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To: NormsRevenge

Obama: We're Not Even Halfway There Yet

''It's been a long, tough journey. But we have made some incredible strides together. But... as much as good as we have done... we're not even halfway there yet. When I said 'change we can believe in' I didn't say 'change we can believe in tomorrow.' Not change we can believe in next week. We knew this was going to take time because we've got this big, messy, tough democracy,'' President Obama said in Chicago on Wednesday night, August 3, 2011.

The US Treasury Department came out on August 5, 2011, with its Debt Position and Activity Report for July. The news is bleak.

With the additional $238 billion the Treasury immediately borrowed when the debt ceiling was raised on August 2, total current debt now exceeds the US GDP for 2010! (GDP in 2010 was $14.5265 trillion.)

As of July 31, 2011, our debt totaled $14.342 trillion. That was made up of $9.756 trillion held by the public and $4.587 trillion the government owes itself -- intergovernmental borrowing, largely from the Social Security and Medicare trust funds to the general fund. With the Treasury's additional borrowings of $238 billion (the largest one-day bump in history) the total of all debt outstanding has now increased to $14.5807 trillion. That's $54.2 billion more than the 2010 U.S. GDP, the last year for which we have final estimates on GDP from the U.S. Department of Commerce.

That increase now puts the government close to the new debt limit of $14.694 trillion, It ate up 60% of the $400 billion in space Congress granted the president on Aug. 2.

Through accounting 'tricks,' Treasury held the nation under the $14.29 trillion 'ceiling' since reaching that figure on May 16, 2011, while lawmakers debated about how to add more debt and annual deficits.

The Republican House had the power to say no to upping the legal debt limit. What a bunch of traitorous scum. They handing over $2 trillion in debt with nothing in return (well, maybe fictitious cuts)... disgusting.

With the latest borrowing, the US joined a small group of red ink countries whose public debt exceeds GDP, including Japan (229 percent), Greece (152 percent), Jamaica (137 percent), Lebanon (134 percent), Italy (120 percent), Ireland (114 percent) and Iceland (103 percent), according to figures provided by the International Monetary Fund.

Barack 'Jackwagon' Hussein and his administration's next goal will be to exceed 200%!

DebtCheck5
Crushing Debt!
By the time the election comes around, we will have a debt hovering at $16 trillion. And if Zer0 isn't stopped, the GDP will continue to head lower. We may well be at the 150% mark by then.

Yes Jackwagon Obama has been an outstanding Marxist president.

We have now run out of other people's money.

Happy Ramadan You Eff'n Commie


6 posted on 08/07/2011 9:19:53 PM PDT by BobP (The piss-stream media - Never to be watched again in my house)
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To: BobP

"...when faced with the greatest economic crisis, the greatest levels of economic inequality, and the greatest levels of corporate influence on politics since the Depression, Barack Obama stared into the eyes of history and chose to avert his gaze. Instead of indicting the people whose recklessness wrecked the economy, he put them in charge of it." - Drew Westen, New York Times

19 posted on 08/07/2011 9:57:45 PM PDT by Baynative (If the government was in charge of the desert , we'd soon have a shortage of sand.)
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