Click any of the images to see the full-sized graph at the Trib site.
If those charts don't getcha, consider this:No country has ever survived the levels of debt that we're about to incur on the Obama plan for 2020. The interest alone on the debt is projected to be over $1 trillion -- and that's if interest rates don't go up significantly, which they will.
The only reason countries like Greece haven't yet imploded is the promise of a backstop by big brother, AKA the International Monetary Fund, AKA the U.S. But when the U.S. hits these levels, there won't be anyone to backstop us.
Welcome to Caracas, my friends!
6 comments:
Inflationary policy is the only way we will get out of this debt...
I keep having this mental picture of China invading Taiwan, with the following dialogue:
China: "The US will stay out of this conflict, or we will dump our entire holdings of their debt and crush their economy."
Taiwan: "The US had better help us out, or we will dump our entire holdings of their debt and crush their economy, as well as China's"
Mutually Assured Fund Destruction
So lets add it up:
Bush tax cuts = $2.2 Trillion
Iraq War= $700 Billion
Bush's bail out that didn't show up on the 2008 budget but was put on the 09 Budget $700 Billion and then blamed on Obama.
3.6 Trillion of Bush debt. Worst President in history.
Good thing we have Obama to stop the mad the madness and get this country back on track.
only a toad would think that Obama is going to stop the bleeding. Look at his proposed budgets Toady. Obama plans on debt levels that Georgie couldn't even dream of.
So lets add it up:
Bush tax cuts = $2.2 Trillion
Iraq War= $700 Billion
Bush's bail out that didn't show up on the 2008 budget but was put on the 09 Budget $700 Billion and then blamed on Obama.
Iraq War was voted on by an overwhelming BIPARTISAN majority. Not only Bush was in support, but plenty of Dems too including Hillary, Kerry, Reid and Biden
Given that TARP was embraced by Obama, Pelosi and Reid and a heavy majority of Dems (opposed by House Republicans), and given that Bush agreed to let Obama spend much of it, it's a dishonest characterization to call it "Bush's bailout".
Obama took the deficits he inherited (actually, as Senator he voted for the deficit spending during Bush's Presidency, so "inherited" is not entirely accurate) and he then proceeded to make things 10X worse. With unprecedented deficit spending and continued high unemployment under Obama, only an extremist ideologue could say that Obama is putting our country on the "right track".
Toad,
You had me until "Good thing we have Obama to stop the mad the madness and get this country back on track."
Bush was a mess, but the Democratic congress and Obama are gleefully riding the red tide into the rocks.
"Blame Bush" is catchy, but it really doesn't solve the problem.
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