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September 2, 2009
Examiner: 'Obama administration adding $3 million per minute to national debt'
Topics: Political News and commentariesJarid Brown puts the deficits and the national debt in a dollar amount that Americans can understand, and the number is a staggering, jaw-dropping amount from which there's no certainty that we'll ever get out of it:
The Obama administration released in the past 2 weeks revised projections that the 2009 deficit will amount to just shy of $1.6 Trillion dollars and that their long term budget projections will create $9 Trillion dollars of deficits in the next ten years. More than a year ago for another organization, I excoriated the Bush Administration for years of unchecked government spending culminating in the single largest deficit in US history. At the time, that budget deficit of half a Trillion dollars amounted to over $1 million dollars a minute in new national debt; an debt level that simply is not sustainable. With no balance of power in Washington this year, the drunken spending of politicians has tripled the record breaking Bush deficit, creating a phenomenal $3 million of new national debt every single minute (not total government spending, but new government debt). As a result, during the 8 hours of time you will spend at work today, the US government will go more than $1.4 billion into debt.To help put this staggering debt into perspective, consider Stacy McCain's interview with Johan Norberg, author of a new book about the policies that caused the banking meltdown, who when asked how the United States can get out of its current problems like high unemployment and rapidly growing federal debt, answered, "I'm not sure we do" get out of it:Just how much debt does $3 million a minute equate to? Consider the fact that the average American earns approximately $40,000 a year. As a result, the Obama administration's $1.6 trillion deficit is equivalent to the total earnings of 37.5 million Americans. What is even scarier, is that the deficit is projected to remain level next year, even without the addition of health care, immigration, education and tax reforms that remain on the President's agenda.
"I'm afraid we're going to live with the consequences for a long time," he said. "The bailouts . . . the debts -- we won't be able to pay them back. We're going to pay for it for a long time. And it's not just what it costs, it's what we're buying."And it appears that the likelihood of Norberg being right about not being sure we will ever recover, is increasing as each day goes by, since it now appears that Obama is on course to double the national debt.
Posted by Richard at September 2, 2009 8:53 AM
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