Just now on Kudlow Larry exposed the new debt as 13% of GDP,a staggering amount, GW was 3%. Soon we will be borrowing every other dollar we spend,just an amazing disaster for anyone that has any knowledge of finance or budgets. These are scary times.
I agree. That's a scary number to confront. A full 10% increased bite out of our entire economy, redistributed to Socialist giveaways and social engineering programs. The damage that will do to our already weakened economy is incalculable.
However, the Trillions in debt that we're looking at won't all be paid by this time next year. That obligation is in the future, as is the damage that obligation will cause to us.
I think what needs to be done, is a wholesale roll-back of Obama's tax and spend bills. It will take a new congress and unyielding pressure from the American people to accomplish, but I think it can be done.
Frankly, Obama is attempting the impossible with his unprecedented expansion of government. His grandiose plans will bankrupt the American people, and that bankruptcy will cause a revolution, which will guarantee the removal of the Democrat party from every position of influence and power in the country.
One way or another, I feel that the Democrats have attempted something far too outlandish and radical to work. They've moved much too fast with their socialist agenda for the economy to sustain, or for the people to willingly accept.
It's going to come crashing down around their heads.