Skip to comments.Obama Has Stolen $5.3 Trillion From Our Children In Order To Make Himself Look Good
Posted on 08/30/2012 8:35:17 AM PDT by blam
Obama Has Stolen $5.3 Trillion From Our Children In Order To Make Himself Look Good
August 30, 2012
Barack Obama has destroyed the future of America in order to improve his chances of winning the next election. Under Obama, 5.3 trillion dollars has been ruthlessly stolen from our children and our grandchildren. That money has been used to pump up the debt-fueled false prosperity that we have been experiencing. When the U.S. government borrows money that it does not have from someone else (such as China) and spends that money into the economy it is going to make our economic numbers look better. Even if the government spends that money on incredibly stupid things, it still gets into the hands of average Americans who in turn spend that money on food, gas, clothes, etc.
If we were to go back and take that extra 5.3 trillion dollars out of the U.S. economy, I guarantee you that we would be in a rip-roaring depression right now. We would look a lot like Greece at this point. For several years Greece has been raising taxes and cutting government spending in an attempt to balance the budget and these austerity measures have resulted in an unemployment rate of over 23 percent and an economy that has contracted by close to 25 percent. Most Americans don't want to go through pain like that so they are okay with continuing to financially rape our children and our grandchildren.
Just imagine how you would feel if your parents died tomorrow and you found out that they had left you with a million dollar debt that you were legally obligated to pay off. How would you feel, knowing that you had just been sold into debt slavery for the rest of your life? Well, that is how our children and our grandchildren are going to feel. We are destroying the greatest economic machine the world has ever seen, we are accumulating the biggest mountain of debt in the history of the planet, and the coming economic collapse that we have caused is going to wipe out the promising future that our children and our grandchildren were supposed to have. If they get the chance, future generations of Americans will curse us bitterly and will spit on our graves. What we are doing to our children and our grandchildren is the kind of stuff that horror movies are made of. You should be ashamed of yourself America.
The federal budget deficit for 2012 will be larger than the entire U.S. national debt was 30 years ago. In 1982 Ronald Reagan was in the White House and the U.S. national debt was considered to be a tremendous national crisis. But somehow we have allowed our national debt to grow from about a trillion dollars back then to approximately $16,000,000,000,000 today.
By the end of Obama's first term, the U.S. national debt will have grown more than it did from the time that George Washington became president to the time that George W. Bush became president.
That is hard to believe.
Obama is going to outdo all the presidents from George Washington through Bill Clinton in just one term.
At this point, the U.S. national debt is more than 22 times larger than it was when Jimmy Carter became president.
This has allowed us to enjoy a standard of living far beyond what we deserved to. We have stolen from the future to make the present more pleasant.
But hardly anybody wants the party to end. Especially not our Congress critters - they are living like kings and queens at our expense. Our "representatives" in Washington D.C. love to give speeches about being "financially responsible", but most of them never take any serious action about the debt because the way things are working now has been incredibly good to them.
And the truth is that both political parties have been responsible. In 2010, Republicans took control of the House of Representatives with a clear mandate to get government spending under control. Not a single penny of government money can be spent without their permission. But since they took control, the U.S. national debt has increased by another 1.8 trillion dollars.
At this point, this current Congress (controlled by both Republicans and Democrats) has added more to the national debt than the first 97 Congresses combined.
We expect this kind of nonsense from the Democrats, but the Republicans are supposed to know better.
Of course our entire financial system is designed to permanently entrap our federal government in an endless spiral of debt, but neither political party ever talks about that.
Sadly, the U.S. national debt is now more than 5000 times larger than it was when the Federal Reserve was first created.
But we never hear about the link between the Federal Reserve and our national debt from either political party or on the mainstream news.
So most Americans do not even realize that our system is designed to create government debt.
It is absolutely disgusting.
We say that we care about our kids, and yet we are passing down a $16,000,000,000,000 debt to them.
Talk about child abuse.
Most people have a really hard time grasping how much money 16 trillion dollars actually is.
If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.
