Spending Us Into Bankruptcy

Worth Reading President Obama and his Democrat cronies in the House and Senate seem determined to bankrupt the United States as quickly as they can.

The House just passed a resolution increasing the debt limit by $1.9 trillion to $14.294 trillion. This is roughly the size of the entire U.S. economy.

This increase is twice as large as the previous record of $984 trillion and is the 5th such increase in the past year and a half! Democrats have created a 60% increase in the debt ceiling since regaining the majority in the House and Senate. This debt equates to $121,982 per household or $46,319 per person.

The national debt is reaching 97% of our entire gross national product! This is unsustainable.

Under President Obama’s Fiscal Year 2011 budget, the debt more than doubles over the next decade. Beginning in 2013, the debt subject to the limit exceeds the value of every good and service produced in the U.S.

Congress will need to raise the debt limit once again before October 1, 2011.

This kind of binge spending can’t go on indefinitely. Foreign investors hold more than half of the U.S. debt and may demand higher interest rates if such irresponsible spending continues.

Moody’s Investor Service has stated that the U.S. government bond rating will come under pressure unless efforts are taken to reduce deficits.

Democrats believe we can “spend ourselves into prosperity” but this is insane thinking. A family in financial trouble can’t “spend” itself out of poverty. More: http://worthreading.ning.com/profiles/blogs/spending-us-into-bankruptcy