Maxing Out the National Debt Clock
Are you surprised? Times Square's National Debt Clock, which has been tallying up money owed by the U.S. government since 1989, is running out of spaces.
In September 2008, the digital dollar sign was eliminated to make way for an extra digit—the "1" in $10 trillion (the national debt is currently $10.2 trillion). Now, a new clock is in the works that will make room for a quadrillion dollars of debt, according to the Associated Press. Anticipated completion is early 2009.
A little history on the clock: It was created in 1989 by Manhattan real estate developer Seymour Durst to inform the public about the nation's snowballing national debt (back then, it was $2.7 trillion). Seymour died in 1995, and the clock is now owned by his son, Douglas Durst.
According to the Treasury, the national debt has grown more than $500 billion each year since fiscal year 2003. The $700 billion government bailout could send the national debt to more than $11 trillion, says the AP.
Tags: New York City | Treasury Department | debt
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Good People?
Where are they? In today's society, the cool things are sex, quick money, glamous, power of violence, diminishing all the serious punishment for bad guys, who wants to be a good guy?
I remember in Regan's era, the capatism boomed to the fullest, rich people get richer, debts is not a problem, deregulation of most commercial ban, introducing of Hollywood style life style as reuglar, talking tough and acting muchle....
Isn't moral deteriating since then?
I think capitalism promote greed and socialism retrict people's freedom of doing bad but giving power to a few that strive to get on top (so we have to depend on their capabality or goodness to function in life). Indeed, there are two of the evils, which one works better, depends on the situation we are in.
As for virtues, who are defining them and practising them?
Churches? Schools? Congress? Courts? TV stations? Hollywood?
Prisident? Or general people? I need the answer.
HH
the real problem
The real problem here is not fiscal -- it's moral. Good people do not need tons of regulations designed to force them to do the right thing. Yes, i'm a capitalist but i know that theoretically either Capitalism or Socialism would work under one very important condition -- that all people perfect. The more we are self-centered, greedy, lacking care for others, and unconcerned about our neighbor, the more short-lived any economy will be; laws are powerless but to delay what only a spiritual and moral awakening can reverse.
I think that if we look at the moral state of our nation, we will find that the economic rot we see is only one indicator of our moral rot in all areas. It's seen in the pornography purveyed in the name of advertising, the glorification of thievery and murder in order to sell video games, the excusing of a President's perjury to cover up adultery, the abandonment of church dogma in order to retain membership, and the lust of clergyman who not only sell their own souls but destroy innocent children in the process. It's the same disease whether it's destroying GM or eating up our family structure. No government can bail out our hedonism or buy us self-control.
It is a story worth repeating: once when The Times asked several prominent authors to write essays on the subject "What's Wrong with the World?" they received the following reply:
Dear Sirs,
I am.
Sincerely yours,
G. K. Chesterton
National Debt
Capitalism, Socialism, Communism....you end up with the same thing, politicians who are irresponsible when it comes to expenditures and citizens who demand to be taken care of, but resent paying for it. All the regulations in the world are not going to prevent the eventual collapse of economies and financial structures. It's just a repeat of the arms race. Regulations spur the development of plans and methods to avoid them. A deficit the size of the one that the U.S. is currently building will eventually destroy the value of the dollar and probably take down a good deal of other currencies with it. Be realistic. You cannot borrow your way out of debt.
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