And it would take you more than half a million years to spend 16 trillion dollars.
This is a debt that is impossible to pay back. Just look at how it has exploded over the past 40 years....
In a previous article I discussed the distressing rate at which our debt is growing....
It took more than 200 years for the U.S. national debt to reach 1 trillion dollars. In 1986, the U.S. national debt reached 2 trillion dollars. In 1992, the U.S. national debt reached 4 trillion dollars. In 2005, the U.S. national debt doubled again and reached 8 trillion dollars. Now the U.S. national debt is about to cross the 16 trillion dollar mark. How long can this kind of exponential growth go on?
If we can't even slow down the growth of our debt, how do we ever expect to repay a single penny?
The sad truth is that we aren't ever going to start paying down our debt. We have gotten to the point where if we take our foot off the debt accelerator we plunge directly into a depression and the entire system collapses. It is like a really sick version of the movie "Speed".
Where is Keanu Reeves when you need him?
Since Barack Obama entered the White House, he has approved a whole host of measures that have been good for the economy in the short-term. TARP, the stimulus packages, the auto industry bailout and the payroll tax cut are just a few examples.
Barack Obama has wanted to do everything he possibly can to stimulate the economy in the short-term so that he can win again in 2012.
But what about the future?
Barack Obama could not care less about the future. He is just like so many of our other politicians. He is blinded by selfish ambition.
Since Barack Obama became president, the U.S. national debt has increased by an average of more than $64,000 per taxpayer.
Are you willing to write a check for your share?
Oh, let's just pass this horrific debt on to our children, right?
The path that we are on as a nation cannot go on too much longer. The truth is that we are headed for financial oblivion.
A recently revised IMF policy paper entitled An Analysis of U.S. Fiscal and Generational Imbalances: Who Will Pay and How? projects that U.S. government debt will rise to about 400 percent of GDP by the year 2050.
Of course we will never get to the point. Our financial system will collapse long before then.
Sadly, the United States already has more government debt per capita than Greece, Portugal, Italy, Ireland or Spain does.
So why are we not like Greece or Spain yet?
Well, it is because we are still able to borrow huge piles of money very, very cheaply.
But at some point that will come to an end, and when it does the consequences are going to be nightmarish.
Historically, the interest rate on 10 year U.S. Treasuries has averaged 6.68 percent. If the average rate of interest on U.S. debt rose to that level today, we would be paying more than a trillion dollars a year just in interest on the national debt.
And when you consider our future unfunded liabilities things get even more frightening.
According to Boston University economist Laurence Kotlikoff, the "fiscal gap" is "the present value difference between projected future spending and revenue". His calculations have led him to the conclusion that the United States is facing a fiscal gap of 222 trillion dollars.
And this gap is rising at a breathtaking pace.
The following is an excerpt from a recent article co-authored by Kotlikoff....
In 2007, the first year the CBO produced the Alternative Fiscal Scenario, the gap, by our reckoning, stood at $175 trillion. By 2009, when the CBO began reporting the AFS annually, the gap was $184 trillion. In 2010, it was $202 trillion, followed by $211 trillion in 2011 and $222 trillion in 2012. But if we interrupt this debt cycle we immediately go into a depression.
We are a debt addict that will die without more debt.
Meanwhile, our national ability to produce wealth is going down the toilet.
All over the country businesses are shutting down, factories are being closed and millions of jobs are being sent overseas.
As I wrote about the other day, American families are steadily getting poorer. The middle class is shrinking and the tax base is shriveling up.
Many Americans end up flat broke at the end of their lives these days. In fact, one study found that nearly half of all retirees end up with $10,000 or less when they die.
So where is all of the money for servicing this gigantic national debt going to come from?
Even if Bill Gates gave every single penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for 15 days.
So what is the solution?
If we keep spending money like this we are doomed, but if we stop spending money like this we are doomed.
And debt is not just a problem that the federal government is facing.
