Has Obama Stolen $5.3 Trillion From Our Children Just To Make Himself Look Good?
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Barack Obama has destroyed the future of America in order to improve his chances of winning the next election. Under Obama, 5.3 trillion dollars has been ruthlessly stolen from our children and our grandchildren. That money has been used to pump up the debt-fueled false prosperity that we have been experiencing. When the U.S. government borrows money that it does not have from someone else (such as China) and spends that money into the economy it is going to make our economic numbers look better. Even if the government spends that money on incredibly stupid things, it still gets into the hands of average Americans who in turn spend that money on food, gas, clothes, etc. If we were to go back and take that extra 5.3 trillion dollars out of the U.S. economy, I guarantee you that we would be in a rip-roaring depression right now. We would look a lot like Greece at this point. For several years Greece has been raising taxes and cutting government spending in an attempt to balance the budget and these austerity measures have resulted in an unemployment rate of over 23 percent and an economy that has contracted by close to 25 percent. Most Americans don’t want to go through pain like that so they are okay with continuing to financially rape our children and our grandchildren. Just imagine how you would feel if your parents died tomorrow and you found out that they had left you with a million dollar debt that you were legally obligated to pay off. How would you feel, knowing that you had just been sold into debt slavery for the rest of your life? Well, that is how our children and our grandchildren are going to feel. We are destroying the greatest economic machine the world has ever seen, we are accumulating the biggest mountain of debt in the history of the planet, and the coming economic collapse that we have caused is going to wipe out the promising future that our children and our grandchildren were supposed to have. If they get the chance, future generations of Americans will curse us bitterly and will spit on our graves. What we are doing to our children and our grandchildren is the kind of stuff that horror movies are made of. You should be ashamedof yourself America.
The federal budget deficit for 2012 will be larger than the entire U.S. national debt was 30 years ago. In 1982 Ronald Reagan was in the White House and the U.S. national debt was considered to be a tremendous national crisis. But somehow we have allowed our national debt to grow from about a trillion dollars back then to approximately $16,000,000,000,000 today.
By the end of Obama’s first term, the U.S. national debt will have grown more than it did from the time that George Washington became president to the time that George W. Bush became president.
That is hard to believe.
Obama is going to outdo all the presidents from George Washington through Bill Clinton in just one term.
Amazing.
At this point, the U.S. national debt is more than 22 times larger than it was when Jimmy Carter became president.
This has allowed us to enjoy a standard of living far beyond what we deserved to. We have stolen from the future to make the present more pleasant.
But hardly anybody wants the party to end. Especially not our Congress critters – they are living like kings and queens at our expense. Our “representatives” in Washington D.C. love to give speeches about being “financially responsible”, but most of them never take any serious action about the debt because the way things are working now has been incredibly good to them.
And the truth is that both political parties have been responsible. In 2010, Republicans took control of the House of Representatives with a clear mandate to get government spending under control. Not a single penny of government money can be spent without their permission. But since they took control, the U.S. national debt has increased by another 1.8 trillion dollars.
At this point, this current Congress (controlled by both Republicans and Democrats) has added more to the national debt than the first 97 Congresses combined.
We expect this kind of nonsense from the Democrats, but the Republicans are supposed to know better.
Of course our entire financial system is designed to permanently entrap our federal government in an endless spiral of debt, but neither political party ever talks about that.
Sadly, the U.S. national debt is now more than 5000 times larger than it was when the Federal Reserve was first created.
But we never hear about the link between the Federal Reserve and our national debt from either political party or on the mainstream news.
So most Americans do not even realize that our system is designed to create government debt.
It is absolutely disgusting.
We say that we care about our kids, and yet we are passing down a $16,000,000,000,000 debt to them.
Talk about child abuse.
Most people have a really hard time grasping how much money 16 trillion dollars actually is.
If right this moment you went out and started spending one dollar every single second, it would take you more than 31,000 years to spend one trillion dollars.
And it would take you more than half a million years to spend 16 trillion dollars.
This is a debt that is impossible to pay back. Just look at how it has exploded over the past 40 years….
In a previous article I discussed the distressing rate at which our debt is growing….
It took more than 200 years for the U.S. national debt to reach 1 trillion dollars. In 1986, the U.S. national debt reached 2 trillion dollars. In 1992, the U.S. national debt reached 4 trillion dollars. In 2005, the U.S. national debt doubled again and reached 8 trillion dollars. Now the U.S. national debt is about to cross the 16 trillion dollar mark. How long can this kind of exponential growth go on?
