Debt Now $16 TRILLION and Climbing Fast

August 30, 2012 15:34


Ironic that the national debt will race past $16 TRILLION  just before election day. Click on the Debt Clock to see your share and how your state is doing too. Can we stand four more years of economic suicide?

 

Debt Clock

 

Every year of Obama’s term has record deficits over a TRILLION dollars. By the end of his first term Obama will have increased the debt more than all other presidents combined – $5 TRILLION dollars.

 

A new poll by Concerned Veterans for America shows that over two thirds of veterans agree with former Joint Chiefs Chairman Admiral Mulllen when he said “The most significant threat to our national security is our debt…”

Even Obama recognized the dire implications of debt before he got the checkbook. In 2004 Obama said the “monstrous” deficits were “an enormous problem” when the deficit was $413 billion. In 2008 he said increasing the debt would burden our children and was unpatriotic.

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” — Barack Obama [emphasis added]

Obama continues to deceive the public about the mountain of debt he is leaving to our children and grandchildren. His Office of Management and Budget website has this quote from Obama:

“Rather than fight the same tired battles that have dominated Washington for decades, its time to try something new. Let’s invest in our people without leaving them a mountain of debt.” — President Barack Obama

Maybe Obama doesn’t see $5 TRILLION new dollars of debt as a mountain. More likely Obama is using deficit spending to create an ever expanding welfare state. Over 100 million Americans receive some form of welfare payment. Alan Greenspan, former Chairman of the Federal Reserve explains the real purpose of deficit spending:

“Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes. A substantial part of the confiscation is effected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money,by issuing government bonds, to finance welfare expenditures on a large scale.” [emphasis added]

 

Pete Hegseth, CEO of Concerned Veterans for America said “It’s not surprising that the majority of military voters are aware of Admiral Mullen’s powerful statement. Our warfighters and veterans understand that our military might comes from economic strength. That’s why we’re fighting for policies here at home that will preserve the precious freedom and liberty we risked our lives to defend.”

Other Obama administration officials have expressed similar concerns about the debt.

Secretary of State Hillary Clinton told the Council on Foreign Relations that our national debt is a national security risk echoing previous statements by Joint Chiefs Chairman Admiral Mullen, head of U.S. intelligence — Dennis Blair, and all of America’s intelligence agencies.

Some members of congress and government have also warned of debt problems:

“After the $700 billion bailout, the trillion-dollar stimulus, and the massive budget bill with over 9,000 earmarks, many of you implored Washington to please stop spending money we don’t have. But, instead of cutting, we saw an unprecedented explosion of government spending and debt, unlike anything we have seen in the history of our country.” — Rep. Michele Bachmann

“We have a crushing burden of debt that is coming to hit our economy. This is what it all comes down to. We are driving our country and our economy off of a cliff.” – Rep. Paul Ryan on house floor

Former Treasury Secretary Rubin said the debt crisis could explode any minute.

“We’re spending twice as much money as we did in 2001. If you go back 15 years our deficit this year is bigger than what our entire budget was. That’s how out of control the federal government is. … There is a political reason we’re not having a budget. Everybody understands that. Nobody’s going to say it. .. because we don’t want to make the hard choices in an election year.” – Sen. Dr. Coburn

“The fact is, we’ll never build a lasting economic recovery by going deeper into debt at a faster rate than we ever have before. It took this nation 166 years until the middle of World War II to finally accumulate a debt of $95 billion.” – Ronald Reagan

“Whether one believes leaves in a large, very active government or something more limited, mathematically, the amount of debt we already have and the terrifying rate at which it is accumulating will lead to national ruin,” Gov. Mitch Daniels

 

Historically many have warned of the effects of piling up debt on future generations:

“We must not let our rulers load us with perpetual debt. We must make our election between economy and liberty or profusion and servitude. If we run into such debt, as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our calling and our creeds… [we will] have no time to think, no means of calling our miss-managers to account but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow sufferers… And this is the tendency of all human governments. A departure from principle in one instance becomes a precedent for [another]… till the bulk of society is reduced to be mere automatons of misery… And the fore-horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression.” – (Thomas Jefferson in a letter to Samuel Kercheval, July 12, 1816

 

“With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.” -  Friedrich Hayek

Debt is the fatal disease of republics, the first thing and the mightiest to undermine governments and corrupt the people” – Wendell Phillips quotes (AmericanAbolitionist and Orator whose eloquence helped fire the antislavery cause during the period leading up to the American Civil War. 1811-1884)

“Blessed are the young for they shall inherit the national debt.” – Herbert Hoover

“The consequences arising from the continual accumulation of public debts in other countries ought to admonish us to be careful to prevent their growth in our own.” – John Adams

“I go on the principle that a public debt is a public curse, and in a Republican Government a greater curse than any other.” -  James Madison

 

So what is Obama’s answer? Piling up an ever increasing mountain of debt. “Mr. Obama plans to boost federal spending 25 percent while nearly tripling the national debt over 10 years. Americans know that this kind of spending will have economic consequences, including new taxes being imposed by the new progressives.” – Karl Rove

Just look at a debt clock. It is mind boggling to see how fast the government is spending money and increasing the debt. We throw out numbers like a trillion dollars as if it’s nothing. But consider what a trillion is. What is a trillion dollars? It’s a million million dollars. It’s a thousand billion dollars. It’s a one followed by 12 zeros.

“There are 10^11 stars in the galaxy. That used to be a huge number. But it’s only a hundred billion. It’s less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers.” – Richard Feynman

A billion seconds ago it was 1959.

A billion minutes ago Jesus was alive.

A billion hours ago our ancestors were living in the Stone Age.

A billion days ago nobody walked on two feet on the planet Earth.

 

Notice the man standing at the left corner of the stack of pallets of one hundred dollar bills making 1 trillion dollars

And those are just Billions with a B. If you were to spend a million dollars a day it would take almost three thousand years to spend just one trillion dollars. Now even before Obama finishes his first term the US will is over $16 TRILLION in debt not counting all the promises of future spending for social security, medicare, Medicaid, welfare and interest on the debt.

“I believe that if Congress and the administration don’t wake up, that we face both the most predictable and also the most avoidable economic crisis in history,” said Bowles, a two-time Democratic U.S. Senate candidate in North Carolina, chief of staff to President Bill Clinton, and recent past president of the University of North Carolina system. “The deficits are like a cancer. They are truly going to destroy this country from within.”

Erskine Bowles was co-chair of Obama’s “debt commission” that he appointed to figure what to do about the mountain of debt that he is piling up and ready to consume all government revenues. Erskine Bowles at Duke University’s Page Auditorium Jan. 18, 2012 said:

“If we don’t do something about [the debt], by the year 2020 we’ll be spending over $1 trillion a year in interest costs alone,”  “Not only is it a trillion dollars that we can’t spend in this country to educate our kids and to build our infrastructure and to perform the research that will create the next new thing here, it’s a trillion dollars that’s principally going to be spent in Asia educating their kids and building their infrastructure and creating the next new thing over there.”

So why do Obama and his sycophant Dems in congress continue to press for ever more spending regardless of the dire consequences? It fits their ideology.

Communist dictator Vladimir Ilyich Lenin put it this way: “The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.” Obama’s solution to more spending and high debt? – more taxes. Just turn on the money printing presses.

The veterans at least have realized the dangers of crushing debt. Now they should wake up to the tyranny of Marxism disguised as progressives redistributing wealth via deficit spending, taxation and inflation.

 

Michael Whipple, Editor usACTIONnews.com

 

Follow Michael Whipple on Twitter @1stStarfighter

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