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Allen W Smith

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Member Since: Aug, 2006

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Books
· Ronald Reagan and the Great Social Security Heist

· The Looting of Social Security--Free E-book

· The $2.6 Trillion Social Security Theft!

· Thought Boosters: How to lift your spirits by enhancing your thoughts

· Andrew Rockefeller Ford, III

· The Impending Social Security Crisis: The Government's Big Dirty Secret

· The Big Lie: How Our Government Hoodwinked the Public, Emptied the S.S. Tr

· THE LOOTING OF SOCIAL SECURITY: New Release

· Demystifying Economics The Book That Makes Economics Accessible to Everyone

· Social Security The Attempt To Kill It


Articles
· Never Miss An Opportunity To Say A Kind Word

· Reader Comments

· Living vs. Business

· Be Yourself

· Happiness Is A Way Of Traveling--Not A Destination

· Let Mourning Stop When One's Grief Is Fully Expressed

· Let Mourning Stop When One's Grief Is Fully Expressed

· Other People May Be Watching And Imitating Us

· It Is Alright To Talk, But We Must Also Listen

· Don't Build Yourself Up By Tearing Others Down


News
· Reviews of New Social Security Book

· New Social Security Book Free on Saturday.

· Free Downloads from Amazon.com Saturday and Sunday

· Free Copies of The Looting of Social Security Available Through Wednesday

· Update On Free Downloads of Social Security Book

· Urgent Social Security Book Free for Five Days on Amazon.com

· The $2.6 Trillion S.S. Theft now free at Amazon.com

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National Debt Skyrocketing Reports Economist, Allen W. Smith, in New Book

1/30/2008 2:18:00 PM

by Allen W Smith


It took 192 years, and all the presidents from George Washington through Jimmy Carter, to accumulate the first $1 trillion of national debt. It took only five years for the nation to add the second trillion to the debt, and four more years to reach the $3 trillion mark. Today, the debt is more than $9 trillion and the interest cost on the debt exceed $1 billion per day!

FOR IMMEDIATE RELEASE National Debt Is Skyrocketing Reports Economist, Allen W. Smith, in New Book* FROSTPROOF, Fla., January 30, 2008 In 1981, the national debt reached the $1 trillion mark for the first time ever. It had taken the United States government 192 years and the cumulative budget deficits of all the presidents from George Washington through Jimmy Carter, to accumulate that first $1 trillion, but things were about to change in a big way. Tax-cut fever descended upon the nation with the election of Ronald Reagan to the presidency, and it was not accompanied by any noticeable willingness to also cut government spending. The government traded what some critics called a longstanding policy of “tax and spend” for a new policy of “borrow and spend.” As a result, it took only five years for the nation to add the second trillion dollars to the debt and four more years to reach the $3 trillion mark. The long-held notion that the government should not spend more than it collected in tax revenue was abandoned by those who managed the people’s money in Washington. In 2007, the national debt passed the $9 trillion mark, and the interest on the debt is today costing Americans more than $1 billion per day, each and every day, 365 days per year. However, few Americans are aware of these facts. How could they be? They have been told repeatedly that the national debt was going to be paid down. President Clinton, Vice President Al Gore, and President George W. Bush have all promised to pay the debt down, even as it soared higher and higher. And, just this week, during the heated Florida primary, the candidates promised to make the Bush tax cuts permanent and to cut taxes even further. In addition, very few Americans know that a substantial portion of the debt is now owed to foreigners. Approximately 44 percent of the publicly held debt in 2006 was held by foreign investors. About 66 percent of that 44 percent was held by the central banks of foreign countries with most of it being held by the central banks of China and Japan. When the United States pays interest on the debt, a lot of those interest dollars flow out of the American economy and into the economies of these foreign nations. It is hard to see how that can be good for America or its citizens. In a sense, we are mortgaging the future of our children and grandchildren by our irresponsible deficit spending today. Does anybody care? *Demystifying Economics, The Book That Makes Economics Accessible to Everyone, Expanded Third Edition, Allen W. Smith, Ph.D.; Ironwood Publications: LCCN 2007934821; ISBN: 978-0-9770851-2-5; Pages: 288, 6x9; $26.95; Publication date: January 2008 CONTACT: Barbara Rugel, Marketing Director, Ironwood Publications; (800) 840-6812; ironwoodas.aol.com  



More News by Allen W Smith

· Reviews of New Social Security Book - 4/18/2014 3:25:00 PM
· New Social Security Book Free on Saturday. - 4/18/2014 3:03:00 PM
· Free Downloads from Amazon.com Saturday and Sunday - 2/14/2014 5:31:00 PM
· Free Copies of The Looting of Social Security Available Through Wednesday - 9/9/2013 3:14:00 PM
· Update On Free Downloads of Social Security Book - 9/8/2013 7:02:00 PM
· Urgent Social Security Book Free for Five Days on Amazon.com - 9/6/2013 10:04:00 AM
· The $2.6 Trillion S.S. Theft now free at Amazon.com - 9/1/2013 12:43:00 PM
· Allen Smith's promotinal free books on Amazon.com Saturday to Wednesday - 8/30/2013 7:24:00 PM
· Government Owes $2.7 Trillion to Social Security - 5/16/2013 6:32:00 PM
· Social Security’s Day of Reckoning Has Come - 10/10/2012 11:44:00 AM
· Free E-book, The Looting of Social Security is Now Available - 4/13/2012 4:34:00 AM
· Happiness is a Journey--Not a Destination - 12/21/2011 8:06:00 PM
· PUTTING AMERICA BACK TO WORK - 12/18/2011 12:23:00 PM
· Landmark 1983 Social Security Legislation Led to Major Fraud - 12/17/2011 7:31:00 PM
· Censored Social Security Book Back in Print - 10/29/2010 6:03:00 PM
· It's Time to Tap the Empty Social Security Trust Fund - 3/21/2010 9:04:00 AM
· It's Official: Social Security Trust Fund is Empty - 2/20/2010 12:30:00 PM
· We Must Put America Back to Work - 1/22/2010 2:23:00 PM
· Will Government Repay Its Debt to Social Security? - 1/9/2010 7:00:00 PM
· Social Security, The Hidden Problem - 1/8/2010 3:35:00 PM
· How America Got So Deeply in Debt - 1/6/2010 2:22:00 PM
· New Book Faults Both Clinton and Bush for Empty Social Security Trust Fund - 12/14/2007 4:48:00 PM

Books by
Allen W Smith



The Looting of Social Security--Free E-book

Buy Options
Kindle, more..




The $2.6 Trillion Social Security Theft!

Buy Options
Kindle, more..




THE LOOTING OF SOCIAL SECURITY: New Release

Buy Options
Amazon, more..




Thought Boosters: How to lift your spirits by enhancing your thoughts

Buy Options
Kindle, more..




Demystifying Economics The Book That Makes Economics Accessible to Everyone

more..




Andrew Rockefeller Ford, III

Buy Options
Kindle, more..




The Big Lie: How Our Government Hoodwinked the Public, Emptied the S.S. Tr

Buy Options
Amazon, more..



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