That was when the national debt was $9.5 trillion.
It recently hit $18 trillion.
According to CBS News, Obama has presided over "the largest increase" in the national debt "to date under any U.S. president."
The U.S. Department of the Treasury reports that the debt under President Obama has grown nearly $7.5 trillion -- and counting.
In 2012, the then-Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, characterized the debt as "single biggest threat to America's national security."
"I've said publicly. I'll restate it now. I think the single-biggest threat to our national security is our debt. We are going to pay interest on the debt -- I think it's in 2012 -- of close to $600 billion. That's one year's worth of Defense budget." --Admiral Mike Mullen, Remarks At A Detroit Economic Club Luncheon, Detroit, MI, 8/26/10
Experts inside the federal government and outside have warned that a fiscal crisis is certain unless spending and borrowing policies are addressed.
"Such large and growing federal debt could have serious negative consequences, including restraining economic growth in the long term, giving policymakers less flexibility to respond to unexpected challenges, and eventually increasing the risk of a fiscal crisis (in which investors would demand high interest rates to buy the government's debt)." --Congressional Budget Office, 2/4/14
As James Simpson wrote in 2009, Obama's strategy is identical to that outlined by Professors Cloward and Piven.
We are headed for a fiscal calamity -- and no one, save a few Constitutional Conservatives like Ted Cruz and Mike Lee, appear the least bit concerned.
Hat tip: Masked Avenger.
In finance, when your debt to income ratio exceeds 70%- there is no coming back. Often, bankruptcy is the only out for normal folks.
ReplyDeleteWith a 16T GDP and an 18T debt-(which is actually far greater than reported) there is no coming back.
It's default or hyperinflation. Nobody's ever paying that debt back.