US Action News

Treasury Secretary Jack Lew warned that the debt ceiling must be raised by October 17th, but do you know what happens after that? Most people don’t. That’s Bankrupting America put together a Debt Ceiling Briefing Book to answer questions surrounding the current fiscal debate.

The policies that are being employed to create the appearance of economic and market stability are not effectively addressing the underlying symptoms of economic malaise; in fact, they are exacerbating them.

The government is in what is known as a debt death spiral. They must borrow money to repay prior debts. It is as if they are using their Visa Card to make an American Express payment. The rate of new debt additions dwarf any rate of growth the economy can possibly achieve. The end is certain, only its timing is unknown.

[W]e’re doing the same thing that led to the 2008 blowup — we’ve learned exactly nothing. In real terms our GDP is in fact contracting by about $500 billion a quarter, after adjusting for debt expansion — that’s $2 trillion a year, more or less. – The Market Ticker

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. Heritage Foundation gives 17 reasons he was right then and it’s so much worse now.

“The budget blueprint [Obama] sent us last year was so roundly ridiculed for its fiscal gimmickry and its massive tax hikes that, when it came to a vote in the Senate, his own party joined Republicans in voting it down 99 to 0.

Too many in power just don’t see the impending crisis that you and I see, or at least they don’t see the need to act now.

Ever-growing entitlements have put spending on a trajectory toward a European-level implosion. If they are not reined in, taxes on everyone will have to rise perpetually just to keep pace.

Could it be that rich and productive countries are tired of subsidizing social welfare, re-distribution of wealth schemes, failed multiculturalism, and sloth?

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?