$7.7 Million Put Tiny, Tiny Dent In Total Debt Load





Donations Accepted - USA - IllustrationAccording to Treasury.gov (link below), people donated $7.7 million ($7,749,618.27 to be exact) to the Bureau of the Public Debt last fiscal year (2012) to help pay down the country's $16 trillion plus debt.

In case you didn't know, the US government will graciously accept gifts to help pay down the country's debt. If you are so inclined, you can donate money, outstanding government obligations (these will be retired with the redemption proceeds being used to reduce the debt) or "intangible personal property" to help reduce the public debt. Heck, the government even offers credit card payment (seriously) as an option if you are feeling like you want to pay off some of the nation's debt.

--

The Treasury Department has been publishing "gift contribution" data since 1996. It may or may not surprise you to learn that the $7.7 million that was donated during the 2012 fiscal year was an all-time record - by far.

Let's look at the breakdown of "gift contributions" from 1996 until 2012:

1996 - $1,985,175.10
1997 - $955,897.15
1998 - $1,535,541.02
1999 - $1,457,510.59
2000 - $1,868,891.93
2001 - $1,645,082.28
2002 - $744,675.06
2003 - $1,277,423.40
2004 - $664,911.25
2005 - $1,455,541.65
2006 - $1,646,209.41
2007 - $2,624,862.42
2008 - $2,189,358.89
2009 - $3,063,057.05
2010 - $2,840,466.75
2011 - $3,277,369.23
2012 - $7,749,618.27

Now, the monthly breakdown for the 2012 fiscal year:

October 2011 - $126,483.20
November 2011 - $862,424.77
December 2011 - $1,444,901.63
January 2012 - $581,080.40
February 2012 - $566,413.25
March 2012 - $125,022.15
April 2012 - $2,137,608.25
May 2012 - $1,255,217.44
June 2012 - $207,959.24
July 2012 - $321,933.24
August 2012 - $65,048.13
September 2012 - $55,526.57

--

Now, given that the United States currently has a debt load of over $16 trillion, $7.7 million is not going to go very far. The US government is expected to post a deficit of nearly $1 trillion in the 2013 fiscal year - that follows a string of four straight years with deficits of at least $1 trillion.

That $7.7 million that was donated last fiscal year by well-intentioned Americans? It was evaporated in, quite literally, just a couple of minutes.

Source: TreasuryDirect.gov - Gift Contributions to Reduce Debt Held By the Public




Filed under: General Knowledge

Related Articles