National Debt hits 11 trillion
For those who believe President Obama and Democrats in Congress are some sort of God send and fiscally responsible, the Congressional Budget Office has some news for you – the United States is 11 trillion dollars in debt.
While presidents past (including George W. Bush) added to this deficit, none have accelerated it to the levels we now face – a whopping 13% of our Gross Domestic Product.
President Obama does not share this blame alone, however. Democrats who took control of Congress in 2006 and are current operate with nearly no checks in place to balance them are perhaps even more responsible.
Democrat sponsored legislation including the original TARP bill (which included almost two hundred billion more in spending in addition to a 20% kick back to organizations like ACORN), Stimulus/Porkulus (nearly a trillion) bill and the current budget over all budget (a proposed 3.4 trillion) all accelerated the slope we are currently hurdling down.
Whats worse, perhaps, are the various discussions we’ve heard regarding additional resources being spent because there isnt enough being done.
Is it no wonder its been recently reported that many countries are refusing the path of massive deficit spending which we are on?
Not to be left out is Republican opposition to particular provisions of the AIG bailout which were inserted by Senator Chris Dodd which allowed executives to pay themselves fat bonuses for a failing company.
Nor is the coming carbon based tax hike for everyone which Democrats in Congress are trying to rubber stamp with, save for eight “moderates”, with little or no debate.
Perhaps most perplexing to me is how these same Democrats who vote for these bills, such as Missouri Senate Claire McCaskill, to call them selves fiscal conservatives to which the media seemingly acts as nothing more than an echo chamber for.
But wait, one of the chief economist of Citi (yeah, the company who is begging for nationalization) is going to work for the Obama administration.
Who do they think they are kidding? My guess is that they and the media pat themselves on the back with a high rate of frequency, facts be damned.