Posted on 11/22/2009 7:38:50 PM PST by Steelfish
Cowabunghole dude
Today, the debt ceiling is at an all-time high of $12.1 trillion.
When President George W. Bush took office in 2001, our public debt amounted to 33 percent of our economy. Today, it is 60 percent of our gross domestic product. If we do nothing, our debt is projected to swell to over 70 percent by 2019.
To put those numbers in perspective: If you divided the debt equally among all Americans, every man, woman and child living in the United States today would owe more than $39,000.
http://www.cnn.com/2009/OPINION/11/19/bayh.debt.bipartisan.commission/index.html
And of course how many pay no taxes so someone else is or will be picking up the tab.
“The potential for rapidly escalating interest payouts is just one of the wrenching challenges facing the United States after decades of living beyond its means.”
How about, ‘after one year of living way, way beyond its means.’
“The potential for rapidly escalating interest payouts is just one of the wrenching challenges facing the United States after decades of living beyond its means.”
How about, ‘after one year of living way, way beyond its means.’
And the fun is just beginning. The Marxist-in-chief has BIG plans for us. A trillion here, a trillion there and pretty soon we’re talking big money.
Another stock market crash and Obamacare will be smoldering in ruins.
This is great news for Obama and Democrats who want to bankrupt the country.
[Cowabunghole dude]
Just now the NYT is figuring this out??
Our Government’s politicians past and present have betrayed us all and saddled this once great prosperous nation with a huge mountain of debt. May their names rot in history for what they did to this nation!
Do that a lot, however, and foreigners will not buy your paper. But since US government thinks in 4-year terms, it's never a concern. The US is ruled by transients who don't need to think ahead. Isn't it ironic that the only country that often plans far ahead is China?
"Show me just what Mohammed brought that was new, and there you will find only things evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelogus
Keeping the rate low won’t stop the slide toward small government, although it might slow it down a little. ...the road to shortchanging our Asian creditors. Raising the rate will only increase the speed toward small government. That’s the way to default.
Either way, the globalist economic regime and government by busybodies and bureaucrats against neighborly domestic competition are about to end. Don’t buy anything that you don’t really need.
Aaa Soo...
This is what happens when a child who believes in only TAX and SPEND Liberalism is in the seat of power.
America learned NOTHING from Jimmy Carter.
And so now they will have to get that lesson one more time...
thanks for the ping.
You forget interest, which over the next 20 years will be as much as the debt itself.
That's more like $80,000 per man, woman and child.
And where are they going to get that money? Guess whose door they're going to be knocking on?
So if you have a family of 4, the US government has already run your family $320,000 into debt. But the fantastic services they're delivering are worth it. Right?
Oh, I forgot to mention that THAT'S MONEY THAT'S ALREADY BEEN SPENT AND IS ON TOP OF THE TAXES YOU'RE GOING TO BE PAYING FOR ANY FUTURE ACTUAL GOVERNMENT SERVICES AT ALL.
Thank you for clarifying that I am going to save it so I can point that out to people.
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