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Thursday, June 3, 2010

National Debt Tops 13 Trillion and No End in Sight

Do you try to keep your family's spending under control? You should. It's immoral to contract a debt you have no way of paying off. And that is exactly what Congress is doing. It is impossible for the government contracting the debt to pay it off in any reasonable period of time. So every child born in the United States is burdened with a massive debt he did not incur and cannot pay off in his lifetime.

Since Obama took office (about 500 days ago) his government has added $4.9 billion A DAY to the national debt. (Compare that to profligate spender George Bush at $1.7 billion a day.) That's money that every taxpayer owes. But since all of us living today can't pay it off, our children and grandchildren are indebted as well. So we are the wage slaves of a government that is basically using us as collateral.

Here's what the American Thinker blog says:
The events that are transpiring in Europe are what a script writer would call foreshadowing of the events that will take place in America if the government continues to spend more money than the U.S. Treasury takes in. But these lessons are seemingly lost on American socialists as they push ahead at top speed to institute the Obama socialist agenda by packing the federal budget with huge amounts of pork. At the current rate of spending the United States will be upside down in its debt obligations by next year. That is to say that America will owe more than its annual GDP. Currently the national debt is $12.9 trillion, and our GDP is $13.7 Trillion. Next year, the federal government will have to borrow $1.4 trillion to cover all of the expenditures in the budget. The collateral the government will use to secure these loans is the American tax payer. The taxpayers may not know it, (and the politicians hope they never find out) but the share of the national debt that each taxpayer owes right now is $117,380.00, essentially two years of engenderment, working off the debt for each household based on annual household incomes.
Where are the statements from the bishops condemning this massive enslavement by the government of both current and future generations? Maybe they just haven't got a clue and believe money grows on trees!

And as for Obama -- well all his talk about plans to control spending are that -- just talk. He is leading the U.S. toward economic disaster. Is his administration stupid or is this part of the plan?

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