Sunday, July 31, 2011

How Big is the U.S. Debt?

As D-day for the U.S. debt ceiling debate quickly approaches, Prof. Antony Davies explains just how big the U.S. debt really is.
by Elad Benari, Canada
Published: 29/07/11, 8:49 PM

As the countdown continues towards August 2, the day that without a debt ceiling raise, the United States will default and government will go into lockdown, Economics professor Antony Davies has released a video which illustrates the size of the U.S. federal government's debt and unfunded obligations.



According to the video, the total debt of unfunded obligations – the total amount of money the federal government has borrowed or has promised to pay other people – is $65 trillion, an amount far greater than the economic output of the entire planet.

Prof. Davies explains that the unfunded social security obligations are, in essence, an amount of money that the federal government has promised to current and future retirees.

Meanwhile, the Republicans and the Democrats continue to argue over the debt ceiling issue: The Republican majority in the House of Representatives is insisting on commensurate spending cuts for any rise in the debt ceiling, while the Obama Administration is insisting on tax hikes as a major contributor to cutting the budget deficits.

Here's some rich dudes to tax the heck out of-

From Government Gone Wild


Avg '04
Avg '08
Growth '04-'08 % Chg 2009 Net Worth
41 Democrats




Gutierrez, Luis V (D-Ill) $47,503 $1,790,508 $1,743,005 3,669 $2,358,005
Scott, David (D-Ga) $107,262 $3,008,001 $2,900,739 2,704 $3,758,001
Sanchez, Loretta (D-Calif) $196,505 $2,547,501 $2,350,996 1,196 $2,474,001
Sanchez, Linda (D-Calif) -$32,500 $342,500 $375,000 1,154 $751,010
Herseth Sandlin, Stephanie (D-SD) -$112,000 $1,152,510 $1,264,510 1,129 $1,332,853
Obama, Barack $300,002 $3,670,505 $3,370,503 1,124 $4,960,505
Feingold, Russ (D-Wis) $8,000 $83,501 $75,501 944 $83,001
Hinchey, Maurice (D-NY) $74,002 $727,509 $653,507 883 $743,508
Eshoo, Anna (D-Calif) -$385,996 $1,508,003 $1,893,999 491 $1,683,503
McGovern, James P (D-Mass) $474,002 $2,673,503 $2,199,501 464 $2,330,503
Cummings, Elijah E (D-Md) $175,000 $887,506 $712,506 407 $887,506
Harkin, Tom (D-Iowa) $2,647,019 $13,373,057 $10,726,038 405 $16,764,563
Conyers, John Jr (D-Mich) $1,501 $7,500 $5,999 400 $0
Faleomavaega, Eni F H (D-AS) $77,007 $338,505 $261,498 340 $48,004
Taylor, Gene (D-Miss) -$32,500 $75,000 $107,500 331 $32,500
Jackson Lee, Sheila (D-Texas) $159,005 $615,506 $456,501 287 $27,004
Costa, Jim (D-Calif) $851,003 $3,073,002 $2,221,999 261 $2,881,002
Wyden, Ron (D-Ore) $1,472,005 $4,817,513 $3,345,508 227 $6,246,019
Christian-Christensen, Donna (D-VI) $205,500 $625,501 $420,001 204 $518,000
Bordallo, Madeleine Z (D-Guam) $1,523,003 $4,565,002 $3,041,999 200 $4,916,003
Kanjorski, Paul E (D-Pa) $1,464,505 $4,356,505 $2,892,000 198 $4,356,505
Spratt, John M Jr (D-SC) $6,801,008 $19,543,006 $12,741,998 187 $22,443,507
Watson, Diane E (D-Calif) $48,501 $135,502 $87,001 179 $111,002
Towns, Edolphus (D-NY) -$269,497 $210,007 $479,504 178 $214,506
Dodd, Chris (D-Conn) $411,004 $1,139,508 $728,504 177 $1,498,509
Dicks, Norm (D-Wash) $261,504 $720,504 $459,000 176 $698,003
Berman, Howard L (D-Calif) $498,024 $1,367,020 $868,996 175 $1,082,547
Visclosky, Pete (D-Ind) $390,509 $1,064,511 $674,002 173 $1,107,012
Higgins, Brian M (D-NY) -$250,001 $170,505 $420,506 168 $170,505
Brown, Corrine (D-Fla) -$43,999 $28,001 $72,000 164 $3,501
Schakowsky, Jan (D-Ill) $71,008 $181,512 $110,504 156 $188,511
Boren, Dan (D-Okla) $591,502 $1,479,007 $887,505 150 $1,002,507
Stark, Pete (D-Calif) -$9,499,988 $4,295,508 $13,795,496 145 -$11,542,496
Miller, Brad (D-NC) -$462,997 $197,510 $660,507 143 $210,015
Clyburn, James E (D-SC) $165,504 $397,505 $232,001 140 $397,005
Israel, Steve (D-NY) -$104,000 $32,500 $136,500 131 $0
Kennedy, Patrick J (D-RI) $91,001 $207,501 $116,500 128 $18,107,502
Dorgan, Byron L (D-ND) $289,011 $633,517 $344,506 119 $765,019
Brady, Robert A (D-Pa) $799,005 $1,641,004 $841,999 105 $391,504
Ortiz, Solomon P (D-Texas) $773,003 $1,563,006 $790,003 102 $1,323,004
Kildee, Dale E (D-Mich) $239,503 $481,004 $241,501 101 $296,504






