The national debt isn’t a sexy topic but it is arguably the most important issue facing the country today.
Liberals seem to think that we are impervious to the fate of all the European countries who have taxed themselves into oblivion, exploded the debt, and allowed way too many people to become dependent on the government.
The national debt is rapidly approaching $20 trillion and there is absolutely no reason to believe it will slow down anytime soon.
President Obama likes to fashion himself as a financially responsible guy. Remember when he called George W. Bush unpatriotic for adding so much to the national debt?
That’s the same guy that thought it would be fun to add more to the national debt than any president in American history. Combined.
The result of that? A complete mess. And if we don’t get serious about it soon, the debt is on track to make up 141% of our GDP.
For the people out there that aren’t great with numbers…that means America goes bye bye.
The non-partisan Congressional Budget Office (CBO) warns this week that U.S. debt will hit 141 percent of GDP in the next 30 years as America taxes itself into poverty.
With a new University of Chicago poll revealing that Democrat Hillary Clinton’s lead over Republican Donald Trump in the key 18-to-30-year-old demographic is only 38 percent to 17 percent, with 45 percent undecided, Clinton was forced to adopt Bernie Sanders’s free-spending agenda of 1) free in-state public college tuition for families making up to $125,000 a year; 2) gradually raising the minimum wage to $15 an hour, and 3) beginning “Medicare for all” by allowing 55-and-older residents to buy Medicare coverage.
The CBO has warned in the past that irresponsible federal spending has deteriorated the long-term fiscal solvency of the United States, but the latest CBO report predicts that the net federal debt’s share of the overall economy will steadily rise from “75 percent of GDP in the wake of the financial crisis, to 86 percent in 2026 and 141 percent in 2046.” CBO goes on to point out that such a radio would far exceed the historic peak of 106 percent of GDP at the end of World War II.
Obviously, that’s very bad.
But of course, that’s not President Obama’s fault.
It’s the fault of the guy who was president 8 years ago. Or something…