Let’s talk about debt. Our national debt is exploding. This isn’t a partisan issue either – the problem spans more than 30 years and administrations from both parties.
It’s just that the situation has been particularly bad recently.
Consider that by the time President Obama is out of office, our national debt will have doubled in his eight years. He will have added as much to the debt as all other presidents combined!
Where has this borrowed money been going?
Much of it’s been spent on social programs. That’s not necessarily a bad thing, except that the poverty rate and the number of people receiving food stamps are both at all-time highs.
Our debt is astronomical and 47 million citizens are at or below the poverty level. Clearly, all that borrowed money has not achieved its intended goal of getting people on their feet.
Still, we keep borrowing more.
When Obama signed the latest budget deal, the debt grew by $309 billion. It went from $18.15 trillion to $18.49 trillion in one day. The new budget calls for borrowing $1.9 trillion more until March 2017. Perhaps the scariest part is there is no more debt ceiling to limit the borrowing.
It all means our national debt will be at least $20 trillion once Obama is out of office!
If history has taught us anything, it’s that debt kills great empires. We must deal with this debt.