United States National Debt to the Penny

U.S. Department of the Treasury, Bureau of the Public Debt
June 11, 2009

Follow the link above to get the most recent total of outstanding public debt.

According to the U.S. Bureau of the Census, the resident population of the United States, projected to 06/11/09 at 15:27 GMT (EST+5), is 306,642,844. Total public debt outstanding on June 9, 2009 divided by the United States population on June 11, 2009 means that at the time this piece is written that on a per capita basis each American owes $37,148.95. Those numbers do not included over $50 trillion in unfunded liabilities of Social Security and Medicare.

Library Topic

More About This Topic...

Click thumbnails below to view links

Quote Page

Commentary or Blog Post

Hall reports on Federal Reserve Chairman Ben Bernanke's testimony before the House Budget Committee on June 3, 2009. Bernanke believes that the higher spending is necessary in the short term to prevent further deterioration of the economy, but could lead to significant problems down the road.

"Because Bernanke appeared before the House Budget Committee, much...

ITO's Devin Foley responds to a CNN reporter who attempts to make a mockery of a dad at Chicago tea party. Here's an excerpt:

"In watching the video, two things are blatantly obvious:  1) The CNN reporter is biased and 2) She has never taken a finance class in her life. She also...

"President Obama's ambitious plans to cut middle-class taxes, overhaul health care and expand access to college would require massive borrowing over the next decade, leaving the nation mired far deeper in debt than the White House previously estimated, congressional budget analysts said yesterday.

In the first independent analysis of Obama's budget proposal, the nonpartisan...

The Boston Tea Party remains one of the few events leading up to the American Revolutionary War which so truly defines, for the average American citizen, the nature of the colonies' severance from England. Aside from the war itself, the Tea Party, in many respects, embodies this resistance movement.

British attempts to colonize the newly discovered continent of North America began with...

On the eve of the April 15, 2009 tea party protests, ITO's Foley asks the important question, "What is the purpose of a protest rally?" He traces some of the history of civil disobedience in the United States, details the immense debt burden the United States government has taken on...

"New Research by Mercatus Center Senior Research Fellow Veronique de Rugy examines the cost of the debt in another way. Using the Congressional Budget Office's long-term budget projections, this chart compares the relative contributions of general, Medicare and Medicaid and Social Security and net interest spending. While general spending and Social Security spending are projected to remain...

In this article Thorndike contends that the Tea Party was not a protest against high taxes, but rather a response to a "corporate bailout" by the British government of the East India Company, that it was a "carefully managed (if not entirely scripted) episode of civil disobedience," and that the Party did not garner much of a following until decades after the event...

This article from EyeWitness to History examines both the English's imperial motives for taxation as well as the understandable outrage from the beleaguered colonies.  It also offers a brief account from George Hewes, one of those present at the harbor on the infamous evening of December 16, 1773.

In this short blog post, Lindsey worries that the conservative movement has lost its intellectual grist is now living on "intellectual junk food." He also worries that the Tea Party movement, and some associating with it, will taint the liberty movement. He argues that:

...

De Rugy discusses the affect of interest payments on the national debt. "Starting in 2012, the cost of the debt as a percentage of GDP will explode from a mere 1.8 percent of GDP to more than 30 percent of GDP in 2082."

Stoll, author of Samuel Adams: A Life, recognizes, that the discontent over the spending and taxation plans is legitimate, but questions holding protests in the name of tea parties.

"The skeptical...

Chart or Graph

The graph above was produced by the St. Louis Federal Reserve Bank. It measures the growth of the monetary base between February 15, 1984 and September 21, 2011. It shows a massive expansion of the monetary base since the 2008 financial crisis.

This chart shows the change that will be taking place in government as 60% of federal employees are eligible for retirement through 2016.

"Using the Congressional Budget Office's long-term budget projections, this chart compares the relative contributions of general, Medicare and Medicaid and Social Security and net interest spending."

According to The Washington Post, the CBO's latest analysis projects huge deficits, forcing the U.S. to borrow unprecedented amounts of money.

"Notice that under either of CBO's scenarios, the net interest payments, or the costs of the debt, rival the cost of two of our nation's most expensive social programs."

"Total public debt outstanding on June 9, 2009 divided by the United States population on June 11, 2009 means that at the time this piece is written that on a per capita basis each American owes $37,148.95."

Analysis Report White Paper

This paper discusses Federal retirement statistics in order to gain a better understanding of the future makeup of the Federal workforce. A significant number of employees are eligible or will become eligible to retire in the near future, making a deeper analysis of the retirement of Federal civilians more timely and meaningful.

Were the individuals involved in the Boston Tea Party activists? Extremists? Terrorists? Todd Alan Kreamer gives his opinion and puts their actions into 21st century perspective.

