"Rather go to bed with out dinner than rise in debt" - Benjamin Franklin.
President Obama is attempting not merely to expand the role of the federal government but to put it in such a dominant position that its power can never be rolled back. Obamanomics is the means to that end. Obamanomics represents change with unconscionable trillion dollar annual deficits leading us to the brink of national insolvency. And to what end - to remake the United States into a mirror image of a European social democracy?
The prospect of Treasury flooding the world with dollars to support trillion dollar annual deficits for the next decade is alarming, and the world is rightly getting nervous. If China and other foreign creditors lose their appetite for U.S. debt, the result will…
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The road to insolvency is paved with
red ink. How can the United States become
insolvent? Easy, just add the Obamanomics deficits, as laid out in the President's ten-year plan, to the existing $11 trillion
national debt and it will not be long before the US is unable to meet its financial obligations. Presently, debt held by the Social Security Trust Fund and other governmental agencies is $4.4 trillion, plus the remainder of the debt (owed to citizens or "foreign" owners) is $6.6 trillion. Approximately 50% of US debt is owed to
foreigners, up from 31% in 2000, and this debt will undoubtedly continue to climb. If China and other foreign creditors lose their appetite for US debt, the result will be catastrophic for the dollar…
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During the Bush years, the national outlays rose from $1.9 trillion in 2001 to $3.0 trillion in 2008, and the country went from enjoying a surplus of $128 million in 2001 to suffering a deficit of $459 million in 2008. We called Bush irresponsible. Perhaps the fiscal 2009 deficit of $1.75 billion should be viewed as an anomaly since it's the direct result of the $700 billion Bush TARP plan and the $800 billion Obama Stimulus Plan, both implemented to ameliorate the effects of the financial crisis and recession. But how do we justify an average deficit of
$700 billion annually from 2010 to 20019, which according to the
Obama budget, will be boom times? GDP will be likely rise to an eye-popping $23 trillion in 2019…
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