A hidden cost of President Obama’s big government spending orgy is the interest that will have to be paid on all the money that must be borrowed so Obama can expand the size and role of government.
William W. Beach says the Obama deficits in this year’s proposed budget will cost an additional $1.6 trillion on the national debt over 10 years. If we go back to the second analogy, that represents 50,701 years.
That’s just what Obama added to this year’s deficit for the so-called stimulus and other programs.
According to North Carolina Republican Senator, Richard Burr, the interest on the Obama deficit for spending in coming years is a whopping $4 trillion over the next 10 years – more than $1 billion in interest payments every day. Again using the second analogy, that represents 126,752 years.
In the following video, Jim Angle reports Senator Burr’s $4 trillion figure is conservative. Obama’s budget overview estimates that even if the Democrat-controlled Congress provide all of the tax increases Obama wants, the Obama deficit will cost $4.5 trillion over 10 years – equivalent to 142,596 years.
Watch the following video report: