National Debt Clock
The National Debt Clock is a billboard-sized display installed at the Avenue of the Americas in Manhattan which is constantly updated to show the current United States public debt and each family's share. Invented and sponsored by New York real estate developer Seymour Durst, it was installed in 1989.[1] After Seymour's death in 1995, his son Douglas Durst became president of the Durst Organization which owns and maintains the clock.[2][3][4]
History
According to his son, Seymour Durst had been toying with the basic idea of drawing attention to the growing national debt since at least 1980, when during the holiday season he sent cards that said "Happy New Year. Your share of the national debt is $35,000" to senators and congressmen.[5] In the early eighties, when Durst first developed the idea of a constantly updated clock, the technology required to implement the project was not yet available.[6]
With the national debt at 2.7 trillion dollars, the original 11 by 26 feet (3.4 m × 7.9 m) clock was erected in 1989 a block from Times Square, by Artkraft Strauss. In light of a then-improving debt situation and with the clock being technically unable to properly display a sinking number, the clock was unplugged and covered with a red, white and blue curtain in September 2000, with the national debt standing at roughly 5.7 trillion dollars.[6][3][4] However, in July 2002 the curtain was raised and the clock picked up at 6.1 trillion dollars.[7]
In 2004, the original clock was unmounted from its location at 42nd Street and an updated model, which could run backwards, was installed one block away on a Durst building at 1133 Avenue of the Americas, near 44th Street.[8][6]
$10 trillion
In the midst of extensive media attention devoted to the financial crisis of 2007–2008, some news reports again turned to the National Debt Clock as a symbol and metaphor, particularly highlighting the fact that the clock ran out of digits when the U.S. public debt rose above $10 trillion on September 30, 2008.[9][10] An overhaul or complete replacement adding two more digits to the clock's display is currently in the planning for 2009. Until the clock can be upgraded, the unit that showed the dollar sign has been changed to instead show the leading digit '1', with a dollar sign sticker attached next to it.[11][12][13]
Similar projects
Inspired by the example of the National Debt Clock, similar projects were started elsewhere in the United States, as well as in other countries such as Germany.[2][14]
References
- ^ Daniels, Lee A. (November 8, 1991). "Chronicle". New York Times. Retrieved 2008-10-06.
- ^ a b Toy, Vivian S. (May 28, 1995). "The Clockmaker Died, but Not the Debt". New York Times. Retrieved 2008-10-06.
- ^ a b "National Debt Clock stops, despite trillions of dollars of red ink". CNN, AP, Reuters. September 7, 2000. Retrieved 2008-10-05.
- ^ a b Upham, Ben (May 14, 2000). "NEIGHBORHOOD REPORT: TIMES SQUARE; Debt Clock, Calculating Since '89, Is Retiring Before the Debt Does". New York Times. Retrieved 2008-10-05.
- ^ Koh, Eun Lee (August 13, 2000). "FOLLOWING UP; Time's Hands Go Back On National Debt Clock". Retrieved 2008-10-06.
- ^ a b c "US debt clock running out of time, space". China Daily / AFP. 2006-03-30. Retrieved 2008-10-05.
- ^ Stevenson, Robert W. (July 13, 2002). "White House Says It Expects Deficit to Hit $165 Billion". New York Times. Retrieved 2008-10-06.
- ^ Haberman, Clyde (March 24, 2006). "We Will Bury You, in Debt". New York Times. Retrieved 2008-10-06.
- ^ "The Debt to the Penny and Who Holds It — Daily History Search Application". TreasuryDirect. October 4, 2008 (figures are published with a 4-day delay). Retrieved 2008-10-06.
{{cite web}}: Check date values in:|date=(help) - ^ "Debt clock can't keep up (CNN video)". cnn.com. October 4, 2008. Retrieved 2008-10-05.
- ^ Rubinstein, Dana (October 6, 2008). "Durst To Add Extra Trillion Dollar Digit to National Debt Clock". observer.com. Retrieved 2008-10-08.
- ^ Boniello, Kathianne (October 5, 2008). "'1' Big Tick is due for Debt Clock". nypost.com. Retrieved 2008-10-08.
- ^ "U.S. debt too big for National Debt Clock (MSNBC video)". Nightly News. msnbc.com. October 7, 2008. Retrieved 2008-10-08.
- ^ "Debt Clock Moves Next Door to Government". Deutsche Welle. June 18, 2004. Retrieved 2008-10-05.
See also
External links
- www.treasurydirect.gov/NP/BPDLogin?application=np — U.S. public debt on TreasuryDirect, a website maintained by the United States Treasury
- www.brillig.com/debt_clock — U.S. public debt clock website