White presents a very in-depth analysis of the events leading up to the $700 billion bailout including what Treasury Secretary Paulson and Federal Reserve Chairman Benanke were requesting, how the citizens reacted, and the actions taken by Congress. White analyzes and critiques "Plans A, B, & C" on how to use the $700 billion bailout to try to prevent asset devaluation and create stability...

Video/Podcast/Media

"While politicians blame each other for the House's rejection of the $700 billion bailout bill, some economists warn that if the bill had passed, it would have signaled the end of the 'free market' structure in the United States."

"CNBC's Rick Santelli called for a 'Chicago Tea Party' Thursday, leading the charge for calls to revolt against the Obama Administration's mortgage bailout plan....

The clip has gone viral on the Internet, bringing with it loads of opinions, both pro and con."

While there was talk of Tea Parties prior to Santelli's famous "rant," in many ways he gave legitimacy to modern day Tea Parties and got the movement rolling forward. Some charged that Santelli's rant was a staged "green top."

Belinkie blends Batman with the 2008 $700 billion bailout. The video makes quite a statement.

Primary Document

Other cities soon follow the Bostonians actions, refusing to allow ships to anchor in their ports. Just over two weeks after the Tea Party had taken place, it had ignited similar actions across the colonies.

New York, Philadelphia, Charleston, and Boston (all port cities) had the possibility of receiving the tea shipments. This article was a cry for Boston, the eventual last option for East India Company, to stand strongly against the Tea Act.

This article features the initial reaction to the Tea Act in the colonies. The British had hoped that the establishment of lower tea prices would mask the fact that the tea tax, which had begun with the Townshend Acts, remained in place. Unfortunately for England, this did not escape the eyes of the perturbed colonists.

"The first published account of the Boston Tea Party by a participant was recorded from the words of Joshua Wyeth. He was just sixteen when he joined other patriots in boarding the tea ships in Boston Harbor. Mr. Wyeth told his story to a journalist in Cincinnati where he lived during his later years. The account was published in 1826, 53 years after the event has occurred."

"The tea destroyed was contained in three ships, lying near each other at what was called at that time Griffin's wharf, and were surrounded by armed ships of war, the commanders of which had publicly declared that if the rebels, as they were pleased to style the Bostonians, should not withdraw their opposition to the landing of the tea before a certain day, the 17th day of December, 1773, they...

"Throughout November, the Boston's patriots have been meeting, writing, and agitating about the tea. On November 28, 1773, the Dartmouth enters Boston Harbor carrying 114 chests of the East India import. Matters are at an impasse: if returned to England, the tea and the vessel carrying it may be confiscated; if the Townshend duty is not paid by 17 December, the customs collector can...

As news breaks of the Tea Party, as it quickly came to be known, colonists celebrate their temporary victory and debate further action.

Thomas Paine's famous and radical 1776 pamphlet made a bold case for American Independence from Britain, at a time when the notion of Independence was still contested among the colonists.

"Chairman Spratt, Ranking Member Ryan, and other members of the Committee, I am pleased to have this opportunity to offer my views on current economic and financial conditions and on issues pertaining to the federal budget."

As part of the First Continental Congress, the Declaration of Colonial Rights was adopted as a result of the passage of the Coercive Acts by Parliament in 1774. It is often argued that this was a direct precursor and influence of the Declaration of Independence.

Predominantly written by Thomas Jefferson, the Declaration of Independence formally and eloquently justified the independence of the United States from British monarch King George III.

The Emergency Economic Stabilization Act of 2008 was not the first stimulus bill passed in 2008, but it certainly was the largest at over $700 billion.

Dickinson's famous series of letters demonstrate the growing unrest within the colonies over the increasing British imperial control. This letter focuses on the Townshend Acts, foreshadowing the more vehement protests over subsequent Parliamentary acts in the coming years.

Philadelphia reacts to the passage of the Tea Act by refusing tea to be shipped to its ports. The author likens this new act to the infamous Stamp Act of 1765, complaining that this, too, is simply a tax for revenue.

The colonists make it quite clear that they will not tolerate the presence of East India Company's ships in their port.

"As health care costs continue to grow faster than the economy and the baby-boom generation nears eligibility for Social Security and Medicare, the United States faces inevitable decisions about the fundamentals of its spending policies and its means of financing those policies. This Congressional Budget Office report looks at a range of possible paths for federal spending and...

Jenyns, a commissioner of the board of trade in England, depicts the imperial standpoint over the question of taxation of the colonies. His objections to the colonial protest are valuable because they bring to light the simplistic view many Englishman held on the matter. Very few sympathized with the colonial viewpoint.

Perhaps the most controversial of the Coercive Acts (also known as the Intolerable Acts) of 1774, this was part of England's harsh reaction to the Boston Tea Party. Several of these acts specifically targeted MA in an attempt to set an example for the rest of the colonies.

