It took from 1776 until 1990 for the federal government to accumulate a total of $3 trillion in debt. It took 22 months for Barack Obama to add another $3 trillion to the federal debt. Now there’s a real over-achiever for you! And of course we absolutely positively needed to spend every single cent. Not one penny was wasted!
This level of spending is unacceptable for any elected official past, present and future. It needs to be said that Obama didn’t do this all by himself. George Bush didn’t double the size of the federal government all by himself either. It doesn’t matter what your political party, if you’re part of the problem party affiliation means nothing. The main blame here gets assigned to our Congress. More specifically, the House of Representatives … under Democrat ownership since 2007. ALL spending bills must originate here. It’s one part of our Constitution we still seem to pay attention to. So as long as we’re paying attention, let’s look again at these figures from the Wall Street Journal,
* When the Democrats took control of Congress in 2007, the debt held by the public was 36.2% of GDP. It rose to 40.2% the next year. This year it will be about 63.6%, next year 68.6%, then 77% of GDP in 2020. And the Obama administration’s budget estimates 218% in 2050.
* The deficit in 2007 was $160 billion. In the next year the Pelosi-Reid Congress took it up to $458 billion, and when President Obama came into office in 2009 it hit $1.4 trillion. The current 2010 projected deficit is $1.6 trillion, which will lead to a tripling of our national debt from 2008 to 2020.
Congress holds the purse strings but you hold the reins. You have exactly two weeks from today. That’s the easy part. Your children and your grandchildren … whether yet arrived on this planet or not … are watching and depending on you. Right now around 40 cents out of every dollar that our amazing spendthrift government spends is borrowed money … borrowed principally from China, Japan and Great Britain. Your children and grandchildren will have to pay this money back. That baby bump your wife (or you) is hauling around? That’s a debtor. A deep-in-debt debtor.
You have two weeks.