If we can’t even slow down the growth of our debt, how do we ever expect to repay a single penny?
The sad truth is that we aren’t ever going to start paying down our debt. We have gotten to the point where if we take our foot off the debt accelerator we plunge directly into a depression and the entire system collapses. It is like a really sick version of the movie “Speed”.
Where is Keanu Reeves when you need him?
Since Barack Obama entered the White House, he has approved a whole host of measures that have been good for the economy in the short-term. TARP, the stimulus packages, the auto industry bailout and the payroll tax cut are just a few examples.
Barack Obama has wanted to do everything he possibly can to stimulate the economy in the short-term so that he can win again in 2012.
But what about the future?
Barack Obama could not care less about the future. He is just like so many of our other politicians. He is blinded by selfish ambition.
Since Barack Obama became president, the U.S. national debt has increased by an average of more than $64,000 per taxpayer.
Are you willing to write a check for your share?
No?
Oh, let’s just pass this horrific debt on to our children, right?
The path that we are on as a nation cannot go on too much longer. The truth is that we are headed for financial oblivion.
A recently revised IMF policy paper entitled “An Analysis of U.S. Fiscal and Generational Imbalances: Who Will Pay and How?” projects that U.S. government debt will rise to about 400 percent of GDP by the year 2050.
Of course we will never get to the point. Our financial system will collapse long before then.
Sadly, the United States already has more government debt per capita than Greece, Portugal, Italy, Ireland or Spain does.
So why are we not like Greece or Spain yet?
Well, it is because we are still able to borrow huge piles of money very, very cheaply.
But at some point that will come to an end, and when it does the consequences are going to be nightmarish.
Historically, the interest rate on 10 year U.S. Treasuries has averaged 6.68 percent. If the average rate of interest on U.S. debt rose to that level today, we would be paying more than a trillion dollars a year just in interest on the national debt.
And when you consider our future unfunded liabilities things get even more frightening.
According to Boston University economist Laurence Kotlikoff, the “fiscal gap” is “the present value difference between projected future spending and revenue”. His calculations have led him to the conclusion that the United States is facing a fiscal gap of 222 trillion dollars.
And this gap is rising at a breathtaking pace.
The following is an excerpt from a recent article co-authored by Kotlikoff….
In 2007, the first year the CBO produced the Alternative Fiscal Scenario, the gap, by our reckoning, stood at $175 trillion. By 2009, when the CBO began reporting the AFS annually, the gap was $184 trillion. In 2010, it was $202 trillion, followed by $211 trillion in 2011 and $222 trillion in 2012.
But if we interrupt this debt cycle we immediately go into a depression.
We are a debt addict that will die without more debt.
Meanwhile, our national ability to produce wealth is going down the toilet.
All over the country businesses are shutting down, factories are being closed and millions of jobs are being sent overseas.
As I wrote about the other day, American families are steadily getting poorer. The middle class is shrinking and the tax base is shriveling up.
Many Americans end up flat broke at the end of their lives these days. In fact, one study found that nearly half of all retirees end up with $10,000 or less when they die.
So where is all of the money for servicing this gigantic national debt going to come from?
Even if Bill Gates gave every single penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for 15 days.
So what is the solution?
If we keep spending money like this we are doomed, but if we stop spending money like this we are doomed.
And debt is not just a problem that the federal government is facing.
Posted below is a chart that shows the growth of all forms of debt in the United States over the past several decades. 40 years ago, there was less than 2 trillion dollars of total debt owed in the United States. Now there is nearly 55 trillion dollars of debt owed. This generation has destroyed the future and has set the stage for an unprecedented economic collapse. Shame on you America….
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12:30 pm
How can anyone blame Obama when he has never had a vote ? The red tide has and is in control of this government and they have been for the last fifty years . Mistakes in folks thinking is the main cause of the break down of our nation.
3:29 pm
This Pea Brain is attempting to, again, tell the, "Big Lie;" over and over again, hoping that it will stick It did in Germany during the 30's.
His first Journalistic Sin is treating OPINION – - his Own – - as FACT! A common tactic of the Rich, Dark Money Cartels.
