Being the Chicago thug that he is, Obama resorted to extortion in an interview with ABC’s Charlie Gibson (whose imminent retirement I will celebrate). Obama said that if Congress does not pass ObamaCare into law, the American economy would go bankrupt.
NEWSFLASH! AMERICA IS ALREADY BANKRUPT!
Merriam-Webster defines “bankrupt” as “a person who is insolvent,” i.e., broke, i.e., a person whose spending and debt exceed his assets. By that definition, America is broke. Here are some inconvenient truths:
- I just checked the U. S. National Debt Clock. America’s national (public or federal) debt is now $12,141,939,299,861.96. Divided by the total population of the United States gives us $39,487.98 as each citizen’s share of the national debt.
- The National Debt has now exceeded the statutory Debt Limit of $12.104 trillion, which was approved by Congress last February.
- The interest payment on our national debt is over ONE BILLION DOLLARS A DAY or a total of $383 billion in 2009.
- America’s national debt as a percentage of our country’s GDP (gross domestic product) is 90.36% in 2009 and will be 98.15% in 2010. Do you have any idea how insane this is?
- Despite that, yesterday Obama signed into law a $1.1 trillion bill that increases by about 10% the budgets in many areas of our already bloated government. The deficit spending bill also includes more than 5,000 earmarks (or pork) totaling $3.9 billion. The pork ranges from $30,000 for the Woodstock Film Festival Youth Initiative to $200,000 for a visitor’s center in a Texas town with a population of about 8,000.
I’m one of those weird people who don’t like to be in debt because I don’t believe in spending my money foolishly by paying INTEREST on debt. I pay off my credit card bill each month; I pay for my car in full. The only debt I’ve ever incurred was a $2,000 student loan, which I paid off a year after I graduated with a Ph.D.
Why aren’t Americans up in arms over this COLOSSAL national debt that grows bigger literally with each second, each minute, each hour, each day?
Who do you think will have to repay this debt? Santa Claus?