Thursday, October 10, 2013

Should Republicans Agree to Extend the Debt Ceiling?

When you hear Barack Obama say he has cut the deficit in half during his time in office, just remember that the first 43 presidents of the United States incurred $10.6 trillion in debt collectively and Obama has presided over $6.1 trillion in over-spending in 4 years alone.

It’s important to get some terminology straight. The deficit refers to an annual much outlays exceed revenues in a given year. The national debt refers to the total amount a nation has borrowed, over time, to finance these deficits.

The actual deficit in fiscal year 2009 was $1.41 trillion and the CBO deficit projection for 2013 is $642 Obama would be correct in regards to those numbers about cutting the deficit in half. But it doesn't take away from the fact that Obama has over-spent $6 trillion more than we have collected in taxes in his first four years.

It took 224 years of overspending to accumulate $10 trillion in debt and it took Obama four years to accumulate $6 trillion....and what do we have to show for it? The slowest 'recovery' in modern history, record numbers of Americans on welfare, record numbers of Americans collecting disability payments, 9.5 million less people in the work force under Obama and the Fed continues to pump (QE) almost $60 billion a month into the market in an effort to prop-up an ailing economy.

My point is...should we extend the debt limit by another trillion dollars without forcing the President to cut wasteful spending? Obama doesn't want to cut spending and Nancy Pelosi has said there isn't anything left to cut. Bovine Squeeze!

If the spendoholics in Washington want to increase the debt limit, they must be forced to cut the size of government because our current path is unsustainable. Our country faces $61.6 trillion in unfunded liabilities in coming years, but that's another story for another time.

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