It is so easy to call this Guy out, simply because he does know History. As the United States approached the late 1970's; it was unarguably the Wealthiest, and Leading Creditor Nation in the World. In the following span of 30-35 years; the, United States became the Poorest and Leading Debtor Nation in the World. How did that happen? Nobody wants to address this key question.
Let me take a stab at it:
1, Reaganomics turned out to be a Big Lie. Most Economists have, and are, saying that not much Trickled Down to the Working Middle Class and the Poor.. In fact, the evidence is the contrary; the Fruits of the Labor of the Working Stiffs Trickled UP – - to the Top. Further, Reagan was the first to use the phrase, "Deficits Don't Matter." Later, Dick Chaney used the same phrase as Bush's Vice President.
The Point: True to form, both Reagan and Bush more that doubled the National Debt. Here's what the unformed Liars on the Right, don't want to talk about: Bush started Two Wars, and made NO PROVISION to pay for them. Imagine the cost; and, the toll on the National Debt. In his first term, Bush also gave the Rich, the largest tax reduction in the History of the Country. And, for what? As it turned out; most went to the savings accounts of the Rich's Grand Children!
f
The phony Rich created very few – - if any – - new jobs; nor did they invest in either the public or private sector. Just a Gift Horse, of "Free Money," at Taxpayer's Expense. Again, the question as to how Bush was going to make up for the Revenue lost, was never considered.
Wish I were done – - but, no not yet! Next came the Prescription Rx Drug Bill. Another Half Billion – - no Money!
The Sub-Prime Loan Bubble that broke in 2007, cost the Government $635 Billion in Fraudulent Loans.
Now, the LIe that the Writer above tried to slip through. TARP was the Plan of Bush, Hank Paulson, and Uncle Ben.
Within 72 hours of the Bank Crash, the Banksters worked out a deal with the three Government Officials above. (Recall the Monday morning announcement with the Three Stooges addressing the Country . . .)
BUSH WAS PRESIDENT WHEN THE CRASH OCCURRED. His administration, asleep at the wheel, let the Banks get away with STEALING $10 TRILLION Dollars from the Moms, Pops, Grands, and Kids. His Administration triggered the Great Recession that resulted in the loss of Millions of Jobs and Millions of Homes, College Educations, and Dreams. Oh, yes, too big to Fail. Since then, we have also learned that the Fat Cats on Wall Street are to Big to Indict!
Bush's TARP Bill was at least $750 Billion Dollars. Some of that money was then used to pay the Wall Street Robber Barons huge BONUSES!
Obama can certainly be faulted for the $750 Billion Dollar Stimulus Plan – - albeit, a large sum went to State and Local Governments to support Police, Fire, Educators, and other State employees.
Here are some summary comments: Duringf the past 32 years, the White House has been held by the Republicans for 20, of those years. Reagan and Bush more than doubled the National Debt during their terms. Bush Senior was the first to use the Term, "Voodoo," Economics to describe Spending without Revenue. Bush Senior tried to do the right thing, when he proposed a Tax Increase. It Failed.
Job creation under Bush and the Rich from 1999 – 2009; was a measly 1.1 Million. During that same ten year period, the Corporate Predators received a TRILLION Dollars in Corporate Welfare! (Subsidies, tax breaks, and, other benefits that the ordinary American does not receive.) Yep, Folks; the Rich are receiving plus or minus, $100 Billion in , "Free Money," almost every year.
If everybody in America researched this period as I have done; the Republicans would be Toast! They are the worst manipulators and spinmeisters on the Planet. While it is true that Democrats Tax and Spend; the Republican Record is one of BORROWING and Spending. The Outcome is the Same!
8:57 pm
Poor post filled with almost truth. The fact I like is that during the 8 years of Reaganomics 23 million jobs were created. 25 million private sector jobs (tax revenue) less just under 3 million gov't sector jobs(tax users) cut. If it has other faults, it's still what we need right now. We don't need Obamanomics which killed over 4.6 private sector jobs and created 3 million gov't jobs for a net increase of over $500 million+ in more debt. The White House, House, Senate, Supreme Court and Fed make all of our misery. Let's replace everyone with business owners, laborers, military, etc. End career politicians and bureaucrats . Let politicians use volunteer help and let them serve only once.
3:42 pm
I dont blame Obama. I blame congress and both sides – including ourselves for rehiring the same jokers.
