. March 7, 2010 SouthAmerica: Reply to Jem In May 2009 I posted the following here on ET economic forum: It is a very sad state of affairs - Living on borrowed money from foreigners and at the same time thinking that they are very wealthy. Since George W. Bush became president on January 20, 2001 the US government added to its outstanding debt $ 5 trillion dollars. It is no coincidence, but as you can see by the enclosed actual figures the total adjusted amount of US defense spending during the 8-years of the Bush administration was over US$ 4 trillion dollar. My question is: for how many more years do you think foreigners are going to continue funding the defense spending of the United States? Never mind foreigners funding American military adventures around the world â who is going to fund all the trillions and trillions of dollars of US domestic expenses that are coming due? *** As of Date - US Government Total Public Debt Outstanding 05/07/2009 $11,256,266,640,050.20 01/16/2009 $10,628,881,485,510.23 09/30/2008 $10,024,724,896,912.49 09/28/2007 $9,007,653,372,262.48 09/30/2006 $8,506,973,899,215.23 09/30/2005 $7,932,709,661,723.50 09/30/2004 $7,379,052,696,330.32 09/30/2003 $6,783,231,062,743.62 09/30/2002 $6,228,235,965,597.16 09/30/2001 $5,807,463,412,200.06 01/19/2001 $5,727,776,738,304.64 Total public debt outstanding on 01/19/2001 was $5,727,776,738,304.64 and since George W. Bush became president on January 20, 2001 the US government added to its outstanding debt $ 5 trillion dollars. http://www.treasurydirect.gov/NP/BPDLogin?application=np ****** Year - Interest expense paid by US government on its outstanding debt 2009 $193,437,580,154.01 (Interest Expense Fiscal Year 2009 to the end of April 2009) 2008 $451,154,049,950.63 2007 $429,977,998,108.20 2006 $405,872,109,315.83 2005 $352,350,252,507.90 2004 $321,566,323,971.29 2003 $318,148,529,151.51 2002 $332,536,958,599.42 2001 $359,507,635,242.41 http://www.treasurydirect.gov/NP/BPDLogin?application=np ***** United States government actual budget figures during the 8-year Bush administration. United States Government Annual Budget during the Bush administration. Each year, on the first Monday in February, the President of the United States submits his budget request to Congress for the following fiscal year: United States federal budget, 2009 - $3.0 trillion (submitted 2008 by President Bush) United States federal budget, 2008 - $2.9 trillion (submitted 2007 by President Bush) United States federal budget, 2007 - $2.8 trillion (submitted 2006 by President Bush) United States federal budget, 2006 - $2.6 trillion (submitted 2005 by President Bush) United States federal budget, 2005 - $2.4 trillion (submitted 2004 by President Bush) United States federal budget, 2004 - $2.2 trillion (submitted 2003 by President Bush) United States federal budget, 2003 - $2.1 trillion (submitted 2002 by President Bush) United States federal budget, 2002 - $2.0 trillion (submitted 2001 by President Bush) --------------------------------------------------------------------------------------------------- Total US government Budget for period year 2001 to year 2008 = US$ 20 trillion. The cumulative total actual US Government budget for the 8-year period of the Bush administration was US$ 20 trillion dollars. ************** Here is Bushesâ actual military spending - this does not include ANY costs related to Afghanistan or Iraq as they are all in supplemental spending bills: For Fiscal Year 2008 it is $481.4 billion For Fiscal Year 2007 it is $470.0 billion For Fiscal Year 2006 it was $441.6 billion For Fiscal Year 2005 it was $420.7 billion For Fiscal Year 2004 it was $399.1 billion For Fiscal Year 2003 it was $396.1 billion. For Fiscal Year 2002 it was $343.2 billion. For Fiscal Year 2001 it was $ 296.0 billion Note: The Iraq and Afghanistan supplementary spending as of end December 2008 = over $ 650 billion. -------------------------------------------------------- Total Bush administration actual defense spending for 8-year period 2001 to 2008 = US$ 3,898 billion Plus other supplementary amounts that the government requested the total adjusted amount for defense spending for the 8-years of the Bush administration it will reach over the US$ 4 trillion dollar level. Note: The cumulative total actual US Government budget for the 8-year period of the Bush administration was US$ 20 trillion dollars and the actual defense spending for the 8-years was US$ 4 trillion dollar equal to 20 percent of the total. ****** By the way, on my article published in February 2005 I gave the detail information about the cumulative national debt of the United States and the political party that was in power when these massive government deficits happen. In the 28-year period January 1982 to December 2008 the Republican administrations added 