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Warning to those who support Obama, those still deluded by this terrible President - you might want to cover your eyes, because you're not gonna like this post.
The federal government's national debt has risen to $17.5 trillion, with nearly $7 trillion of that amount being accumulated during the 5+ year presidency of Barack Obama. President Obama is on track to run up more debt than every other President in American history COMBINED, and he has already run up far more dollar debt than any other President. Hope and change, my aunt fanny.
Certain people (deluded Obama supporters) keep trying to tell me the debt is not important for various reasons. All of those people are seriously misguided, and that's the kindest way I can describe them. What I'd really like to do is slap them upside the head and knock some sense into them.
The Congressional Budget Office projects that interest will be $233 billion this year, or 1.3% as a share of the economy.
By 2024, it will reach $880 billion, or 3.3% of GDP. That means interest will account for the lion's share of the $1.1 trillion deficit projected for that year and will come close to what will be spent on Medicare.
The CBO estimates that in a decade, we will be wasting $880 billion taxpayer dollars per year just to pay interest on the federal debt. Think about that for a minute. That giant pile of money won't go to pay for any government program. It won't be spent on infrastructure or Medicare or defense or helping the poor. It will be flushed away on interest payments, due to the massive irresponsibility of our elected wards in Washington D.C. When I hear people calling Edward Snowden a traitor for stealing and leaking classified NSA information, I think he's far less of a traitor than the President and Congress, who are actively destroying the economic future of this country.
Also notice that the CBO projects rising federal deficits for the future, not falling deficits. It estimates a $1.1 trillion deficit in 2024. So how did Captain Hopenchange, President Obama, respond to this dire economic forecast ? By massively INCREASING federal spending in his bad joke of FY2015 budget proposal, where he increases federal spending to $3.9 trillion, which is nearly a trillion dollars more than the federal government was spending in 2008, the year before Obama became President. That would be a trillion dollar federal spending increase in just SEVEN short years. Obama's latest 10-year budget farce adds $8.3 trillion to the debt over a decade even though it raises taxes by $1.8 trillion. Obama should be run out of Washington D.C. on a rail. Sorry Democrats, but Obama is simply the worst President EVER.
Fortunately for us, I seriously doubt that Obama's budget has any chance of passing. He couldn't even get one congressional Democrat to vote for his FY2013 budget, let alone any Republicans, and Obama submitted his FY2014 budget so far past the legal deadline that the House and Senate had already passed their own budgets before Obama even submitted his. Much of that delay had to do with the fiscal cliff negotations and sequester cuts, where the President's position was what it always is - 'let me run up the debt and spend more money that I don't have'. Like I said, worst President ever. For all the hyperventilation about Congress obstructing the President, I guess it never occurs to some people that Congress SHOULD be obstructing this guy. He's a disaster. When he was first elected, some people were so drunk with unreasonable expectations that they expected Obama to part the Red Sea, but we didn't get Moses, we got Noah. We got the flood, and now the debt bomb is threatening to drown us. We should have elected Romney, people. At least he knew something about business, job creation, and economics, and he had a good track record of success. I'm still trying to find Obama's area of expertise. Haven't found it yet. His greatest talent seems to be telling people what they want to hear, aka, fooling the rubes. He reminds me of P.T. Barnum more than anyone else.
The scariest part of the CBO's future $880 billion per year interest payment projection is that it doesn't make any unreasonable assumptions to arrive at it. The only things the CBO assumes is that the economy and interest rates return to historical norms. The CBO doesn't make any wild inflation assumptions. It only assume NORMAL returns. If the economy remains in the tank, the $880 billion projection may not happen, but then THE ECONOMY REMAINS IN THE TANK. Bad, meet worse.
What's interesting, and I mean interesting in a 'watching the train wreck' sorta way, is the positions of our two major political parties. The Democrats keep pushing for more spending and higher taxes, and the Republicans keep pushing for less spending and less taxes. Neither approach really gets us where we need to go, though the Republicans 'less spending' approach would get more of the job done since spending represents the majority of the problem. The Democrats tax and spend approach impoverishes us in a different way. There is a major caveat here though - the Republicans have NEVER really cut federal spending. Not during Reagan, and not during either Bush administration. Bush II, in particular, was a HUGE spender, and he had a Republican Congress for much of his tenure. The GOP seems oddly in favor of cutting spending a whole lot more when a Democrat is in the White House, as they did during the Clinton years, and also now. Still, the GOP is not as bad as the universal welfare state Obama is trying to impose. That would literally lead to the death of America, and would chain us all (except for the wealthy few) into subsistence living basically forever. No thank you.
So off we go, with the Democrats trying to hand out freebies to people to buy their votes, and the Republicans trying to cut taxes to buy votes.
So off we go, into the great future economic disaster, like the ship of fools we are. Yes We Can !!!