Posted below is a chart that shows the growth of all forms of debt in the United States over the past several decades. 40 years ago, there was less than 2 trillion dollars of total debt owed in the United States. Now there is nearly 55 trillion dollars of debt owed. This generation has destroyed the future and has set the stage for an unprecedented economic collapse. Shame on you America....
This is the problem facing Romney and the Republicans...There is no peaceful/bloodless way back from here.
Now, I post these type articles and I understand what they mean for our future. I have prepped for future problems. The problem I have is that the reported/expected magnitude of the coming problems exceeds the preparations I've made...and, not many people are any more prepared than me.
So...I ask myself, If you really believe that the coming problems are going to be so severe...why aren't you (me) doing more?
The numbers don't support us working our way out of this but I guess I keep thinking that something can be done to reverse and correct these problems...Am I fooling myself?
” The numbers don’t support us working our way out of this but I guess I keep thinking that something can be done to reverse and correct these problems...Am I fooling myself? “
There is a slight chance to fix this, but it will require SEVERE cuts in many categories, and the GOPe will need to quit joining the left in kicking the can down the road.
He didn’t steal that by himself.
He had the help of a democrat congress.
He also had the help of a number of republicans.
Inevitably, there will come political punishment for fiscal irresponsibility. This punishment could come about through an informed electorate removing profligate spenders from office at the ballot box, or it could come about though a ragged and dirty band of looters cutting the throats of a few surviving Congressmen among the flaming ruins of the Capitol building, a few minutes before occupying foreign armies arrive to secure the area.
History has shown that the latter outcome is most common, and Obama has deliberately done his best to hasten it. Our duty as citizens is to stave that evil fate off for as long as possible.
This is all the explanation needed for why the government has bought over one billion hollow-point bullets.
The rot is wide and deep and one thing is for certain our ruling class could care less what happens to the middle class, the producing portion of our population. The more they can force onto government care the larger their ‘job’ numbers become and the more they can pretend to jeer and sneer at the so called 1%. I fully expect no matter who wins this election the so called need for another big need for something TARP III type of action will be required. We have gone global and we Americans better get use to the notion that what we have taken for granted is nearly a portal of our memory.
It was during the Clintons administration, both Clintons, that I discovered the literal meaning of that word ‘faith’, and thus far my ‘daily’ needs have been met, but, this global economy is here to stay until somebody decides to pull that plug. WHAT next? My take is that the majority are just going to have to see for themselves, because they are not just in this world but are of this world.
And liberals have stolen trillions from our children and grandchildren in order to feel good about themselves for electing a man darker than a paper bag.
He had help from both corrupt political parties and a fickle electorate that doesn’t have the Cajones to throw all these bums out and replace them.
Make no mistake we are headed for an Economic Collapse of some kind and/or a Default on the Debt. If we aren’t buried first by out Health Care costs.
I went through the depression and I've tried to talk sense to those I know - to little or no avail.
So now, I don't want to spoil the party.
The next fifty plus years are not going to be pretty.
Love your kids and family ... NOW!
If you watch the video at http://pro.stansberryresearch.com/1202ENDOFAMR/PPSIN612/, he says a lot of the same things, then says that Americans will have to produce the goods and services that they currently buy from other countries.
Since that is the case, Governor Walker of Wisconsin needs to be the Republican Secretary of Labor to tell the unions just exactly how it is.
Funny the other day I posted a story about how the FDIC doesn’t have enough reserves to cover even one Mega Bank failure and I had FReepers reply that it didn’t matter that it didn’t matter if they had the reserves or not the Goverenment would make everyone whole that they would have to and when I asked where would the money come from they said the Government would borrow it! Just goes to show that it’s not only DU Dummies that don’t get it.
"So...I ask myself, If you really believe that the coming problems are going to be so severe...why aren't you (me) doing more?"
Dems get elected by paying off people and organizations they’ve made dependent. Might to hard to reverse things but at least we can stop new groups from becoming dependent.
” at least we can stop new groups from becoming dependent.”
And hold the RINO feet to the fire.
Or throw them in... well, guess 'feet to the fire' is better...
” Or throw them in..”
Either way works for me : )
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