Photo of the US National Debt in October, 2008, shortly before Mr. Obama took office, when the nation’s debt stood at $10.1 trillion. Today the National Debt is Sixteen Trillion Nine Hundred Fifty Four Billion Dollars and counting!
And today is Deficit day! And every day from September 25th and until December 31st, is deficit day!
We’re now only spending other peoples’ money, none of our own, and we are printing money. Counting deficit days is a way of explaining what our debt actually means.
Our $2.7 trillion in revenue (taxes and fees) has been spent for the year. We are even borrowing from communist nations that hate us to pay our bills.
This year, we have 97 days to spend other peoples’ money with interest, and by mid-decade that number of days will increase sharply. By 2023, we will face a financial crisis. That year could be sooner depending on the budgets.
We are also printing funny money. We bailout banks with $85 billion a month. The federal reserve now has a balance sheet larger than all the money spent by the president’s before the millennium.
The deficit is lower this year, to just under $700 billion mostly due to a sharp increases in taxes. It is still the largest deficit budget we have ever had outside of Mr. Obama’s prior trillion dollar deficit budgets.
Even though it is lower this year – though higher than ever before – and that trend will continue for a few years – by mid-decade the deficits go back to a trillion dollars. It is the Barack Obama plan. Thank Obamacare and welfare for much of it.
DC spends $10 billion a day. They spend almost $402 billion a year in interest, almost $13,000 a second in interest. Our debt as a percent of the GDP is 107.79%. Each living person in this country owes almost $54,000. The figures vary slightly due to the fact that it changes every second and revenue changes as well.
The more the government balances the budget, the more it pushes Deficit Day toward the end of the year but the government doesn’t do that.
This is the fifth earliest deficit day since 1960.
In a fiscally responsible country, the $2.7 trillion would cover the expenses. We don’t live in a fiscally responsible country and we will spend over 35% more than this in 2013, which is less than the 40% Mr. Obama has spent prior and in each year he was in office. Sequester has helped slow the increase to spending.
We are passing debt to citizens unborn and politicians not yet elected.
The end result must be the following alone or in combination: print money to pay debts and unleash uncontrolled inflation; drastic cuts in social security (welfare and disability is part of social security), Medicare, Obamare,; dramatically increase taxes on everyone including the middle class.
As Deficit Day begins earlier each year, it will one day become Bankruptcy Day.
SOURCE: Wall Street Journal, US National Debt Clock, World Debt Clock