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Fair share? Every American’s share of debt up from $34,000 to over $50,000 under Obama

January 30, 2012 08:46

“Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” – Obama 2008

“We now have over $9 trillion of debt that we are going to have to pay back. $30,000 for every man woman and child! That’s irresponsible! It’s unpatriotic!” – Obama railing about debt in 2008

RNC Chairman Reince Priebus criticized Obama who seems to have abandoned governing for full time campaigning compared him to the captain of the sunken cruise ship who fled:

“Captain Schettino. …. the captain that fled the ship in Italy, that’s our own president who is fleeing the American people and not doing his job and running around the country and campaigning.”

Obama has fled to full time campaigning. He has failed to address the most pressing issue of our time. Consider these comments from the co-chairs of Obama’s own debt commission:

When asked why the markets haven’t reacted to the US being on the precipice of collapse, Erskine Bowles said its because the US economy is “the best lookin’ horse in the glue factory.”

Alan Simpson (former senator from WY) and co-chair of Obama’s debt commission said economic collapse will ‘be very swift and very dramatic’.

Obama totally ignored all of the recommendations of his own debt commission. He has piled up more debt than any other world leader in history.

Members of his own administration have warned that the national debt is the greatest threat facing our country:

Secretary of State Hillary Clinton told the Council on Foreign Relations that our national debt is a national security risk echoing previous statements by Joint Chiefs Chairman Admiral Mullen, head of U.S. intelligence – Dennis Blair, and all of America’s intelligence agencies.

Yet Obama barely mentioned the debt in his State of the Union speech. His Democrat Party controlled senate has failed to pass a budget in over 1,000 days. The national debt to GDP ratio is on par with bankrupt nations like Greece. The US debt will reach $16 TRILLION by election day and is projected to reach a catastrophic 185% of GDP by 2035.

Most people can’t even imagine how big a trillion is. “There are 10^11 stars in the galaxy. That used to be a huge number. But it’s only a hundred billion. It’s less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers.” – Richard Feynman

One million seconds is about eleven and a half days. One billion seconds is about 32 years. One trillion seconds is 32,000 years.

If you started spending the day that Jesus was born and you spent a million dollars every single day you still would not have spent ONE trillion dollars by today.

This is the method of Marxism. Alan Greenspan warned us of this process:

“Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support a wide variety of welfare schemes. A substantial part of the confiscation is effected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money,by issuing government bonds, to finance welfare expenditures on a large scale.” – Alan Greenspan

Obama knows this. His redistribution of the wealth ideology allows him to ignore debt. He believes only the “wealthy” will have to pay back the massive deficit spending. He is ignorant of the catastrophic consequences of a collapse of the currency.

Our Founding Fathers warned us that public debt would make us slaves to the government:

“We must not let our rulers load us with perpetual debt. We must make our election between economy and liberty or profusion and servitude.
If we run into such debt, as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our calling and our creeds… [we will] have no time to think, no means of calling our miss-managers to account but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow sufferers… And this is the tendency of all human governments. A departure from principle in one instance becomes a precedent for [another]… till the bulk of society is reduced to be mere automatons of misery… And the fore-horse of this frightful team is public debt. Taxation follows that, and in its train wretchedness and oppression.” – (Thomas Jefferson in a letter to Samuel Kercheval, July 12, 1816

Obama pretends to care about the debt:

“Rather than fight the same tired battles that have dominated Washington for decades, its time to try something new. Let’s invest in our people without leaving them a mountain of debt.” – President Barack Obama on his Office of Management and Budget website.

But he is leaving us with a mountain of debt. A mountain we may not be able to climb.