3:58 pm
At least the article blamed both parties. Obama is only responsible for not stopping it, because that is what we expect of leaders. So in a nutshell, he is guilty of being a poor leader. As the article notes, this has been going on for 40 years, and some of those years, the Republicans have been in control.
5:18 pm
You need to do a little reading. The last 50 years is equally controlled by both parties. You could even blame the blue party for starting the snowball back in the 60s for overhauling SS and Medicare and making it the beast they are today. You can blame Nixon for taking us off the gold standard in 1972. If you look at the charts, it didn't get ugly until after the Savings and Loan fiasco in the late 1980s.
But, the groundwork was made in 1913 with the creation of the Fed. Nearly 100 years later, and our value of the dollar has declined by 97%.
6:31 pm
The Narcissist Sociopath Illegal Alien Muslim and Psychotic Fool has given that treasure to UNIONS; COMMUNISTS; SOCIALISTS, and ANARCHISTS!
ELIMINATE THIS DISGRACE!
9:16 pm
On the ball, smdares44. Hussein Obozo is a narcissist, he is a sociopath, he is an iilegal muslim and yes, he is a leftist loser. He has to be DEFEATED in November, 2012.
12:48 pm
From your rant I see ignorance is alive and well. Don't worry it is not fatal. Only if you do not
follow these directions. Do for a week.
1. Clear your mind of all negative thoughts.
2. Take a walk in the fresh air.
3. Do a kind act for someone you do not know.
4. Be thankful
5. Read the funny papers.
6. Do not listen to Fox, Limbaugh, Hannity , Reilly, etc.
Second week
Write down specific issues that concern you.
Why do these issue concern you
If you were president what would you do to address these issues.
You called the President a number of very descriptive names.
1. look up the definition of each in the dictionary.
narcissist, sociopath, leftist loser, muslim
2. Site evidences which verifies your impression of the President.(not talking
points fro the right.
You may be ready to listen to political commentary gradually.
Suggestion: Do not only watch Fox , but also
expose yourself to the other side. msNBC
Then draw your conclusions ;do research on both
parties; determine who tells the TRUTH and vote
accordingly.
Health , Wisdom and Sanity to you,
12:08 pm
It is amazing how the conservatives only look at spending. They never thoroughly examine the revenue
side for the equation. Revenues have greatly been reduced for the last 20years.
1. Many American companies have gone overseas which has added to reduced revenues
2. Continued unnecessary subsidies to very successful mega oil companies draw revenue
from our treasury.
3. Reduced tax rates for the very wealthy incomes greater than $1,000, 000 lessen revenues
4. Very wealthy corporations as well as individuals avoiding taxes by hiding money in
foreign banks not investing in on shore banks which could make available monies for small
business.
5. Unaccountable monies spent by the Pentagon. Buying highly expensive military equipment
which is not needed. Feeding the military complex is very expensive.
6. Using revenues to engage in unnecessary wars without considering the financial consequences.
Mitt Romney is a good example how trickled down economics works.
1. Let's look at his incomplete taxes record of 2010 where he made
over 20 million form his investments. He paid about 13% tax rate.
I paid over 20% rate having a salary of less than fifty thousand
annually. Something is wrong with this picture. That means he has
7% more expendable income than I do. Where did he trickle that extra income?
How much of that trickled down to grow the U.S. economy or did he hide it the Cayman Islands,
in Bermuda, or in Switz banks.? He invested in socialist countries which
I thought conservatives deplore.
2. Romney is not the only mega wealthy American (worth over 20 million) hiding
their wealth in off shore banks. This growing activity is furthering the decrease in
REVENUEs to our treasury .
3. It is not enough to constantly look at the spending side of our economy , but
to also look at the revenue side.
4. The financial institutions and mega corporations have ravaged our country.
OUR NEW GOD IS MONEY. OUR DOWNFALL WILL BE GREED!!!
5:30 pm
Wow!! Good math skills. If you paid a 25%(just saying for the sake of argument) tax on your $50,000 you paid $12,500 in taxes to the gov't. If Mitt pays 13% on $20 million, he paid $2.6 milion in taxes to the gov't. So I have to say that even at a lower tax rate than yourself, he pays far more of his share of taxes than you do(he pays 208 times more than you do in taxes). And based on his 13% tax he probably isn't working for that income and being someone's b*tch all day like you. So stop crying about successful people and go make something happen so you can get the tax advantages.