I just hope it is used for the debt, and not put in people pockets where it doesn't belong.

Yeah, that's the problem. Some politician will probably steal it. That's not really the point though, the point is to raise awareness of the Libertarian Party.

I reality if government did accounting the way it makes (by law) corporations do it, the national debt would be something like $180 trillion.

The $8 trillion is the amount borrowed, NOT the amount owed.

We're going off a fiscal cliff.

Just an FYI:

http://www.publicdebt.treas.gov/opd/opdfaq.htm#opdfaq42

But what's really amusing is the gift history for the past few years:

http://www.publicdebt.treas.gov/opd/opdgift.htm

The group is putting together an excellent publicity stunt.

I've heard some suggest "we Libertarians mustn't suggest repudiating the national debt, it would make us look irresponsible!!"

Go to the above link -- that's your chance to help directly.

By the way, whether we advocate repudiation or not, it's going to happen. We simply can't pay the bill. Well, unless we allow China and other debtee nations to simply foreclose on government property.

Hmmm... Given their new-found market prowess, one wonders if they'd manage our economy better than our home-grown feds.

This is a great idea.

Congratulations IWU. It doesn't really matter what happens with the money, since it won't make a dent in the debt. What matters is the awareness you are raising. That's far more valuable!

The national debt (the official one acknowledged by the government itself, not including the unfunded Social Security and Medicare liabilities) will exceed 10 trillion dollars by 2008.

This number should figure prominently in the LP presidential candidate's 2008 campaign....

For those wishing to become educated on our Debt as well as a host of other problems, all of which Democrats and Republicans are responsible for, please visit here:

http://mwhodges.home.att.net/

Otherwise known as the Grandfathers Economic Report, no less than Dr. Milton Friedman has approved of his analysis of debt trends and general economic figures. That's good enough for me.

If you are a libertarian who needs to know current economic trends and facts this website is the one to go to. Mr. Hodges is also libertarian friendly, as he granted me permission to reprint any and all information provided on his site provided source credit is given.

I cant say enough about his site. It's the absolute one stop shop for real facts relating to the economic health of the US. A gold mine.

Thank you D. Walter for the link to Bureau of Public Debt. I suggest we all copy down the address and hand it to everyone we meet who advocates higher taxes: "Here, you can send your
higher tax contribution to this address."
I've suggested this in the past and, without exception, no one will do it "unless everyone else is made to pay higher taxes too."

The problem about talking about the national debt is that it seems like too big a problem to solve, so the tendency is to go into denial. How often do I worry about plate techtonics? The sun burning out? My water supply?

I'd like to see a call for an itemized income tax bill. I file electronically, and the IRS shoots back an itemized list of what the money went for.

I don't think repudiation is the word we need to be focusing on, but the word default instead.

I don't know exactly how close to the brink we are, but even the government can only borrow so much, before there is simply nothing left to borrow.

At that point really only two options, both horrible. Option one, devalue your currency, which would lead to an immediate hyperinflationary spiral and a total economic collapse. Option two, default on the debt, which would lead to a total failure of the monetary system, hyperinflationary spiral and a total economic collapse.

Unfortunately, as I may have said before, our leaders seem to be taking the attitude of French King Louis XV, who spent lavishly, and was known for saying "After me, the deluge." And it came true with his successor ending up on the guillotine.

The responsible way to deal with this situation would be to enact an immediate austerity program. Cutting all spending to the bare bones and using as much revenue as possible to retire debt. Also retire debt by selling off Federal assets and lands.

Unfortunately, to expect politicians who spend $60 Million on bridges to nowhere in Alaska to act responsibly is probably unrealistic.

Here is another good look at the total debt load of the USA from Mr. Hodges:

http://financialsense.com/editorials/hodges/2005/0619.html

Tia rocks!

what is this talk about the national debt any 10 year old will be able to tell you that you wont be able to pay back something you give away at printing cost then borrow back at face value plus intrest yes im afraid woodrow wilson screwed all americans when he signed the federal reserve act in 1913 consequently also enacting the income tax law the same year so really what we have is a broken banking system not a broken gov every nows money is power and the private federal reserve bank has all the power to influence elections on the national level all elected officals from senators congress to the president need money to get elected they are the bankers boys and girls

Ever wonder why the government has to borrow money? When the constitution clearly states that Congress has the only power to print and circulate currency! The founders of this country knew that a europian banking system such as the one we have now in america would produce massive debt. they had the forsight to see this, thats why they clearly saw the ramifacations of this when the US chartered foregien bankers in the 1800 twice and stripped them of their charters twice banking is a good thing but not when banks do not have to take a equal risk as long as banks get the titles,leins, and mortgages, to everything for nothing. america will have massive debt!

Want to end the national debt? then end the carrers of the FEDERAL RESERVE BANKERS! JFK tried that in 1963 by re issuing the silver certifacte (gold and silver standard). five months later we all no what happened. these bankers need to be investigated immediately!For fraud on the american people!When a bank makes a alleged loan lets see what we borrow.You go in to the bank to inquire about a loan they say sure we will make you a loan (loan implies that the bank will give you money or take a risk on you the alleged borrower)but what really happens is the bank gets a promisarry note from you worth the same amount you allegedlly borrow selling that to and invester. the bank never takes a risk what the bank borrows you is your own future payroll checks. we know this by the banks ledger if you borrow something it should be liability to the bank but when you borrow from a bank it is marked in the bank ledger as a liability and an asset because they deposit the promissary note this is fraud because in order to have a contract with bank there must be equal risk and also full disclosure did the bank take a risk? did they tell you they were borrowing you your own future pay roll checks? anwser NO. all we have to do is form a government branch to keep track of goods and services. hell there would be no income taxes in five to ten years pay these bankers off and let the government circulate currency by spending it they do that now but we pay the bank face value plus intrest I dont see how the dollar could be worth more by give it to the federal reserve bank(private bank look up government listings its not there) at printing cost, and borrowing it back at face value plus intrest.

Certain views are wrong. Even if the Federal Reserve system didn't exist, the State could still borrow money from the private sector [just as consumers and businesses do]. Most of the obligations of the State are held by the public [including individual Americans, corporations, foreigners and institutional investors]. The Federal Reserve doesn't print money to lend to the State.

We have the debt for one simple reason, expenditures not covered by tax revenues. If the State had to manage their finances like corporations and individuals have to, there wouldn't be a problem. If a corporation had a revenue of $2 trillion and expenditures of $2.5 trillion, it would go bankrupt in no time. However, backed by our confidence, the State can continue borrowing. They wouldn't if Moody's downgraded the U.S. gov =)

As one of the members of the IWU Libertarians, and a member of the leadership for the party, I would like to say that the money will go towards the debt, not to the party, nor to cover any of the costs.

The fundraiser, though it will actually be occuring, is not the main push of the party. Instead, we wish to raise awareness of the national debt, and just how large of a problem it actually is. Though the IWU Libertarians will have a booth at the party itself, it is not a campaign to try and get members for ourselves more than it is to raise awareness that something has to change in the government. We have the support of both democrats and republicans on campus with this venture, and a few of the members are helping us set up for the event itself.

But yes, Tia does rock

maybe I am outa my loop, what is this tia rock mean?

Tia is a member of our party here. She was the one responsible for the decorations at the party, and I believe she was the first one to come up with the idea of the thermometer.

Of, just FYI for anyone watching this, we had a very good turnout to the party and raised a whopping $13 for the national debt. the Check should be in the mail on monday.