This is a follow-up to my previous post on 2/13. It is a repost from Neal Boortz this morning and further describes in scary detail what the effects are of BO's reckless spending spree.
Do we really understand what we're doing to our children, our grand children and future generations of Americans here? Without much fanfare, Barack Obama signed another $1.9 trillion increase in our debt ceiling. So, with this increase our allowable debt ceiling is $14.3 trillion. How much wiggle room does that give us? Our current debt level is still an astounding $12.3 trillion. Will it be weeks or months before The Community Organizer signs yet another increase in our ceiling?
Taking that $12.3 trillion into consideration ... add up the interest paid on that debt, plus the cost of entitlement benefits like Social Security and Medicare ... and by the year 2020, that spending alone will consume 80% of all federal revenues. That does not include any spending for military or homeland security.
Within the next few years, the national debt is expected to rise to 100% of our GDP. To put into perspective, Greece - which is going through a major financial crisis - currently has a debt equivalent to 124.9% of the GDP.
We'll talk about this more on the show today .. but here's your bottom line. The United States is heading to exactly the place occupied by Greece today. If something isn't drastically changed we'll be unable to pay our bills. There will be nobody left who wants to loan us money. What's more, due to the size of the US economy there will be no bailout from the international community.
Let's knock off the hubris. The survival of our nation is not guaranteed. American's appetite for government goodies and handouts must be curtailed. We're piling debt upon debt .. and ruin is down the road.
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