10.13.2009 6:40 pm
What’s really frightening is the national debt
St. Louis Post-Dispatch
Do you want to hear to something really frightening? For 2009 the US national debt stands at $12 Trillion, and the interest on that debt is currently $383 BILLION for the year, according to the Treasury Department Bureau of Public Debt. The White House Office of Management and Budget (OMB) is estimating total government revenue for 2009 to total $2 Trillion, with $904 Billion coming from income taxes. Think about that, roughly 40 cents of every dollar we pay in taxes this year will go to service just the INTEREST of our national debt. Further, the CBO is estimating a 2009 budget deficit of $1.4 Trillion, or about 10% of our total GDP, so the debt is only growing.
Yes, I know that George Bush inherrited a surplus and Barack Obama inherited a very large debt, deficit and recession, but tell me how does he expect to pay for all of his social programs that he wants to pass?
The OMB projects deficits of almost $9 Trillion over the next 10 years and a national debt of almost $21 Trillion by 2019. The exploding size of the national debt suggests that short of devaluing the dollar and taking a large bite out of the middle class through inflation taxation we’ll never be able to pay this off.
So again my question to President Obama and his supporters, how are you going to pay for it all? I want concrete answers, no more platitudes please, it is not the campaign season anymore.
David Fedak
O Fallon, Mo.
“So again my question to President Obama and his supporters, how are you going to pay for it all? I want concrete answers, no more platitudes please, it is not the campaign season anymore.”
Raise taxes.
David, where were yo as W and his K Street crooked cronies gave the candy store away to big business, Big Oil, the drug companies and insurers over the last eight years and turned “surplusdes as far as can be seen” inot record deficits? Cheering the robbery on, I’ll bet. We need to take care of real priorities now, not yours.
Tell us Tim, How long until entitlement programs and interest on the federal debt equal 100% of our GDP. How many children do you have? Do you look forward to them and your grand children paying for your feel good programs today?
Our country is going down the financial toilet fast. Additional spending is not the answer, IT’S THE PROBLEM!!!!!
Many of us, David too I presume, have been beating this debt drum for 2-dozen years or more. Nobody cares. When we’re all on our asses in the coming years (if not months), they still won’t care. It’ll just be: gimmy more, carry my water, make the hurt go away…
The entire culture has brought this on, but the politicians should have been a gate keeper on spending.
The tax increase SVPPB mentions… it’ll be the crushing inflation - stealth tax.
Shouldn’t there be a book: how to wreck a country, for idiots.
Tim,
Do you hate GWB that much? Then you should really be pissed at Obama for accelerating his policies at break-neck speed. Talk about a yapper! So, what are the “real” priorities?
For David:
Raise Taxes!
“…how are you going to pay for it all?”
This one is easy guys. Obama should do exactly what Bush did with the costs of the wars in Afghanistan and Iraq after he started them. Declare all of the costs of healthcare as “off budget”. Bingo! They don’t count so it’s like they never really exist at all. I guess with GWB’s logic we really never have to pay for them. Brilliant! I’m surprised old George didn’t get the Nobel prize for economics for that one. Damn Swedes and Norwegians only like democrats I guess.
David, these liberals are so economically stupid that it’s hopeless. The stupidity is overwhelming. For those of you lefties that keep bringing up Bush, do you have your head up your a**? We Conservatives have been all over Bush for many years but for some reason when you head is placed in a position where your ears are then I guess you cant hear us.
Here’s the problem. If it was so bad when Bush was President(which it was) then why in the hell aren’t having major heart attacks right now? You see, you aren’t sincere, and we are. That’s the difference. You really dont get it but I would NEVER expect you too. You are just simply too stupid! And as we all know, we cant fix Stupid!
Debt is wealth.
War is peace.
Ignorance is knowledge.
Do what you’re told.
Superdave,
Your right, You can’t fix stupid but the government tries to legislate it on a daily basis. This is why we have so many meaningless laws on the books.
Math is not a politician’s strong suit. They are much better at buying votes with borrowed money.
Lunar, congress approved every dime spent on Iraq and Afghanistan. In fact, Congress approves nearly ever dollar spent by the federal government. Do they share any of your ire?