National Debt Clock

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The National Debt Clock on April 19, 2008

The National Debt Clock is a billboard-sized running total digital seven-segment display which constantly updates to show the current United States public debt and each American family's share of it. It is currently installed on Sixth Avenue (Avenue of the Americas) in Manhattan, New York City.

The idea for the clock came from New York real estate developer Seymour Durst, who wanted to highlight the rising national debt. In 1989, he sponsored the installation of the first clock, which was erected on 42nd Street close to Times Square. In 2004, this clock was dismantled and replaced by the new but virtually identical current clock.

Seymour's original clock was erected while the national debt remained under $3 trillion but was rising, but it was temporarily switched off from 2000 to 2002 due to the debt actually falling. In 2008, the debt exceeded $10 trillion for the first time, leading to press reports that the clock had run out of numbers. Following the transition, plans for a third clock were announced, to be installed in the same location, with extra capacity.

The original clock outlived Seymour who died in 1995, with Seymour's son Douglas taking over responsibility for the clock through the Durst Organization.

Contents

[edit] History

[edit] Origins

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] According to his son Douglas, 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]

[edit] First clock

External images
The original clock [7]

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 at Sixth Avenue, a block from Times Square, located on the north side of 42nd Street, easily visible from Bryant Park. It was erected by the New York sign company Artkraft Strauss.

In 2000, due to a then-improving debt situation, the clock started to run backwards.[3] With the original purpose of the clock being to highlight the rising debt and the reverse giving a mixed message, and with the clock not being designed to run backwards,[6] 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.[4] The clock was not dismantled however, and in July 2002 the curtain was raised and the clock once again picked up tracking a rising debt, starting at 6.1 trillion dollars.[8]

[edit] Second clock

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 (Sixth Avenue).[9][6]. It is mounted on the side wall of the Building which faces W 44th street.

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.[10][11][12]

[edit] Planned third clock

An overhaul or complete replacement adding two more digits to the clock's display is currently in the planning for 2009.[13][14][15]

[edit] 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][16]

[edit] See also

  • Maxed Out, a 2006 documentary in which the clock is featured[17]

[edit] References

  1. ^ Daniels, Lee A. (November 8, 1991). "Chronicle". New York Times. http://query.nytimes.com/gst/fullpage.html?res=9D0CE5DD163CF93BA35752C1A967958260&partner=rssnyt&emc=rss. Retrieved on 2008-10-06. 
  2. ^ a b Toy, Vivian S. (May 28, 1995). "The Clockmaker Died, but Not the Debt". New York Times. http://query.nytimes.com/gst/fullpage.html?res=990CE1D61538F93BA15756C0A963958260. Retrieved on 2008-10-06. 
  3. ^ a b "National Debt Clock stops, despite trillions of dollars of red ink". CNN, AP, Reuters. September 7, 2000. http://edition.cnn.com/2000/US/09/07/debt.clock/. Retrieved on 2008-10-05. 
  4. ^ 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. http://query.nytimes.com/gst/fullpage.html?res=9905E7D8143BF937A25756C0A9669C8B63. Retrieved on 2008-10-05. 
  5. ^ Koh, Eun Lee (August 13, 2000). "FOLLOWING UP; Time's Hands Go Back On National Debt Clock". http://query.nytimes.com/gst/fullpage.html?res=9500E1DC133FF930A2575BC0A9669C8B63&scp=3&sq=National%20Debt%20Clock&st=cse. Retrieved on 2008-10-06. 
  6. ^ a b c "US debt clock running out of time, space". China Daily / AFP. 2006-03-30. http://www.chinadaily.com.cn/world/2006-03/30/content_556588.htm. Retrieved on 2008-10-05. 
  7. ^ NYC: National Debt Clock, Flickr Image by user wallyg, taken 28 April 2003, uploaded 24 May 2006, accessed 15 October 2008
  8. ^ Stevenson, Robert W. (July 13, 2002). "White House Says It Expects Deficit to Hit $165 Billion". New York Times. http://query.nytimes.com/gst/fullpage.html?res=9506E5D81E30F930A25754C0A9649C8B63&sec=&spon=&pagewanted=2. Retrieved on 2008-10-06. 
  9. ^ Haberman, Clyde (March 24, 2006). "We Will Bury You, in Debt". New York Times. http://select.nytimes.com/2006/03/24/nyregion/24nyc.html?scp=16&sq=National%20Debt%20Clock&st=cse. Retrieved on 2008-10-06. 
  10. ^ "National Debt Clock runs out of digits". timesonline.co.uk. October 9, 2008. http://www.timesonline.co.uk/tol/news/world/us_and_americas/article4910883.ece. Retrieved on 2008-10-10. 
  11. ^ "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). http://www.treasurydirect.gov/NP/BPDLogin?application=np. Retrieved on 2008-10-06. 
  12. ^ "Debt clock can't keep up (CNN video)". cnn.com. October 4, 2008. http://edition.cnn.com/video/#/video/us/2008/10/04/dnt.lemon.natl.debt.clock.cnn?iref=videosearch. Retrieved on 2008-10-05. 
  13. ^ Rubinstein, Dana (October 6, 2008). "Durst To Add Extra Trillion Dollar Digit to National Debt Clock". observer.com. http://www.observer.com/2008/arts-culture/debt-clock. Retrieved on 2008-10-08. 
  14. ^ Boniello, Kathianne (October 5, 2008). "'1' Big Tick is due for Debt Clock". nypost.com. http://www.nypost.com/seven/10052008/news/nationalnews/1_big_tick_is_due_for_debt_clock_132227.htm. Retrieved on 2008-10-08. 
  15. ^ "U.S. debt too big for National Debt Clock (MSNBC video)". Nightly News. msnbc.com. October 7, 2008. http://www.msnbc.msn.com/id/22425001/vp/27051006#27051006. Retrieved on 2008-10-08. 
  16. ^ "Debt Clock Moves Next Door to Government". Deutsche Welle. June 18, 2004. http://www.dw-world.de/dw/article/0,2144,1239561,00.html. Retrieved on 2008-10-05. 
  17. ^ "indieWIRE INTERVIEW: James Scurlock, director of "Maxed Out"". indieWIRE. March 11, 2007. http://www.indiewire.com/people/2007/03/indiewire_inter_51.html. Retrieved on 2008-10-10. 

[edit] External links

Search Wikimedia Commons Wikimedia Commons has media related to: US National Debt Clock

Coordinates: 40°45′23″N 73°59′02″W / 40.7563294°N 73.9839211°W / 40.7563294; -73.9839211

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