Otis provides a unique colonial outlook as he attempts to reconcile the dilemma of colonial subordinance, while also maintaining some power through representation. He lays out an original argument against taxation without representation and provides a good background to the momentous events that would come ten years after this publication.

This piece is contained in the Boston Pamphlet as part of the reaction against British attempts to strengthen their stronghold on the colonies. Moreover, it was a response to the slew of acts England passed during the 1760s and would remain a symbol to the colonists who participated in the Boston Tea Party.

Ordering a tax stamp on many printed materials in the colonies in order to help fund the Seven Years' War, this act was the first that resulted in significant colonial objection. Although it was repealed just a year later, it alerted the colonists to England's taxation objectives.

This act precipitated further rebellious action in the colonies, which already held strong grievances toward Britain. It eliminated the transfer of the tea through Britain and instead directly taxed the colonies (which it originally attempted to hide from the colonies) to boost the struggling East India Company. Furthermore, it strengthened the monopoly of the East India Company at the expense...

The most relevant aspect of these acts dealt with the trade and taxation of tea. The British East India Company had maintained a monopoly on tea trade for some time. But with such high prices, cheaper smuggled tea became popular for many colonial people, thereby suffocating East India business. To overcome these economic strains, Parliament decided to tax the colonists on tea, again raising...

Books

Link

Engage

Click thumbnails below to view links

Online

Become a fan of Intellectual Takeout on Facebook!
Share Intellectual Takeout with friends, family, and colleagues on Facebook and Twitter!
Education history in America is important to know. ITO traces how education has changed from the colonial period to present day America.
At Intellectual Takeout, we think it's about time freedom went viral. Before our generation is the opportunity to embrace freedom, to unleash each individual's potential, and to have a prosperous future. And yet it seems that almost everyone running our cities, states, and federal government is intent on destroying freedom and burying us in debt to pay for it. If you, like us, believe that...
In the genre of documentaries revealing the problems with public education, "Kids Aren't Cars" focuses on helping us understand how schools are modeled after a factory system and what we need to do to change them. Understandably, treating kids as if they are a product to be manufactured has had detrimental effects on children going through the system and the overall level of education in America...
"Many parents and taxpayers feel helpless because the problems can seem so monumental. 'Kids Aren't Cars' director Kyle Olson reviews what he learned in the filmmaking process and the small things individuals can do that will add up to make a big difference." Here's Kyle being interviewed on a few things you can do and share with friends, family, and educators: Part 1Part 2
We all know Facebook is awesome for keeping up with friends, sharing about your life, and even distributing ideas. One great new way to get people thinking is to take advantage of the new banner profile with the help of Intellectual Takeout. Here's what one of our banners looks like loaded up on a Facebook profile: If you haven't changed your banner profile, than Facebook is likely ...
Tired of business getting a bum rap? We are, too. Here's your chance to share on Facebook the good news that business is good, beautiful, and makes life better.
While many documentaries on the education system focus on various examples of failure, "Flunked" takes a bit different tack. While certainly acknowledging and exposing the failures of the system, "Flunked" also seeks out individuals and approaches that ARE working in education. The hope is that these points of hope may serve as examples for others working in education.  Here's the trailer:...
Okay, so your friends and family keep telling you to jump on the social media bandwagon, but you have no idea what the fuzz is about. Here’s the deal: The Internet gives liberty-loving folk like us an opportunity we have never had before: to make the case for individual liberty, limited government and free market economics instantly and globally. But with the vast amounts of information...

