National debt now $12 trillion. Who's counting?

File this one under, "Who cares?"

Mark Knoller at CBS's Political Hotsheet:

It's another record-high for the U.S. National Debt which today topped the $12-trillion mark. Divided evenly among the U.S. population, it amounts to $38,974.34 for every man, woman and child.Technically, the debt hit the new high yesterday, but it was posted on the Treasury Department website just after 3:00 p.m. ET today. The exact calculation of the debt is a 16-digit tongue-twister and red-ink tsunami: $12,031,299,186,290.07

This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion - more than triple the previous year's record high.

This next graf by Knoller offers a rather pedestrian explanation for why the debt is so high:

Much of the increase in the deficit and debt is attributed to government spending outpacing revenue - both exacerbated by the recession and the government response to it - including hundreds of billions in bailouts and stimulus spending and tax cuts along with decreased tax revenues due to rising unemployment. 

Gee. Ya think? "Government spending outpacing revenue" as a reason for the deficit? Who woulda thunk it.

I have begun to think that the major problem with the Obama administration - I mean the number one criticism of the president is a lack of urgency about everything except that which can do him political good. Passing Porkulus as a pay off to campaign supporters was hurried along. A decision on Afghanistan? Not so much.

And health care reform, which will cement large swaths of the electorate to the Democratic party standard is being pushed relentlessly. But action to address the deficit, the debt, Medicare, Medicaid, and the danger to our economy? Well, we'll get to that later, says Obama.

You get the feeling we are sleepwalking towards disaster. And it's impossible to wake the president from his slumber.

 

 

File this one under, "Who cares?"

Mark Knoller at CBS's Political Hotsheet:

It's another record-high for the U.S. National Debt which today topped the $12-trillion mark. Divided evenly among the U.S. population, it amounts to $38,974.34 for every man, woman and child.

Technically, the debt hit the new high yesterday, but it was posted on the Treasury Department website just after 3:00 p.m. ET today. The exact calculation of the debt is a 16-digit tongue-twister and red-ink tsunami: $12,031,299,186,290.07

This latest milestone in the ever-rising journey of the National Debt comes less than eight months after it hit $11 trillion for the first time. The latest high-point is not unexpected, considering the federal deficit for the just-ended 2009 fiscal year hit an all-time high at $1.42-trillion - more than triple the previous year's record high.

This next graf by Knoller offers a rather pedestrian explanation for why the debt is so high:

Much of the increase in the deficit and debt is attributed to government spending outpacing revenue - both exacerbated by the recession and the government response to it - including hundreds of billions in bailouts and stimulus spending and tax cuts along with decreased tax revenues due to rising unemployment. 

Gee. Ya think? "Government spending outpacing revenue" as a reason for the deficit? Who woulda thunk it.

I have begun to think that the major problem with the Obama administration - I mean the number one criticism of the president is a lack of urgency about everything except that which can do him political good. Passing Porkulus as a pay off to campaign supporters was hurried along. A decision on Afghanistan? Not so much.

And health care reform, which will cement large swaths of the electorate to the Democratic party standard is being pushed relentlessly. But action to address the deficit, the debt, Medicare, Medicaid, and the danger to our economy? Well, we'll get to that later, says Obama.

You get the feeling we are sleepwalking towards disaster. And it's impossible to wake the president from his slumber.