About 'us debt clock widget'|A Brief Debt / Immigration Rant
It is often said that time is money. In some cases, it is quickly disappearing money. There are actually clocks to prove it. For many who did not know, there is a clock in Times Square that keeps track of the national debt of the United States, called, appropriately enough, the National Debt Clock. U.S. News & World Report says that it is running out of available space, that debt is accumulating so rapidly that it is down to its last digit - and that after the clock was altered to replace the "$" sign in September to accommodate the "1" that starts off ten trillion dollars. At present, the national debt is at a staggering $10.2 trillion and climbing. It does not reflect the extremely unpopular $700 billion bailout rescue package just passed by Congress, which economists expect to send the national debt past the $11 trillion level. The National Debt Clock was created by Seymour Durst in 1989. The Manhattan real estate developer thought it a good idea to inform the public about the profligate government debt being accumulated at an ever-growing rate. When the National Debt Clock was first placed in operation, the national debt was $2.7 trillion. When President Bill Clinton left Office, it was at $5.7 trillion and had The Durst Organization, which is run by Seymour Durst's son, Douglas Durst, is working on a newer clock that will track into the quadrillions. The new National Debt Clock is scheduled to be erected in 2009. The Associated Press reports that, according to the Treasury Department, the national debt has risen by more than half a trillion dollars per year since 2003. There is a simple reason for this: the Iraq War. What A Difference A War -- And A Balanced Federal Budget -- Will Make Of course, the Iraq War does not account for all of the $500 billion per year debt, but it accounts for much of it. Added to the wanton deficit spending of the Bush administration, however, it accounts for most of it, including defense overspending and tangentials. And while many believe that the Iraq War appropriations are included in the budget, the opposite is true. Those appropriations are made in addition to the federal budget. That is why the president must go before Congress every three-to-four months and ask Congress for military appropriations. It is a disingenuousness that the additional war appropriations funds are not included when the national fiscal deficit is announced. And yet, it remains very much a part of our national debt. The two - the Iraq War and the national debt - are inextricably linked. A rise in the former means a subsequent rise in the latter. And there is a clock to track how much the Iraq War is costing the American taxpayer as well. It can be found at Zfacts.com. The Iraq War Clock is fast approaching $600 billion. Before it draws to a conclusion, the War in Iraq is expected to surpass three trillion dollars and more. Joseph E. Stiglitz, Nobel Prize winner for Economics and the author of The Three Trillion Dollar War, notes, "When the full price of the war has been paid, trillions of dollars will have been added to our national debt. Invading Iraq has also driven up oil prices. In these and other ways, the war has weakened our economy." Included in the "other ways" are the hidden costs of the war: loss of manpower in key areas, loss of resources to the war, and benefits for healthcare to returning vets. They will be needing the new National Debt Clock shortly, it seems... ****** National Debt Clock Cost Of Iraq War Clock ****** Sources: USNews.com Associated PressZfacts.com Widgetbox.com |
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