Debt and Deficit

Breaking down the barriers to public understanding and participation in national affairs

Well here I am, not an economist, but I'm trying to water down, not the myths and misconceptions about economical terms and practices, but rather, the barriers that prevent ordinary people from exercising their right to question decisions that affect our lives, especially, the socio-economic and political practices that involve the public from time to time in moments of great distress.

The Widget shows a real time counter showing how much National Debt the US is accumulating by the second, calculated on what it is buying and selling.

Learn more about 

us debt.

Definitions of Debt and Deficit:

National Debt: the accumulated borrowing by a national state, calculated on the difference between what the country has spent so far and still spending and what it has earned and still earning in the time of its existence as a country.

Annual National Deficit: is the money a country does not have to fund programmes according to it's budgetary plan for a fiscal year. It is the shortfall, a deficit, in the budget. This is the money the country may seek to borrow. Deficit can be reduced by reprioritising budgetary items, or a country can choose to borrow so that all the items in the budget are funded. Borrowing money to cover the deficit means a country increases its national debt. 

I have chosen to try to achieve public clarity regarding economic considerations by focussing on "debt" and "deficit", because these are the two terms that are current in the political stand-off in the USA, between Barack Obama on one side, who has in recent months allowed the democrats to drift too far right of left to be able to muster a mass left social movement against predatory capitalism.

On the other side we have the Republicans who are stuck at a critical moment where their right wing policies, that largely support big business in a predatory capitalist system, are becoming more and more difficult to sell to a public that is beginning to see that this grave economic system simply cannot be blamed on Obama, the Puerto Ricans or any other immigrant, religion or anybody else who is against us if they are not with us.

The stand-off in America about debt and deficit is a political power play. It has very little to do with what the country needs to do in order to earn revenue that actually repays its debt and allows the American people the ability to regain ownership of their own country.

This is a home grown problem for America. Because its history and brand of capitalism is deeply rooted in predatory capitalism and the way that thinks and acts. So in spite of the abolition of slavery, America philosophically did not progress very far from exploitative capitalism. Predatory capitalism instead sought immediately to embed itself within the systems of American law by seeking to and succeeding in making government legislate the kind of laws that gave the corporations the same rights as singular individual citizens. Over the years of the life of America, corporate interest sought to reduce the powers of government regulation on its rights and activities. In short, the corporation had become a super individual who was not only above the law but above government as well as we now see when the Republicans and the Democrats are both trying to prove which one of them most pleases the billion dollar corporations that hold America in the palm of their hands.

A Description and Definition of Capitalism

The first pillar of capitalism, is contained within the primary concept of capital itself. It is not restricted to material culture but in all the physical and abstract materials which are recognised and valued individually, collectively and universally. They are included;

• In the goods and services that comprise wealth of a nature which can be consumed by humans or;

• In goods, services and objects that make humans believe that they may be immortal, - like fences, houses, precious stones, perfumes, wedding rings and other jewelry, thrones, subjects, pets and other dependents, slaves, servants, labourers, multiple lovers, experiences, discoveries, monuments, titles, claims to fame, performance records etc.  

The second pillar of capitalism, is concerned with the politics of the acquisition and ownership of the first pillar of capitalism itself. This includes all the things, actions and systems humans and corporations employ in order to acquire and own capital itself.

The struggle between predatory capitalism and a social welfare mindful capitalism is a difference in recognition and agreements about the rules and conditions of engagement. It is a battle between the private interest and public heritage. About the limit to the powers of capitalism in terms of what corporate companies cannot seek to own in the public domain. It is a struggle of communities and nations of people to uphold their collective survival principles, and their right to enjoy the earth without having to pay.

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NOTE: I was looking for publicly available figures showing the PNG national debt and deficit but cannot find any figures online.