting for me when I retire. I would rather acknowledge it for what it is, a transfer of income. Dare I say a form of welfare. But let’s end the Ponzi scheme once and for all.
azkag on November 16, 2011 at 10:26 PM
We can either wind it down in an orderly fashion or have it collapse when we can’t monetize the “Trust Funds” (and yes, we won’t be able to monetize the OASI “Trust Fund” before we exhaust it).
Steve Eggleston on November 16, 2011 at 10:38 PM
I wonder if Paul Ryan was one of the members of the House giving Hensarling a standing ovation when he announced $300 billion in new taxes?
Common Sense on November 16, 2011 at 11:05 PM
Why not apply your Progressive idea to “people of your generation” who want a taxpayer-funded mortgage (“a house is a right!”) and free college educations?
What about just yanking all the Food Stamps and all those “free” lunches and breakfasts and now even take-home weekend dinners for all those grade school children?
I mean, if you’re going to apply that Progressive method of denying the needy, why “limit” your plans to “old people”?
Lourdes on November 17, 2011 at 6:43 AM