http://www.politico.com/news/stories/0112/72205.html
The CBO has just proclaimed the wonderful news that 2012 will be another trillion+ deficit year. Am I the only one freaking out about this? If we don't do something to correct this soon, there are only a few options. Default and face all the horrible repercussions that would bring, wildly devalue our currency, or raise the hell out of taxes. All of these are very bad scenarios. It is long past time for some sacred cow slaughtering. Medicare, Social Security and Defense all have to be cut heavily. If people would look towards the long term instead of the short, they wouldn't be so quick to destroy the futures of their children and grandchildren. These are unpleasant topics, but we need to address them quickly (and no, just sitting back and waiting for the economy to grow faster isn't a solution).
Amen!!! and no, you are not the only one freaking about it. Are we the only ones freaking out that most people are not freaking out about it?
ReplyDeleteAmen here as well! Yes I am freaking out too… for my kids’ sake…your kids and their kids’ sake. Damn it…for our country’s sake! I am freaked out watching our current administration increasing our national debt to the tune of $4.24 billion PER DAY putting Obama on a pace to increase the national debt by $6.2 trillion (by the end of his term…hopefully on Jan. 20, 2013) This according to the debt figures published by our U.S. Treasury. I wish I could make this up, but I can’t…these numbers are VERY REAL!
ReplyDeleteThat $6.2 trillion is more debt than was accumulated by all U.S. presidents from George Washington through Bill Clinton COMBINED…I said, COMBINED!
In fact, our U.S. national debt did not eclipse the $6.195 trillion level—the amount Obama is on pace to increase it in ONE freakin’ term—until August 19, 2002, during President George W. Bush’s 2nd year of office.
Fact is our national debt was $10.6 trillion on Jan. 20, 2009, the day Obama was inaugurated. Remember…even at these debt levels, he called out Bush II and rightfully so, stated publically that Bush II was “unpatriotic” for this massive debt load! Well Mr. Obama, as of January 11th, 2012, the debt is now $15.2 trillion. In your first 1,087 days in office, our debt increased $4.6 trillion — or an increase of $4.24 billion per day if my math is correct!
Sooooo....at that daily rate, the debt would increase a total of $6.2 trillion ($6,195,379,272,340.74) over the entire 1,461 days of Obama’s four year term.
Short on cash? No problem, just print up more…if that doesn’t work, borrow it. After all , the Chinese don’t mind charging us interest. They are laughing all the way to bank...and the new economic power!