Natural News | August 28 2012
Natural News ~ As Election Day nears, Americans certainly have some sobering choices to make. Whoever wins the White House has a monumental fiscal crisis to deal with – one that makes losses incurred during the Great Recession of 2008 look like pocket change.
Either way you cut it, the country has been, and will remain, on a path of unsustainable debt. Federal spending under George W. Bush added some $4 trillion dollars to the country’s already burgeoning national debt, but under President Obama that debt has skyrocketed to a staggering $16-plus trillion, and, if the current administration’s budget projections remain unchanged, Obama will have added an unprecedented, mind-numbing, calculator-busting $10 trillion in federal government debt that your children – and their children and their children – will likely have to pay off.
It’s stunning, really, to sit back and watch the country being spent into oblivion, but that’s what’s happening.
Modest growth + increased debt = insolvency; the question is when
“By the end of this year, the federal debt is expected to be $16.2 trillion, which is $6.2 trillion more than when President Obama first came into office four years ago,” says The Weekly Standard, a conservative publication, in a recent blog which included a graphic projecting record budget growth between now and Fiscal Year 2017, the end of a second Obama term if reelected.
Starting at an estimated $15.2 trillion of debt currently (which is about $5 trillion more than when Bush left office), federal debt is expected to rise to $17.5 trillion by next year, then rise by roughly a trillion dollars a year until 2016, when the federal debt is expected to exceed $20.3 trillion.
This isn’t hyperbole; under the current regime, the country has suffered through four straight years of trillion-dollar deficits, and there is no reason to expect, given its history, that the current administration would change much.
“The Congressional Budget Office also says it expects the economy to continue recovering at only a modest rate the rest of this year, growing at a modest annual rate of 2.25 percent. The slow-moving economy and massive federal deficits are top-flight issues in this year’s presidential and congressional campaigns,” The Associated Press said in parsing a CBO estimate on current budget projections.
“Federal debt will increase to $25.4 trillion by the end of 2022, an increase of $10.6 trillion (72 percent) under the president’s budget policies,” adds the Senate Budget Committee.
Budget? What budget?
Part of the problem is unrestrained spending. As in, Congress has not voted on, and Obama has not signed, an actual budget in more than three years. According to the Standard, it’s been more than 1,212 days since Senate Democrats allowed a budget vote on the floor of their chamber.
“Article I of the U.S. Constitution requires Congress to pass a federal budget. Despite the clear priority the Constitution gives to maintaining discipline in federal spending, the last time Congress enacted a budget was April 29, 2009,” more than three years ago, noted Mathew Staver, chairman of the Liberty Council.
Here are some more staggering numbers:
- Under current figures, the U.S. debt-per-person exceeds $50,900; U.S. debt per taxpayer; however, climbs to a staggering $140,000 each
- The current national debt is slated to surpass $16 trillion before Election Day
- The country’s Social Security liability is in excess of $15 trillion; the prescription drug liability is more than $20 trillion, and Medicare’s unfunded liability is $83 trillion, for a total unfunded liability of a massive, country-shattering $120.4 trillion – or every dollar in gross domestic product the U.S. will generate for the next eight years. And in case you’re interested, that’s a total debt of more than $1 million per taxpayer.
As Americans, we have some very important fiscal decisions to make when we go to the polls in November.
Related articles
- US to be $20 trillion in debt by 2016 (rt.com)
- Obama Economic Plan Would Explode Debt To $25.4 Trillion (thedaleygator.wordpress.com)
- The Government Is Bankrupt and Will Destroy The Economy (economicnoise.com)
Lets see Bush started with a 5T dollar surplus which he turned into a 10 T dollar deficit-sound like he oversaw a 15 T dollar deficit. Anyway, we are on the way rather quickly to a new financial system with debt forgiveness worldwide so why the blame game on either side. It is no one persons fault-it is all our fault for not standing up, allowing distractions from our inner worth. Thinking things will get our needs filled. Listening with one ear to what makes us feel good for the minute. What would Jesus do-forgive, love and spread the word to others. What is broken can be fixed. Only light can win against the dark. It is up to us and it is our creation to fix.
Hi Cherie! We are fundamentally in agreement. However, the AGENDA that underlay the Bush administration has been continued and expanded by the Obama administration. That is what this article addresses.
There is a HUGE disconnect between the desires of the American people (most of us) and the desires of the cabal controlling our government behind the scenes. Few Americans would object to having that $25 trillion (and counting) spent to upgrade our highways, reduce the cost of education for our children, upgrade infrastructure in general, end chemtrails, de-fund HAARP, downsize the military, get out of wars in Afghanistan and Syria and Iraq and Yemen, bring our troops home, shut down TSA and Homeland Security, get rid of the privately-owned Federal Reserve, develop new energy technologies, create meaningful, well-paying jobs for our citizenry, and give generously to the upliftment of the planet as a whole. Unless and until that happens, both sides of this corrupt political process must be seen for what it is – bought and paid for servants of an Elite who despise humanity. Blessings and thanks for commenting. ~G