Tuesday, November 20, 2012
There have been 44 presidents since 1789. The first 42 presidents went through the Civil War, World War I, World War II, the Vietnam War and several recessions and depressions, including the Great Depression.
From Washington to Clinton, 42 presidents racked up $5.7 trillion in national debt over 53 presidential terms.
President Bush, one president, racked up $4.9 trillion over two terms.
President Obama, one president, one term, will have racked up $6 trillion from January 2009 to January 2013, which is more than the first 42 presidents had over 212 years and 53 terms.
I'll bet you that's something teachers don't point out to their students, and that's not good, since the young will be the ones who have to pay most of the money back, one way or another. We should at the very least let the young know what they're up against.
There's a couple of other astonishing things about the distribution of national debt per presidency.
First, when someone hears about it, it's no big deal to them. It's like, yes there is a problem with the debt but it's someone else's problem, not mine. And more and more people are getting on the bandwagon that says to solve the problem with the debt, all you have to do is tax the rich, and poof, no more debt problem.
Forbes magazine reported that the richest 400 Americans have a net worth of $1.7 trillion, if the government confiscated the entire amount and we ignored what that would do to the stock market, the government would burn through the $1.7 trillion, in less than six months.
Second, Americans mostly blame the politicians, the same ones they keep electing over and over again.
For example, Bush was a spender, and sure enough the country elected him not just once, but twice.
And then along comes the biggest spender in U.S. history (even after adjusting for inflation), President Obama, and sure enough the country elects him again.
There's no way the American people can get away with blaming the politicians.
Americans elect politicians who love to borrow tons of money verses electing someone who may actually come into office and really do what's necessary to get the debt under control.
Unfortunately, the borrowing can't last much longer and judgment day is almost here. Are you financially prepared?