National Debt Soars $500B In Under A Month

Financial Bailout Plan The Primary Culprit In Record-Setting Debt Accumulation

It’s the surge you won’t hear anyone boast about.

Never before in U.S. history has the national debt increased as much and as rapidly as it has over the past month.

Since September 30, the day the national debt hit the $10-trillion mark for the first time, the government has run up over $500 billion in new debt.

That’s more than the federal deficit for the entire 2008 fiscal year, which ended September 30. And it’s the most rapid increase in the national debt ever: over half a trillion dollars in less than a month - 23 days to be exact.

The government’s latest calculation of the national debt stands at $10,530,893,033,778.21 - that’s $10.5-trillion for short. It took less than four months for it to rocket to that level from $9.5 trillion on July 21.

Less than four months! To put it in perspective, consider this: it took the U.S. government over four decades, from 1940 to 1982, to run up its first trillion dollars of debt.

The second and third trillions were racked up much more quickly - each in just four years. And it only took from 1990 to 1992 for the national debt to hit $4 trillion.

On the day President Bush was sworn in, the debt stood at $5.7 trillion. Less than eight years later, the it’s within days of having swelled $5 trillion dollars on his watch - an embarrassing milestone for a president who considers himself a conservative and an advocate of fiscal discipline.

http://www.cbsnews.com/stories/2008/10/31/politics/main4562416.shtml?tag=topHome;topStories

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{ As a nation we own so much money that even China considers us a "bad risk". It's gotten so bad that it doesn't matter what politicians say they are going to do if elected. Neither McCain nor Obama are going to have the funds or the ability to borrow monies to carry out on their promises. Raising taxes won't get the job done either. Everything from future wars to health care is just too expensive. The fact that we can no longer afford to fight wars on the scale that we are capable of is both a blessing and a curse. In the future it may be a lot more practical to just nuke an adversary and get it over with on the cheap. I'm afraid even after two terms of an Obama Presidency....we still won't have a workable universal health care system.

I think we are going to get less government in our lives then many of us hoped for because of the financial issues that we face. Seems Obama and the national debt may be the Conservatives best friend.}