87 percent of the new US national debt of the United States, and the Democratic administration added only 13 percent of the new debt. Itâs 2008. The US Has Dragged the World into a Depression. Written by Ricardo C. Amaral Brazzil Magazine - Saturday, 12 February 2005 http://www.elitetrader.com/vb/showthread.php?s=&threadid=124509&perpage=6&pagenumber=14 â¦To put the American fiasco in perspective, we have to put the spotlight on the United States governmentâs cumulative national debt. The cumulative US national debts were only $ 930 billion dollars as of December 31, 1980 - right before Ronald Reagan became president of the United States. ...that figure does not include all the other US government unfunded outstanding liabilities conservatively estimated at US$ 70 trillion dollars. Here is the detail of the additions to the US national debt by president: Ronald Reagan (8 years in office) added to US debt $ 1.7 trillion dollars. George Bush Senior (4 years in office) added to US debt $ 1.5 trillion dollars. Bill Clinton (8 years in office) added to US debt $ 1.6 trillion dollars. George Bush Junior (first term, 4 years in office) added to US debt $ 1.8 trillion dollars. George Bush Junior (second term, 4 years in office) added to US debt $ 5 trillion dollars. Since December 31, 1980 the Republican presidents added $ 10 trillion dollars to the cumulative US national debt, and the Democratic president added $ 1.6 trillion dollars. The Republican administrations added 87 percent of the new US national debt, and the Democratic administration added only 13 percent of the new debt. All Republican presidents starting with Ronald Reagan have had a complete disregard for sound long-term economic policy, and how their current policies would affect future generations. All these Republican presidents had one thing in common: they did run a very large credit card bill during their administrations, and they were leaving all these debt to future American generations to pay. Since December 31, 1980 the United States had only one fiscally responsible president - former president Bill Clinton - a democrat. .
This, I believe, is the biggest economic truism that's being perpetrated on the lame stream economic media. If USA fails China has the most to lose. Bullshit. You think China wants America to succeed in Iraq and Afghanistan? The answer is a resounding no, and that refutes that entire theory. China will take some hits on a debt collapse, but the reset will be very beneficial to China long term as they remove themselves from American economIc hegemony.
lol - your lack of grammer and english 'dont let you write clear', so sorry in advance if i misunderstand you. however: 1. yes i have been to brazil. i would rather live in the usa given the choice - but thats another issue, but disproves your accusation of being anti-american. im not, i just dislike the arrogant stance that the uneducated such as yourself have. 2. i have had to use the brazilian health service before, and i must admit i found it way surpassed that in the states. the hospital was spotless, the staff extremely knowledgeable. better than an a&e dept in usa for sure. 3. yes i have been with brazilian girls. they are not as easy as american girls who get drunk and fuck around like rabbits. 4. i have found people from hotter climates to be generally more hygienic than those from colder climates - so that would include brazil. clearly you are working from some racist mindset. try leaving your own country for once perhaps? 5. yes parts of brazil have crime issues, such as rio, however lets not forget so does america. lets not forget in was america that gave us CRACK, not brazil.
I believe we're missing a major point in this topic, about pure capitalism. Brazil is becoming a really big economy, with big companys that need new markets to expand. Expanding to the USA is not a option, because there is a lot of taxing and other measures that dificult the exportations. So, Brazil needs news markets, that are not been explored by other nations, like Africa, and need to ally with other counties that have similar problems. In this scenario, Iran is a very good business partner for Brazil, with explains some diplomatic positions from Lula.
Good point about exports. Brazil was not aced out of the export market to the us by taxes. It was aced out by China. And it was kept out by China playing currency games. It order to rig the economy and keep out competition China bought trillions of bad mortgages. Don't feel sorry for China they crushed Brazil and will continue to crush Brazil. Its odd that S.A. does not get that. They will be fed some p.r. and tossed some scraps. They may earn the privilege of exporting natural resources to China. But, it is a given china will make sure Brazil does not become a strong value added exporter.