Among the many ironies of the 2008 election is that young people voted for a president who condemned them to a life of indentured servitude to the leviathan government. Every dollar that is borrowed must obviously be repaid at some point. Young voters should be the first in line to put a stop to this president's wild orgy of spending since they're the ones getting tagged with the bill.===================================US debt shot up $238 billion to reach 100 percent of gross domestic project after the government's debt ceiling was lifted, Treasury figures showed Wednesday.
Treasury borrowing jumped Tuesday, the data showed, immediately after President Barack Obama signed into law an increase in the debt ceiling as the country's spending commitments reached a breaking point and it threatened to default on its debt.
The new borrowing took total public debt to $14.58 trillion, over end-2010 GDP of $14.53 trillion, and putting it in a league with highly indebted countries like Italy and Belgium.
Public debt subject to the official debt limit -- a slightly tighter definition -- was $14.53 trillion as of the end of Tuesday, rising from the previous official cap of $14.29 trillion a day earlier.
Treasury had used extraordinary measures to hold under the $14.29 trillion cap since reaching it on May 16, while politicians battled over it and over addressing the country's bloating deficit.
The official limit was hiked $400 billion on Tuesday and will be increased in stages over the next 18 months.
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==============================Obama Is "Out Of Bullets...Out Of Arrows" On Economy
"An index of how spent he is sort of intellectually on the issue of jobs is the campaign speech he gave today, the fourth in 10 days, in which he pivoted, he did his pivot, and he announced five initiatives. Listen to them. Payroll tax extension: We already have that. Unemployment insurance extension: Already have that. Trade deals: He's had it for two and a half years and done nothing. Spending on more infrastructure: a perennial -- you know, more dams, more bridges and roads. And the last one, I love that. Here's the real new one that will get us out of our doldrums: patent process reform. Now that I think is the key to economic explosion, getting us out of 9 percent unemployment.
"He's out of bullets, he's out of arrows, he's looking for stones on the seashore. And it shows that he may want to have a jobs agenda, he may want to do a pivot -- there's nothing left in the cupboard. He did a huge Keynesian gamble, and it failed."
Thursday, August 4, 2011
Another Obama First: America's debt exceeds total U.S. economy... Maybe high-speed rail will save us
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"Among the many ironies of the 2008 election is that young people voted for a president who condemned them to a life of indentured servitude to the leviathan government. Every dollar that is borrowed must obviously be repaid at some point. Young voters should be the first in line to put a stop to this president's wild orgy of spending since they're the ones getting tagged with the bill."
ReplyDelete"Young voters should be the first in line..."
That's actually kinda funny. They still defend obama. They haven't been taught that sometimes you're wrong and you can't correct the problem until you admit it. They are also proof positive that Lenin was right.... "Give me four years to teach the children and the seed I have sown will never be uprooted".
Or Lenin was right, he just killed to excess, we figure we can right the world with only 50 million deaths.......
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