Totals for 41 Democrats $10,019,433 $85,726,776 $75,707,343 756% $95,620,163







Avg '04 Avg '08 Growth % Change 2009 Net Worth
39 Republicans




LaTourette, Steven C (R-Ohio) -$4,499 $590,502 $595,001 13,225 $790,502
Chambliss, Saxby (R-Ga) $16,001 $304,504 $288,503 1,803 $297,003
Putnam, Adam H (R-Fla) $724,510 $6,716,513 $5,992,003 1,754 $6,453,513
McMorris Rodgers, Cathy (R-Wash) $106,504 $1,423,013 $1,316,509 1,236 $1,330,509
Pence, Mike (R-Ind) $13,002 $158,007 $145,005 1,115 $90,007
Rohrabacher, Dana (R-Calif) $42,222 $463,504 $421,282 998 $342,499
Culberson, John (R-Texas) -$45,000 $337,501 $382,501 850 $337,501
Inglis, Bob (R-SC) $73,001 $571,513 $498,512 683 $448,002
Mack, Connie (R-Fla) -$242,000 $1,181,536 $1,423,536 588 $1,287,536
Davis, Geoff (R-Ky) -$19,995 $73,001 $92,996 465 $73,001
McConnell, Mitch (R-Ky) $3,072,514 $16,979,018 $13,906,504 453 $19,929,018
Wicker, Roger (R-Miss) $282,005 $1,526,508 $1,244,503 441 $660,513
Thornberry, Mac (R-Texas) $83,500 $391,001 $307,501 368 $391,001
Shadegg, John (R-Ariz) -$4,999 $12,501 $17,500 350 $12,501
Ros-Lehtinen, Ileana (R-Fla) $197,006 $874,005 $676,999 344 $957,504
Ensign, John (R-Nev) $1,041,795 $4,400,795 $3,359,000 322 $4,054,202
Diaz-Balart, Lincoln (R-Fla) $48,003 $172,005 $124,002 258 $155,504
Poe, Ted (R-Texas) $26,502 $88,504 $62,002 234 $112,505
Graham, Lindsey (R-SC) $262,510 $801,009 $538,499 205 $834,812
Myrick, Sue (R-NC) $107,501 $306,003 $198,502 185 $121,503
Sullivan, John (R-Okla) $65,001 $183,001 $118,000 182 $383,000
Blunt, Roy (R-Mo) $223,003 $601,509 $378,506 170 $765,009
Enzi, Mike (R-Wyo) $518,011 $1,394,535 $876,524 169 $1,692,536
Sessions, Pete (R-Texas) $894,526 $2,407,019 $1,512,493 169 $3,494,523
Barrett, Gresham (R-SC) $1,004,004 $2,635,520 $1,631,516 163 $2,536,518
Murkowski, Lisa (R-Alaska) $516,515 $1,344,019 $827,504 160 $1,366,020
Lucas, Frank D (R-Okla) $403,004 $1,022,502 $619,498 154 $1,010,502
Royce, Ed (R-Calif) $121,004 $291,002 $169,998 141 $315,004
Gohmert, Louis B Jr (R-Texas) -$110,001 -$250,001 -$140,000 127 $150,001
Forbes, J Randy (R-Va) $441,901 $999,381 $557,480 126 $805,480
Wilson, Joe (R-SC) -$348,500 $78,515 $427,015 123 $696,003
Bishop, Rob (R-Utah) -$16,499 $3,501 $20,000 121 $8,501
Burr, Richard (R-NC) $506,011 $1,098,744 $592,733 117 $1,375,888
Diaz-Balart, Mario (R-Fla) -$65,001 $8,000 $73,001 112 $32,500
Collins, Susan M (R-Maine) $196,503 $410,005 $213,502 109 $205,002
Garrett, Scott (R-NJ) $97,501 $202,505 $105,004 108 $338,005
Barton, Joe (R-Texas) $39,502 $81,002 $41,500 105 $81,002
McCaul, Michael (R-Texas) $34,176,566 $69,619,248 $35,442,682 104 $137,611,043
Aderholt, Robert B (R-Ala) $780,510 $1,566,011 $785,501 101 $3,927,511






Totals for 39 Republicans $45,223,644 $121,066,961 $75,843,317 168% $195,473,184


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