U.S. eats up most of debt limit in one day

$239 billion spike uses up 60% of funding OK’d on Tuesday

As always, click on the photo to link up to this Washington Times story.

As an aside, I'm feeling particularly cranky this morning and saved the above photo as "Morons around a table".

This nation is already bankrupt and neither the politicians nor the public have the will to do what's right to rein in spending, war, waste and fraud.

Even though I believe the point of collapse is a lot farther away than most are predicting, it is coming and you can bet the Powers That Be will create some terrible conflict before that time arrives to ensure that the ultimate blame for this fiasco gets swallowed up in the ensuing mayhem.

Of course they will claim it 'was not their fault' and we'll all just have to start over with a new currency, new bonds and new debt."

From Congressional Quarterly via Seeking Alpha.

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.

Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities.

Senator Barack Obama

Senate Floor Speech on Public Debt

March 16, 2006

The following video was created somewhere around the middle 1980's and can be purchased, if you wish, along with an accompanying book at The Money Masters.com

It is both good history and remarkably prescient as we are very definitely living in the world it predicted for us 25 years ago.

It is also 3 hours and 35 minutes long.

I know.

The first 3 hours and 10 minutes provide you with a very complete telling of banking practices throughout history.

They're all there, Jesus, the Rothschilds, the Rockefellers, J.P. Morgan, Joe Kennedy, Thomas Jefferson, Alexander Hamilton, Andrew Jackson, FDR, a couple Popes, you name it.

In the last 20 or so minutes it also provides a solution for reducing our debt to ..... wait for it ..... zero ....... in a couple years time.

Seriously.

And what's really bizarre, is that it makes perfect sense.

I've watched it now three times, the last two googling quotes and issues presented as facts.

I could find very little to quibble with (and everyone here knows how much I love to quibble).

You know how to eat an elephant right?

One bite at a time.

Take it in 10 - 15 minute bites, which provides the additional benefit of forcing you to hit and re-hit our site. 

You know your Uncle Roany wouldn't lead you astray, despite my obvious self interest.

This is the primo stuff.

You might want to click the Google logo at the bottom right hand corner for a much larger view or to go directly to the vid's home at Google.

We don't need the hits all that much.

This particular meme has been coming around more and more frequently and we have posted it every time we've seen it.

This time it comes from SIPRI.

I'm thinking Ike had it right.

We're cleaning house around here.

Here's a chart we saved from The Big Picture in 2010, and never finished a post for.

The information is a little dated as it ends at Q3 2009.

A chart current to today would look even worse.

Total US debt to GDP from 1870 to 2009. 

Thanks to Steve B. for sending this through, having heard about our go round at our friend Charles G's facebook site.

As always, the photo takes you to the story.

As an aside, clicking on the authors name will take you to a fairly complete list of Jefferson County issues as reported by Mr. Wright.

Receiver seeks control of $257 million in Jefferson County sewer cash and investments

By Barnett Wright -- The Birmingham News 

The court-appointed receiver who oversees Jefferson County's sewer system has asked the county for control over the system's $257 million in cash and investments in case the financially troubled county files bankruptcy.

The move would expand the authority of John S. Young, who is pushing for double-digit increases in rates to pay sewer system creditors who are owed $3.2 billion. Currently, Jeff Hager, the county's chief financial officer, controls the flow of the money.

"I am taking signature authority over the revenue funds and the bond funds," Young said. "It makes sure that we keep those funds segregated and allow me to keep using the bond funds for the capital programs. It probably protects the funds and puts the funds in a better position if the county files bankruptcy."

Meanwhile, several Jefferson County commissioners say the county is "moving closer" to bankruptcy as a result of its general fund cash crunch and other fiscal woes.

County officials have projected Alabama's most populous county will run out of general fund money during the first week in August, if replacement revenue is not generated.