NUGENT: America's economic hari-kari We've got to turn the knife on spending

http://www.washingtontimes.com/news/2010/jul/23/americas-economic-hari-kari/ ^ | 7/23/2010 | Ted Nugent

[television is just wrong]

Anyone with a lick of common sense will tell you that when you are in a hole, you need to quit digging. Continuing to dig will only create a larger problem. Next year, America's total debt is expected to exceed $14 trillion. Each American's share of that debt totals just short of $50,000. If Fedzilla would be honest and put all the figures on the table, we would see that we are in debt more than $100 trillion because of the financial obligations for Social Security, Medicare and Medicaid. That's $100 trillion. One hundred percent predictable, 100 percent preventable. This gigantic level of borrowing and spending is unsustainable by any measure, by any means. The only real reason Fedzilla would do such a thing would be that those currently in charge want to destroy America and turn us into a Third World nation. And the only possible explanation I can come up with is the admission that there have always been bad people who actually wish such horrors. Apparently, America is being run by just such bad people. Erskine Bowles, one of the heads of Mr. Obama's debt commission and a Democrat, told a meeting of the National Governors Association, "This debt is like a cancer. It is truly going to destroy the country from within." Mr. Bowles also said that if we continue with this kamikaze borrowing and spending, Americans by 2020 will pay $2 trillion a year just for the interest on the debt. If that news weren't bad enough, Tom Bell, chairman of the board of directors for the U.S. Chamber of Commerce, stated, "For the first time in my 40 years of observation, our free-enterprise system is truly at risk.

[television is just wrong]

good read...would have preferred to post it all.

[Artemis Webb]

Who’s Ted Nugent?

[Artemis Webb]

Just kidding.
Somebody always says that to me on Nugent threads and I wanted to be first this time! :)

[bigbob]

Well, Ted’s right of course. We’ve got to cut federal spending.

And here’s a little quiz for everyone who is wondering which candidate would be the best to replace Obama in 2012:

Who do you think would actually use the power of the Presidency (bully pulpit, veto, executive order, and political pressure on Congress) - to effect significant reduction in spending? Who actually has the guts and political independence to DO it?

Romney?
Huckabee?
Pawlenty?
Ron Paul?
Hillary?
or Sarah Palin?

Consider having actually managed things, run a business, a family, and a track record of cutting spending and opposing the political system in the past when making your choice.

[50cal Smokepole]

My home state of Texas has the best economy in America. Interestingly, Texas has no corporate income tax, capital-gains tax or personal income tax. Don't tell me that reducing taxes across the board will not put people back to work. Plus, my governor shoots coyotes. What does yours do?

Mine, Uncle Ted? He steals from every honest person to give it to dishonest persons. Sorta like some other people I know of.

[day10]

I’ll be seeing Ted live at the Rib America Festival in Indianapolis on Labor Day weekend. Anyone else going?

[GreatMan]

Ted Nugent...American hero

[randog]

I’ll go...if you send me a plane ticket...;^)

[television is just wrong]

no can do, darn it

[television is just wrong]

‘My home state of Texas has the best economy in America. Interestingly, Texas has no corporate income tax, capital-gains tax or personal income tax. Don’t tell me that reducing taxes across the board will not put people back to work. Plus, my governor shoots coyotes. What does yours do?
Mine, Uncle Ted? He steals from every honest person to give it to dishonest persons. Sorta like some other people I know of.’

My governor is a “girlie man”

[television is just wrong]

thank God you are kidding!

[skeptoid]

Romney?
Huckabee?
Pawlenty?
Ron Paul?
Hillary?
or Sarah Palin?

. . . . or, perhaps someone with these credentials

NOT endorsing . . .just sayin

[wheresmyusa]

NUGE!!

[snowsislander]

Next year, America's total debt is expected to exceed $14 trillion.

Just a back of the envelope straight-line extrapolation from the first 7 months of this year using this data (from the Treasury's very useful Debt to the Penny webpage) actually has us crossing the $14 trillion line late in 2010:

01/20/2009	10,626,877,048,913.08
02/20/2009	10,838,758,414,164.46
03/20/2009	11,040,807,027,558.10
04/20/2009	11,189,382,518,232.75
05/20/2009	11,285,462,042,449.61
06/19/2009	11,397,711,606,020.00
07/20/2009	11,601,270,694,948.64
08/20/2009	11,720,828,555,380.16
09/18/2009	11,807,667,118,297.67
10/20/2009	11,956,584,748,608.58
11/20/2009	12,010,561,742,215.21
12/18/2009	12,097,983,161,366.65
01/20/2010	12,327,380,804,696.82
02/19/2010	12,402,054,835,588.68
03/19/2010	12,661,039,727,506.65
04/20/2010	12,871,255,665,556.84
05/20/2010	12,987,822,672,429.02
06/18/2010	13,038,455,716,111.87
07/20/2010	13,245,998,461,216.30

The average monthly increase so far is $164,002,185,692.81 per month; straight-line extrapolation using this figure puts us at $14 trillion in December. Using a more realistic acceleration, and we won't make it out of November.