Offline

Looking for an internship? If so, Intellectual Takeout has an opportunity for you. We have plenty of work to do as well as ideas to spread, and we need your help to get it done. If you're interested in an internship with Intellectual Takeout, you likely share our passion and you're excited about the possibility of working for a great cause. That said, you might have a few questions about what "...
The Association of American Educators (AAE) advances the teaching profession through personal growth, professional development, teacher advocacy and protection, as well as promoting excellence in education so that our members receive the respect, recognition and reward they deserve.
Are you concerned your child isn't getting the education necessary to compete in the global economy or even, perhaps, to carry on the lessons and learning of Western Civilization? If so, you have a number of choices. You could, of course, consider changing schools to a charter school, private school, or even homeschooling. If that's overwhelming for you right now, you can always supplement your...
Curiously, not a few individuals are realizing that their education (K-12 and even college) neglected to provide them with as much understanding of the world as they would like. At Intellectual Takeout, we believe that however you feel about your education, there is still much to be learned. To that end, we'd like to refer you to one book and a collection of "study guides" that serve as...
Sure, the idea of homeschooling is likely overwhelming. Indeed, homeschooling is a big commitment and a lot of work. That said, there's a reason why more and more parents are turning to homeschooling as the best option for their child(ren)'s education(s). Perhaps you are starting to realize that the public school system has changed a lot since you last attended it. Maybe you can't afford private...
Know your rights with Flex Your Rights guide to the "10 Rules for Dealing with Police."
In a highly regulated society such as ours, it's very easy to get yourself in trouble with the law. Learn more about how to protect yourself with the 5th Amendment and how to interact with the police.
Let's face it, most of us love to watch TV and movies. A wonderful way to spread ideas is to embrace our love of the cinema by hosting a movie night with friends and family.  There are numerous documentaries that do a fantastic job of sharing the ideas of liberty. You can pull a small group of friends together at your house or even consider asking a local restaurant or tavern to let you...
Watch "Waiting for Superman" to learn about the problems with the public education system.
Another movie that tells the story of the failing public school model in the United States is “The Lottery”. It takes its own unique look at the systems by focusing on the use of lotteries to choose which children will be plucked from failing public schools and put into more successful public charter schools. Here’s the trailer:  You can watch the whole movie right now with the help of Hulu...
While there are a variety of really good documentaries about the failing public school systems in America, "The Cartel" stands alone in its frontal assault on the teacher unions, particularly those in New Jersey. If you'd like to get an inside look into how some teacher unions operate and the effects they have on education, you'll want to watch "The Cartel."From the movie's website: "This movie...
How often do you hear conservatives being called a bunch of knuckle-dragging Neanderthals? Here's the reality: Conservatism, classical liberalism, and libertarianism have a rich, intellectual heritage reaching back many millennia. Our ideas are not just some historical relics from bygone eras; they are the very foundation of Western Civilization in general, amd the United States in particular....
Sadly (or happily for some), life goes on after college. So does the fight for freedom. Building friendships, networking, and growing the movement is critical after college. If our ideas are to be preserved and promoted, you need to stay involved. Plus, in a time when the individual seems to be ever more isolated and adrift, these groups can help plug you into social networks you can use....
Okay, so we don't expect you to drive a wooden stake into your flat screen. Plus, we're total hypocrites since we watch some TV. But here's the point: People waste a ton of time watching TV. If you're cool with government taking over your future, than keep watching Dancing with the Stars. If you consider yourself to be a free man or woman and want to live in a free society, then watch what you...
A great way to make a difference on your campus by spreading the ideas of individual rights, limited government, and free markets is to tutor. Plus, you can occasionally make a little bit of money. Depending on the subject matter, you will be discussing a variety of ideas, key thinkers, and theories. As anyone who has tutored knows, there are almost always opportunities to expand upon a topic....

On Campus

We've built Intellectual Takeout to provide you with quick, easy access to information. In time, we hope to become your one-stop-shop for the ideas of freedom. If your professor allows you to bring your laptop to class (if not, you can use an iPhone), we recommend keeping a tab open to Intellectual Takeout. As we continue to generate new content on the site, you will be able to fact check the...
When it comes to campus life injustices, student fees rank high on any list. On most campuses across the country a mandatory student fee is assessed to each student at the beginning of the year. A portion of this fee, which may be several hundred dollars, will go toward funding various political, religious, and interest groups.  A college requiring you to support groups espousing ideas which...
If you're not happy with the direction of the country and you want to take back your future, at some point you will have to do something. It's not enough to just know that we're going in the wrong direction. You actually have to step out and get involved. Most college campuses have conservative and libertarian student groups. Find one of them to join. Below is a list of some of the larger non-...
Now that you're at college and the initial excitement has worn off, maybe you're thinking that the course selection is a bit biased and you'd like some options. So how do you (the consumer) get the college (the business) to change up its offerings? It certainly won't be easy. Nevertheless it's something that should be done--particularly since you're footing the bill. A good, education in a free...
Whatever activism you choose to do on campus, you need to get your story out. A popular tactic used by the Left is to isolate and intimidate freedom-loving students. You're not alone and there are a lot of people in your city, state, and country that can probably support your efforts. They just need to know what is happening. Whenever you can, record in-class bias, discrimination against...
The reality is that most students (and people for that matter) won't speak out. It's called human nature and it was recognized in the Declaration of Independence: "...all experience hath shewn that mankind are more disposed to suffer, while evils are sufferable than to right themselves by abolishing the forms to which they are accustomed." While you might feel alone when debating a teacher,...
In the land of the free and the home of the brave, speech codes are a particularly odious example of politically correct repression on many a college campus. In some ways, college campuses are the least free places for thinking and speech in America. Your best friend for fighting your school's repressive speech codes is the Foundation for Individual Rights in Education (FIRE). Here's a short clip...
Running for office isn't easy, even in college. Not everyone is cut out for it, either. For those of you who are, this completely non-partisan section is for you. If you are inclined to pursue student government, we're not going to spend time on telling you how to get elected. A good place to go for ideas and training is CampusReform.org. Rather, we want to help you in office, as a believer in...

Related Content